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Collective Mining Significantly Expands the Main Breccia Discovery at Apollo and Drills Near Surface High-Grade Mineralization Including 168.6 Metres at 2.91 g/t Gold Equivalent

  • Drill hole APC-17, a significant step-out hole to the north, intersected two zones of mineralization within the Main Breccia discovery at the Apollo target. The shallow zone, which was intersected directly below where the Main Breccia daylights at surface cut the following interval:
    • 72.3 metres @ 2.57 g/t gold equivalent consisting of 1.00 g/t gold, 28 g/t silver and 0.63% copper (100 metres vertical).

The second zone encountered in hole APC-17 cut the longest intercept of continuous mineralization within the Main Breccia discovery drilled to date with results as follows:

  • 547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76 g/t gold, 14 g/t silver and 0.04% copper.
  • Drill hole APC-17, which was terminated at 912.8 metres due to rig capacity, bottomed in strong mineralization with the final 2.75 metres averaged 1.56 g/t gold, 9 g/t silver and 0.03% copper.
  • Drill hole APC-18 intersected near surface and high-grade copper-silver-gold mineralization approximately 300 metres to the north of the near surface intercept in APC-17. The mineralized breccia in this zone is strongly overprinted by numerous zones of carbonate, base metal veins with assay results as follows:
    • 168.6 metres @ 2.91 g/t gold equivalent consisting of 0.98 g/t gold, 69 g/t silver and 0.5% copper (85 metres vertical).
  • With the result of step out hole APC-17 and recently announced visuals from step out hole APC-22, the Main Breccia discovery now measures up to 385 metres along strike by 350 metres in width (previously 190 metres) and has been extended down to a vertical depth of 825 metres below surface (previously 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 holes APC-19 through APC-26 completed and holes APC-27 through APC-29 underway.  Additional assay results are anticipated in the near term.

Toronto, Ontario, November 29, 2022 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from four additional holes drilled at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia.  The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target. As part of its fully funded 23,000 metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.

“The intersection of high-grade and shallow mineralization at Apollo demonstrates the excellent metal endowment of the Main Breccia and most importantly, the dimensions of the system continue to expand and clearly point to the fact that we are dealing with a large-scale discovery. It is truly remarkable to drill a 912-metre-long hole that bottoms in mineralization. Finally, the shallow, higher grade intercepts encountered in APC-17 and APC-18 are more than 300 metres apart and confirms that the southern portion of the deposit is where the system comes to surface. As a result, we are about to start construction of a new drill pad located between the two shallow intercepts in order to start defining the shallow portion of the Main Breccia mineralized system,” commented Ari Sussman, Executive Chairman.

Details (See Table 1 and Figures 1–3)

Nineteen diamond drill holes with accompanying assay results have now been announced at Apollo and a further eleven holes are outstanding. The Company recently completed four drill holes; one northerly directed, step out hole (APC-17), to test for mineralized extensions to the Main Breccia discovery, a second shallow hole drilled southwesterly to define extensions of newly discovered mineralized breccia outcrops located in the southern portion of the deposit and two fringe holes drilled at shallow angles to the west of the Main Breccia discovery.

Drill hole APC-17 was drilled approximately due north to a maximum depth of 912.60 metres. The hole intersected three mineralized zones: 72.3 metres of mineralization beginning at 118.20 metres down hole (100m vertical), 11.65 metres of mineralized breccia from 252.6 metres (220m vertical) and another 547.65 metres of mineralization from 365.15 metres down hole (330m vertical) to the end of the hole at 912.80m (825m vertical).  The hole terminated while still in mineralized breccia due to limitations of the drill rig. Total cumulative mineralization in this diamond drill hole was 628.3 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, some chalcopyrite and overprinting carbonate base metal veins (“CBM”). The following results are highlighted:

  • 72.3 metres @ 2.57 g/t gold equivalent consisting of 1.00 g/t gold, 28 g/t silver and 0.63% copper (100 metres vertical).
  • 11.65 metres @ 1.88 g/t gold equivalent consisting of 1.80 g/t gold, 4 g/t silver and 0.05% copper (220m vertical).
  • 547.65 metres @ 1.03 g/t gold equivalent consisting of 0.76 g/t gold, 14 g/t silver and 0.04% copper (330m vertical).

Drill hole APC-18 was drilled in a southwest direction and intersected shallow, copper-silver-gold mineralization from 136.05 metres to 304.65 metres with the hole terminating at a final depth of 499.05 metres. The mineralized breccia contains a matrix of chalcopyrite and pyrite is strongly overprinted by numerous zones of CBM veins hosting sphalerite and galena. The hole was drilled below outcrops of breccia mineralization in the south-central portion of the deposit with assay results as follows:

  • 168.6 metres @ 2.91 g/t gold equivalent consisting of 0.98 g/t gold, 69 g/t silver and 0.5% copper (85 metres vertical).

With the result of APC-17 and recently announced visuals from APC-22, 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.

Holes APC-15 and APC-16 were drilled at shallow angles on the western periphery of the main breccia body. APC-15 was drilled to the northwest and intersected mineralized crackle breccia returning 56.05 metres @ 0.57 g/t gold equivalent from 68.6 metres (55 metres vertical). This is a new mineralized area outside of the Main Breccia discovery at Apollo. APC-16 was also drilled outside the Main Breccia discovery to the southwest and intersected 500 parts per million copper in crackle breccia from 200 metres and until the end of the hole at 303.35 metres. The Company believes that both APC-15 and APC-16 may have drilled over the top of the Main Breccia discovery in these locations.

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 located above and on the eastern flank of the Main Breccia discovery and the Northern Breccia discovery located 250 metres to the north of the Main Breccia. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. The overall Apollo target area also remains open for further expansion.

Table 1: Apollo Target Assays Results

HoleID From
(m)
To
 (m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Mo
%
AuEq
(g/t)*
CuEq
(%)*
APC-18 136.05 304.65 168.60 0.98 69 0.50 0.002 2.91 1.48
Incl 149.20 157.00 7.80 5.08 35 0.52 0.002 6.34 3.23
  193.20 205.10 11.90 2.18 154 0.77 0.001 5.81 2.97
  233.90 251.50 17.60 1.49 56 0.74 0.002 3.63 1.85
  291.65 297.00 5.35 3.26 10 0.11 0.001 3.47 1.77
APC-17 118.20 190.50 72.30 1.00 28 0.63 0.004 2.57 1.31
Incl 121.90 130.40 8.50 2.42 30 0.61 0.005 3.91 2.00
APC-17 252.60 264.25 11.65 1.80 4 0.05 0.002 1.88 -
and 365.15 912.80 547.65 0.76 14 0.04 0.001 1.03 -
Incl 527.80 561.10 33.30 3.01 19 0.05 0.002 3.23 -
  579.20 596.80 17.60 2.37 25 0.06 0.001 2.74 -
  816.00 837.50 21.50 1.53 28 0.09 0.001 2.04 -
APC-16       NSV*          
APC-15 54.20 110.25 56.05 0.37 5 - - 0.57 -
Incl 68.60 69.10 0.50 6.26 15 - - 6.27 -
  77.85 79.20 1.35 4.17 20 - - 4.41 -
and 180.95 181.65 0.70 13.29 9 - - 12.81 -
  206.95 207.50 0.55 7.87 5 - - 7.61 -

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.96 x 0.95)+ (Mo (%)*7.35 x 0.95) and CuEq (%) is calculated as follows:  (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $22/oz Mo US$15.00/lb and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.

** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.

*** NSV: No significant values

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 1

Figure 2: Plan View of the Main Breccia discovery at Apollo Highlighting New Drill Holes APC17 & APC-18 and the Expanded Dimensions of the Discovery

Figure 2

Figure 3: Apollo Target: Main Breccia Cross Section with Core Photo Highlights from APC-17

Figure 3

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 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 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 outstanding 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 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 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 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.  

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