Equivalent with the Hole Bottoming in Strong Mineralization at the Guayabales Project’s Apollo Porphyry System
Collective Mining Intersects 557.85 Metres @ 2.10 g/t Gold
Equivalent with the Hole Bottoming in Strong Mineralization at the
Guayabales Project’s Apollo Porphyry System
• Hole APC -60 cut 557.85 metres @ 2.10 g/t gold equivalent from 41.60 metres
downhole (consisting of 0.74 g/t gold, 59 g/t silver and 0.33% copper) demonstrating
excellent continuity and strong mineralization from near surface in a portion of the
system with no prior shallow drilling. The hole intersected the shallow sheeted CBM
vein zone of mineralization over the initial 107.55 metres before transitioning into
high-grade brecciated porphyry for the remainder of the intercept. The hole
bottomed in strong mineralization with the final 6.45 metres averaging 1.33 g/t gold
equivalent.
• Hole APC-61 intersected continuous and high-grade brecciated porphyry
mineralization from surface averaging 217.55 metres @ 2.35 g/t gold equivalent
(consisting of 0.97 g/t gold, 51 g/t silver and 0.41% copper) . The hole was drilled
from a collar location approximately 125 metres east of APC -60 and continued to
improve upon the continuity and strong gra de mineralization beginning at surface.
• APC-62 was drilled to the southwest along the eastern Contact Zone of the Apollo
system and intercepted 161.30 metres @ 2.71 g/t gold equivalent directly from
surface. After passing through a small dyke, the hole re -entered brecciated porphyry
mineralization and intersected 34.00 metres @ 2.92 g/t gold equivalent.
• APC-60 and visual logging of holes APC -63, APC-64 and APC-65 have expanded the
size of the outcropping sheeted CBM vein zone located above and peripheral to the
high-grade brecciated porphyry system. When both zones of mineralization are
combined, the total area of shallow high -grade mineralization continues to expand
rapidly and remains open to the east and to the north -northwest.
• Nine new holes have been completed at the Guayabales project’s Apollo system with
assay results expected in the near term. Of particular interest are holes APC-63,
APC-64 and APC -65 which cut both the outcropping sheeted CBM vein system near
surface and porphyry mineralization further downhole over mineralized intercepts
ranging from 430 metres to more than 500 metres in length .
Ari Sussman, Executive Chairman commented: “ Discovery of an outcropping zone of sheeted CBM
veins situated above and contiguous to the main brecciated porphyry where i t begins plunging to
depth has important implications for the volume and areal extent of shallow mineralization at the
Apollo system. We are now in the final phase of planning for a series of step- out holes to the north -
northwest in order to expand the size of the shallow mineralized footprint of the system. In addition,
I am happy to say that drilling is now underway at the Plutus porphyry target. The Company
continues to execute on its aggressive exploration approach to unlock value at the Guayabales
project. ”
Toronto, Ontario, August 15, 2023 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce a ssay results for three new
diamond holes drilled from the Apollo porphyry system in the Guayabales project located in
Caldas, Colombia. Apollo already hosts a high- grade, bulk tonnage copper -silver- gold porphyry
system and six newly generated targets surrounding it. The porphyry system at Apollo owes its
excellent metal endowment to an older copper -silver and gold porphyry system being overprinted
by younger precious metal rich, carbonate base metal vein s (intermediate sulphidation porphyry
veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently
measuring 455 metres x 395 metres x 915 metres and open for expansion .
Details (See Table 1 and Figures 1-3)
This press release outlines results from three step out holes; APC-60, APC-61 and APC-62. APC-60
was drilled to test an upper zone of sheeted CBM veining and the main brecciated porphyry body
locating directly below. APC-61 was a hole drilled to test continuity of shallow and outcropping
mineralization in the southern portion of the Apollo porphyry system while hole APC-62 was drilled to
outline high grade mineralization along the eastern C ontact Zone between the main brecciated
porphyry body and the enveloping, mineralized quartz diorite. Results for these holes are summarized
below:
APC-60 was drilled northeastwards from Pad 9 to a maximum downhole depth of 599.45 metres (551
metres ve rtical due to topography) . An upper zone of minerali zed, sheeted, CBM veining was
intersected at 42.60m and continued downhole for an intersection length of 107.5 5 metres. From
149.40 metres, the hole then passed into the main brecciated porphyry body and cut 241.80 metres
of high-grade copper-silver mineralization with a matrix sulphide composition of 2% chalcopyrite, 1.8%
pyrite and up to 0.8% pyrrhotite. The hole continued in brecciated porphyry mineralization until a final
depth of 599.45 metres where it bottomed in mineralization. A zone of high grade, overprinting CBM
mineralization hosting sphalerite and galena of up to 1.5% was encountered from 409.30 metres
downhole for 21.40 metres. The following assay results are highlighted:
• 557.85 metres @ 2.10 g/t gold equivalent from 41.60 metres downhole (consisting of
0.74 g/t gold, 59 g/t silver and 0.33% copper) including:
o 241.80 metres @ 3.25 g/t gold equivalent from 149.40 metres downhole in
porphyry mineralization;
o 21.40 metres @ 4.4 1 g/t gold equivalent from 409.30 metres downhole in
mineralized porphyry with CBM overprint;
o 6.45 metres @ 1.33 g/t gold equivalent from 593.00 metres (bottomed in
mineralization).
The upper zone of minerali zation in APC -60 is located above and outside of the main brecciated
porphyry body and was previously intercepted in APC-53 as well as visually in holes APC-63, APC-
64 and APC-65 (assays pending). The sheeted CBM vein zone is outcropping with an east-west strike
of over 125 metres by more than 150 metres vertically and remains open to the north, the east and at
depth for further expansion. The discovery of this zone highlights important exploration opportunities
for the expansion of the volume and surface area of shallow and outcropping minerali zation in the
Apollo porphyry system. The Company plans to continue stepping out to the north in hopes of
expanding the total area of near surface mineralization.
APC-61 was drilled steeply to the southwest from Pad 6 to a final downhole depth of 223.60 metres
(188 metres vertical due to topography) and was designed to test the mineralization and bulk tonnage
extension close to surface within a gap in the current block model. The drill hole intercepted 21 7.55
metres of continuous mineralization commencing from surface. The first 38.50 metres downhole is in
oxide and transition zone with mineralization hosted within iron oxides formed from the weathering of
sulphide material . Below the oxidation zone , the intercept passed into fresh rock consisting of
brecciated porphyry with a matrix cement consisting of chalcopyrite (1.5%), pyrite (2%) , pyrrhotite
(0.7%) and sphalerite (2%). The hole was terminated after entering a post mineral dyke with assay
results as follows:
• 217.55 metres @ 2.35 g/t gold equivalent from surface (consisting of 0.97 g/t gold, 51 g/t
silver and 0.41% copper) including:
o 38.50 metres @ 1.72 g/t gold equivalent from surface in oxidation and transition
zone;
o 17.65 metres @ 5.76 g/t gold equivalent from 130.55 metres downhole in a high-
grade zone of brecciated porphyry;
o 27.50 metres @ 3.65 g/t gold equivalent from 160.05 metres downhole in a high-
grade zone of brecciated porphyry.
APC-62 was drilled to the southwest from Pad 10 to a final downhole depth of 333.15 metres (295
metres vertical due to topography) and was designed to test for potential high- grade, gold-silver-
copper mineralization commencing from surface along the eastern Contact Zone of the brecciated
porphyry. The hole started in oxide and transition zone mineralization and then passed into fresh rock
of brecciated porphyry containing a sulphide cement matrix of chalcopyrite (0.5% to 1.0%), pyrite (up
to 2%), pyrrhotite and sphalerite traces. The hole encountered a 34-metre-long high-grade zone at
203.6 metres downhole related to a second zone of brecciated porphyry with a strong cement matrix
of chalcopyrite (1%) and pyrite (2%). A post mineral dyke separates the two intercepts of brecciated
porphyry mineralization with assay results as follows:
• 161.30 metres @ 2.71 g/t gold equivalent from surface (consisting of 1.13 g/t gold, 61 g/t
silver and 0.45% copper) including:
o 33.60 metres @ 4.91 g/t gold equivalent from 26.45 metres downhole in porphyry
mineralization;
o 34.00 metres @ 2.92 g/t gold equivalent from 203.60 metres (consisting of 1.87
g/t gold, 28 g/t silver and 0.42% copper).
Apollo Drill Program and Assay Update
The 2023 Phase II drilling program is advancing on schedule with assay results reported for 32 holes
and an additional nine holes awaiting assay results from the lab. Since the announcement of the
discovery hole at Apollo in June 2022, a total of 63 drill holes (approximately 27,291 metres) have
been completed and assayed.
With four diamond drill rigs now operating at site, the Company is focused on:
1. Expanding the Apollo porphyry system including depth extensions and high-grade sub-zones.
2. Further d rill testing to expand the newly discovered, east-west trending , shallow and
outcropping, sheeted CBM vein zone.
3. Testing the remaining three of six newly generated targets surrounding the Apollo porphyry
system. Three targets have been drill tested to date with results still pending for Target 2 and
Target 3.
4. Testing Plutus, a new large -scale porphyry target located approximately 500 metres east of
Apollo.
5. Generating new exploration targets for future drilling.
The Apollo area, as defined to date by surface mapping, rock sampling and copper and molybdenum
soil geochemistry covers a 1,000 metres X 1,200 metres area and represents a large and unusually
high-grade copper -silver-gold porphyry system. Mineralization styles incl ude early -stage porphyry
veins, inter -mineral brecciated porphyry mineralization and multiple zones of late stage, sheeted,
carbonate-base metal veins with high gold and silver grades. The Apollo area is still expanding as the
Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia,
and late stage, sheeted, carbonate base metal veins. (See press release dated April 18, 2023)
Table 1: Assay Results for APC-60, APC-61, and APC-62
Hole #
From To Length Au Ag Cu Mo AuEq
(m) (m) (m) g/t g/t % % g/t*
APC-60 41.60 599.45 557.85 0.74 59 0.33 0.001 2.10
and incl 149.40 391.20 241.80 0.63 109 0.67 0.001 3.25
and incl 409.30 430.70 21.40 3.64 47 0.13 0.001 4.41
and incl 593.00 599.45 6.45 0.67 34 0.11 0.001 1.33**
APC-61 0 217.55 217.55 0.97 51 0.41 0.002 2.35
incl 130.55 148.20 17.65 2.15 162 0.83 0.003 5.76
and incl 160.05 187.55 27.50 2.80 28 0.32 0.002 3.65
APC-62 0 161.30 161.30 1.13 61 0.45 0.002 2.71
Incl 26.45 60.05 33.60 4.21 34 0.20 0.002 4.91
and 203.60 237.60 34.00 1.87 28 0.42 0.002 2.92
Incl 204.80 220.90 16.10 2.58 30 0.56 0.003 3.87
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x 0.85) utilizing
metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo - US$25/lb and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag,
85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date.
True widths are unknown, and grades are uncut.
** Hole bottomed in strong mineralization
Figure 1: Plan View of Drill Holes Announced in this Release and the L ocation of the
Outcropping Zone of Sheeted CBM Vein Mineralization
Figure 2: Cross Section Highlighting Holes APC-60 and APC-64 and the Sheeted CBM Vein
Zone Above and Peripheral to the High-Grade Brecciated Porphyry
Figure 3: Core Photo Highlights of APC-60
Figure 4: Plan View of the Guayabales Project Highlighting the Apollo Area
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please
visit www.collectivemining.com
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for
approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold
exploration company with projects in Caldas, Colombia. The Company has options to acquire
100% interests in two projects located directly within an established mining camp with ten fully
permitted and operating mines.
The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the
large-scale, bulk -tonnage and high -grade copper -silver-gold Apollo p orphyry system. The
Company’s near -term objective is to drill the shallow portion of the porphyry system , continue to
expand the overall dimensions of the system, which remains open in most directions and test
newly generated grassroots targets.