Step Out Drilling Expands Collective Mining’s Main Breccia Discovery at Apollo to The West and At Depth
Step Out Drilling Expands Collective Mining’s Main Breccia Discovery
at Apollo to The West and At Depth
• Visual observations from two more step-out diamond drill holes, APC -25 and
APC-28, within the Company’s Main Breccia discovery at the Apollo target
(“Apollo”) have expanded the mineralized footprint of the system to the west and
at depth . These holes are in addition to previously announced visual
observations for step-out hole APC -22, which was drilled from Pad 3 to the
northeast and cut more than 400 m etres of continuous mineralization .
• APC-28, which was drilled westwards from Pad 2, is the longest and deepest hole
drilled to date into the Main Breccia discovery at Apollo. The hole intersected
over 600 m etres of continuous breccia minerali zation which r epresents the
longest continuously mineralized intercept drilled to date . Visual inspection of
the minerali zed intercept includes an upper copper rich zone followed by
multiple zones enriched by sheeted carbonate base metal (“ CBM”) vein
overprinting . The h ole terminated at approximately 9 56 metres while still in
mineralization.
• Hole APC-25 , which was drilled to the northwest from Pad 3 and designed as a
short step -out hole , cut more than 100 metres of favourable mineralization
beginning at 65 metres below surface. Visual inspection of mineralization
indicates that the intercept will be enriched in copper with 1.5% to 2.5%
chalcopyrite being recorded in the logs. This is the westernmost hole drilled to
date within the Main Breccia discovery at Apollo and ope ns the potential for
further shallow minerali zation expansion to the west.
• Assay results for the remaining nine hole s from the 2022 program are
outstanding and expected in the near term .
Ari Sussman, Executive Chairman commented: “To date, every time that w e have undertaken
step-out drilling at the Main Breccia system of Apollo, we have expanded the size of the
discovery . The exceptional continuity encountered in drilling highlights the potential for a very
large, bulk tonnage deposit with robust grades due to the copper -silver-gold mineralization
within the breccia matrix being deposited from both a porphyry source as well as low and
intermediate sulphidation vein systems . We will remain aggressive in 2023 with drilling set to
resume in the coming days.”
Toronto, Ontario, January 5, 202 3 - Collective Mining Ltd. (TSXV: CNL, OTCQX:
CNLMF) (“Collective” or the “Company”) is pleased to announce visual observations from two
additional step-out holes drilled into the Main Breccia discovery at Apollo (“Apollo”) , which is
located within the Guayabales project in Caldas, Colombia. The Main Breccia discovery is a
high-grade, bulk tonnage copper -silver-gold porphyry -related system, which owes its excellent
metal endowment to multiple phases of mineralization which include older copper-silver-gold
porphyry mineralization and younger, overprinting, sheeted carbonate base metal vein
systems.
Details
Twenty-two diamond drill holes with accompanying assay results have now been announced
at Apollo and a furthe r nine holes await assay results in the near term. The Company recently
completed two westerly directed step out diamond drill holes, APC -25 and APC -28, drilled
from its southernmost drill pad (Pad 3) and from its easternmost drill pad (Pad 2 ). The holes
were designed to test for western and depth extensions to the Main Breccia discovery. The
following visual observations are highlighted from the two step out holes:
Hole APC -25 was drilled approximately northwest from Pad 3 to a maximum depth of 215.80
metres and was designed to test for potential westerly extensions to shallow and outcropping
breccia minerali zation. The hole intersected more than one hundred metres of continuous
minerali zation beginning at 73 metres down hole (65 m etres verti cal) and continued until
approximately 180 metres downhole ( 160 metres vertical). The minerali zed angular breccia
contains a sulphide matrix which includes 1.5% to 2.5% c halcopyrite and between 1% and
3% pyrite plus pyrrhotite . The breccia has been overprinted by a zone of carbonate and base
metal (sphalerite and galena) veins which based on previously announced results , host higher
gold grades. APC -25 is the westernmost hole drilled into the main breccia discovery and
opens the potential for further shall ow mineralization in the west .
Hole APC-28 was drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres
and was designed to test for wester n and depth extensions to the Main Breccia system. The
hole intersected a hanging wall zone follow ed by the main zone of minerali zed breccia
material . The hanging wall zone was 19 metres thick beginning at 286 metres downhole and
then the main zone of mineralization began at 354 metres downhole and continued to the end
of the hole at 956.35 metres. The main zone of mineralized breccia hosts an upper portion
where the sulphide matrix is rich in copper (chalcopyrite 0.7% to 1.5%), pyrite and pyrrhotite ,
and a lower portion where multiple zones of overprinting CBM veins were observed . APC-28
is the deepest and longest hole drilled to date and hosts the widest zone of continuous breccia
mineralization intercepted to date. The hole was terminated whil e still in mineralization due to
the limitations of the drill rig.
In 2022 , a total of 14,975 m etres (3 1 holes) were drilled at the Apollo target . To date assay
results have been released for 22 holes with results for the holes that remain outstanding
expected in early 2023.
The Company ’s 2023 drill program will begin in the coming days and will fo cus on targeting
the high-grade subzones within the Main Breccia system while simultaneously expanding the
potential size of the system. Additionally, the Company will remain aggressive in testing new
targets at Apollo including the newly generated copper and molybdenum porphyry target
located 150 metres south of the Main Breccia system.
Figure 1: Plan View Outline of the Main Breccia Discovery at Apollo Highlighting
Step-Out Drill Holes APC-25 and APC-28
Figure 2 : Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 3: Selection of Core from Drill Hole APC-25
Figure 4: Selection of Core from Drill Hole APC-28
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 based in Canada, with projects in Caldas, Colombia. The Company has
options to acquire 100% interests in two projects located directly within a n 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 and gold Main Breccia discovery.
The Company’s near -term objective is to continue with expansion drilling of the Main Breccia
discovery while increasing confidence in the highest -grade portions of the system.
Management, insiders and close family and friends own nearly 35% of the outstandi ng shares
of the Company and as a result, are fully aligned with shareholders. The Company is listed
on the TSXV under the trading symbol "CNL" and on the OTCQX under the trading symbol
“CNLMF”.
Qualified Person (QP) and NI43 -101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning
of National Instrument 43 -101 (“NI 43- 101”) and has reviewed and verified that the technical
information contained herein is accurate and approves of the written disclosure of sam e. Mr.
Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials,
Minerals and Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory fac ilities in
Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are
inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps
are kept and stored in a secured storage facility for future assay verification. No capping has
been applied to sample composites. The Company utilizes a rigorous, industry -standard
QA/QC program.
Contact Information
Collective Mining Ltd.
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648 -4065
FORWARD- LOOKING STATEMENTS
This news release contains certain forward- looking statements, including, but not limited to,
statements about the drill programs, including timing of results, and Collective’s future and
intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”,
“intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other
variations of these words, or similar words or phrases, have been used to identify these
forward -looking statements. These statements reflect management’s current beliefs and are
based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties , and assumptions. Many
factors could cause actual results, performance, or achievements to differ materially from the
results discussed or implied in the forward- looking statements. These factors should be
considered carefully, and readers should not plac e undue reli ance on the forward- looking
statements. Although the forward -looking statements contained in this news release are
based upon what management believes to be reasonable assumptions, Collective cannot
assure readers that actual results will be co nsistent wit h these forward- looking statements.
These forward- looking statements are made as of the date of this news release, and Collective
assumes no obligation to update or revise them to reflect new events or circumstances, except
as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies
of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.