Step Out Drilling Materially Expands the Overall Dimensions of Collective Mining’s Main Breccia Discovery at Apollo
Step Out Drilling Materially Expands the Overall Dimensions of
Collective Mining’s Main Breccia Discovery at Apollo
• Visual observations from two step-out diamond drill holes within the Company’s Main
Breccia discovery at the Apollo target have intersected the most cumulative
mineralization in drill hole s completed to date a s well as significantly expanded the
known dimensions of this exciting new discovery.
• Hole APC-17, which was drilled due north from Pad 3, cut more than 600 metres in total
of favourable mineralization before terminating at approximately 913 metres while still
in mineralization. This is the most mineralization encountered in a drill hole to date at
the Apollo target.
• Hole APC-22, which was drilled to the northeast from Pad 3, cut more than 400 metres
in total of favourable mineralization before terminating at 734 metres while still in
mineralization.
• As a result of both new holes, the potential total volume of rock hosting the Main
Breccia discovery within it has approximately tripled in size with the dimensions now
measuring 385 metres along strike by 350 metres width by 825 metres depth versus
prior dimensions of 385 metres x 190 metres x 500 metres. The discovery remains wide
open for expansion and further step-out holes are currently being designed.
• Three rigs continue to drill at Apollo with additional assay results anticipated in the near
term.
Toronto, Ontario, October 11, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce visual observations from two step out holes
drilled into the Apollo target (“Apollo”) which is located within the Guayabales project in Caldas,
Colombia. The Main Breccia discovery at Apollo is a high -grade, bulk tonnage copper -gold-silver
porphyry-related breccia target with previously announced intercepts including:
Hole Intercept (m) Au (g/t) Ag (g/t) Cu % Zn % Pb % Mo % AuEq (g/t) *
APC-2 207.15 1.46 45 0.31 0.08 0.05 0.002 2.68
APC-8 265.75 1.26 55 0.22 0.07 0.05 0.045 2.44
APC-12 237.70 1.15 72 0.38 0.08 0.07 0.001 2.88
* See press releases dated August 10th, September 13th and October 6th respectively.
As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill
rigs operating at the Apollo target.
“These two new diamond drill holes are incredibly exciting as we have significantly expanded the size
of the Main Breccia discovery at Apollo and while doing so, we have cut the longest intercepts of both
total and continuous mineralization completed to date. Importantly, the system remains open to the
north and northeast as both holes bottomed in mineralization. We look forward to continued aggressive
drilling in order to see how much more this exceptional discovery can grow,” commented Ari Sussman,
Executive Chairman.
Details (See Figures 1–4)
Fourteen diamond drill holes with accompanying assay results have now been announced at Apollo
and a further eleven holes are outstanding. The Company recently completed two northerly directed
diamond drill holes, APC-17 and APC-22, from its southernmost drill pad (Pad 3), which were designed
to test for mineralized extensions to the Main Breccia discovery. The following visual observations are
highlighted from the two step out holes:
• Hole APC-17 was drilled approximately due north to a maximum depth of 912.60 metres. The
hole intersected more than 70 metres of mineralization beginning at 119 metres down hole
(100m vertical) and another 545 metres of mineralization from 365 metres down hole (330m
vertical) to the end of the hole (825m vertical). Total mineralization in this diamond drill
hole exceeded 600 metres and is the most mineralization drilled in a single hole to date
into the Main Breccia discovery at Apollo. The shallow intercept is hosted within angular
porphyry related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is
located directly beneath recently discovered mineralization outcropping at surface. The deeper
and longer intercept is also hosted within angular porphyry related breccia with the matrix filled
with pyrite, chalcopyrite and overprinting carbonate base metal veins (“CBM”). The hole was
terminated at 912.6 metres while still in mineralized breccia.
• Hole APC -22 was drilled to the n ortheast to a maximum depth of 734.8 metres and
intercepted three zones yielding more than 400 metres of total breccia mineralization.
The two shallow zones are located directly beneath surface outcrops and the initial 37 metre
intercept commenced at 100 metres downhole (60m vertical), while the second shallow 19
metre intercept began at 167 metres down hole (100m vertical). Mineralization is hosted within
angular porphyry breccia with a matrix of chalcopyrite (1-2%) and pyrrhotite and overprinting
zones of sheeted CBM veins. The deeper intercept commenced at 308 metres downhole
(276m vertical) and continued within mineralized porphyry related angular breccia until the
hole was terminated at 734.8 metres.
• Visual logging of APC-17 and APC-22 have significantly increased the overall maximum
potential volume of rock hosting the Main Breccia discovery, which now measures up
to 385 metres along strike by 350 metres width by 825 metres depth (prior dimensions
were 385 metres x 190 metres x 500 metres). The system remains open for expansion.
• Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.
• The Apollo target area, as defined to date by surface mapping, rock sampling and copper and
molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target
area hosts the Company’s new Main Breccia discovery plus a vein system flanking its
eastern side. Multiple additional untested breccia, porphyry and vein targets have been
generated and will be drilled in due course. Lastly, the overall Apollo target area also remains
open for further expansion.
Figure 1: Plan View of the Main Breccia Discovery at Apollo Highlighting the Significant
Extensions to the Zone Based on Drill Holes APC-17 and APC-22
Figure 2: Plan View of the Guayabales Project Highlighting the Apollo Target
Figure 3: Images of Core from Hole APC-17
Figure 4: Images of Core from Hole APC-22
About Collective Mining Ltd.
To see our latest corporate presentation and related information, please visit
www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring
prospective mineral projects in South America. Founded by the team that developed and sold
Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the
Company is to repeat its past success in Colombia by making significant new mineral discoveries and
advance the projects to production. Management, insiders and close family and friends own nearly
45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company currently holds an option to earn up to a 100% interest in two projects locate d in
Colombia. As a result of an aggressive exploration program at its flagship Guayabales project, a total
of seven major targets have been defined. The Main Breccia discovery within the Apollo target is the
most important to date and is characterized by bulk tonnage, high -grade copper -silver gold
mineralization with highlight drill results including: 207.15 metres @ 2.68g g/t AuEq, 265.75 metres at
2.44 g/t AuEq and 237.7 metres at 2.88 g/t AuEq. Other grassroots discoveries include near-surface
discovery holes yielding 301.9 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.33 g/t
AuEq at the Donut target, and 102.2m @ 1.53 g/t AuEq at the Trap target. At the San Antonio project,
the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our
website for AuEq calculations). The Company’s fully funded, 20,000 metre drill program for 2022 is
ongoing with a significant number of assay results expected through the remainder of the year.
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 same. 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 facilities in Medelli n,
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 place undue reliance 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 consistent with 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.