Category: Collective Mining

TORONTO, Oct. 22, 2024 /PRNewswire/ – Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) (“Collective” or the “Company”) is pleased to announce the discovery of a new high-grade gold zone at the Apollo system (“Apollo”), located within the Company’s Guayabales Project in Caldas, Colombia. This new discovery, which has been named the Ramp Zone, is interpreted to be the first intercept into a major new high-grade gold system at depth and can be classified as a partially reduced intrusion related Au-Ag-Cu system. Although the Ramp Zone begins at or near 1,000 metres below surface, the discovery hole is in close proximity to a conceptual underground access tunnel connecting Apollo to mining related infrastructure in a potential future development scenario for the project.

Ari Sussman, Executive Chairman commented: “The fact that Apollo is now transitioning into a bulk zone of high-grade gold mineralization at depth is extremely exciting and will no doubt add materially to the mineral resource endowment of Apollo. The Guayabales Project and the neighbouring Marmato mine form a giant precious metal rich district which continues to yield new major discoveries. Equally exciting is that the Apollo system, which outcrops at surface, now boasts a vertical dimension of approximately 1,150 metres with further expansion dead-ahead. I am proud of our team who continue to deliver remarkable exploration success. The Company is planning an expanded drilling program to follow up on the Ramp Zone discovery with further details to be provided in due course.”

To watch a video of David Reading, Special Advisor to the Company, discuss the Ramp Zone discovery, click here.

The Company currently has five diamond drill rigs in operation within the Guayabales Project as part of its fully funded 40,000 metres drill program for 2024 with two rigs drilling at the Apollo system, two rigs drilling at Trap and one rig currently mobilizing to the X Target.

Highlights (see Table 1-2 and Figures 1-6)

Drill Hole APC99-D5

Diamond drill hole APC99-D5, which was drilled southwest from Pad16 (See Figure 1) to test for continuity and extend Apollo at depth, intersected significant mineralization as follows:

• 517.35 metres @ 1.97 g/t gold equivalent from 351.55 metres in the Apollo system, including:
  • 31.30 metres @ 3.43 g/t gold equivalent from 353.60 metres
  • 24.60 metres @ 2.68 g/t gold equivalent from 575.10 metres
  • 30.60 metres @ 3.99 g/t gold equivalent from 729.25 metres
  • 57.65 metres @ 8.18 g/t gold equivalent from 811.25 metres (New high-grade discovery named the Ramp Zone)

APC99-D5 on a grade accumulation bases averaged 1,021 grams x metres and is the twelfth and deepest intercept to date at Apollo with grade accumulation at over 1,000 grams x metres.

The New High-Grade Ramp Zone Discovery (at the Bottom of Drill Hole APC99-D5)

The final 57.65 metres of drill hole APC99-D5 cut a new style of mineralization in the deepest drill hole to date at Apollo with results as follows:

• 57.65 metres @ 8.18 g/t gold equivalent from 811.25 metres including:
  • 18.85 metres @ 20.21 g/t gold equivalent
• The high-grade Ramp Zone discovery was made at a depth of 1,150 metres below surface and is located approximately 480 metres laterally to the southwest from drill hole APC88-D1, which intersected 15.60 metres @ 20.34 g/t gold equivalent and was the prior deepest interval at Apollo (see press release dated January 30, 2024). No drilling at this deeper elevation between or below holes APC99-D5 and APC88-D1 has taken place indicating the high-grade Ramp Zone might have significant lateral extent as well as being open in all directions for expansion including at depth. Lateral step-out drilling is presently underway to expand this new discovery with assay results potentially available towards the end of Q4, 2024.
• The Company named this new discovery the “Ramp Zone” because it is located close in elevation to the conceptual underground haulage tunnel for a future mine at the Guayabales Project (see Figure 4). Due to the proximity, it is possible that the high-grade mineralization encountered in holes APC99-D5 and earlier in hole APC88-D1 may be mined early in the mine life of a future underground mining scenario for the project (subject to completing a successful NI 43-101 compliant economic study and mine plan).

Although at significantly higher grades, the Ramp Zone shares some geological characteristics with Aris Mining’s multi-million-ounce Marmato Deeps deposit.  The Ramp Zone mineralization also begins at a similar elevation to the top of Marmato Deeps with details as follows:

• The Ramp Zone locates, coincidentally, at the same elevation level as the top of the Marmato Deeps deposit at approximately 1,000 metres above sea level (see Figure 3) and hosts similar bismuth and tellurium bearing sulphide minerals. The Marmato mine is located only 1.75 kilometres southeast of Apollo and hosts Measured and Indicated Resources of 5.99 million ounces at 3.03 g/t gold (61.5 million tonnes) and Inferred Resources of 2.79 million ounces at 2.43 g/t gold (35.6 million tonnes).
• The Ramp Zone mineralogy and geochemistry, which consists of pyrite bearing veins and veinlets containing bismuth, tellurium and copper bearing sulphides, is similar to precious metal deposits classified as belonging to those referred to as Reduced Intrusion Related Gold Systems (“RIRGS”). In the case of the Ramp Zone discovery, the Company’s geological advisors have referred to this high-grade discovery as a Partially Reduced Intrusion Related Au-Ag-Cu System (“PRIRS”) due to the additional presence of copper bearing chalcopyrite along with the more typical bismuth and tellurium bearing sulphides seen in RIRGS deposits. Potential geological comparable PRIRS deposits to Apollo include the Telfer, Havieron and Winu deposits in Australia.

Table 1: Assays Results for Drill Hole APC99-D5

Hole #	From (m)	To (m)	Length (m)	Au g/t	Ag g/t	Cu %	Zn %	AuEq g/t*
APC99-D5	241.45	250.80	9.35	1.91	11	0.01	0.03	2.02
and	351.55	868.90	517.35	1.84	10	0.03	0.06	1.97
Incl.	353.60	384.90	31.30	3.24	16	0.05	0.04	3.43
& incl	575.10	599.70	24.60	2.49	12	0.04	0.16	2.68
& incl	729.25	759.85	30.60	3.89	9	0.03	0.17	3.99
RAMP ZONE
& incl	811.25	868.90	57.65	7.83	33	0.09	0.12	8.18
Incl.	819.10	837.95	18.85	19.39	83	0.21	0.16	20.21

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x 0.85) + (Cu (%) x 1.44 x 0.95) + (Zn (%) x 0.43 x 0.85) utilizing metal prices of Ag – US$30/oz,  Zn – US$1.25/lb, Cu – US$4.2/lb and Au – US$2,000/oz and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. The recovery rate assumption for zinc is speculative as limited metallurgical work has been completed to date. True widths are unknown, and grades are uncut.

Table 2: Assays Results for the New High-Grade Subzone Within the Ramp Zone Discovery

From(m)	To(m)	Length(m)	Aug/t	Agg/t	Cu%	Bippm	Teppm
819.10	819.90	0.80	11.60	83	0.07	116.50	5.56
819.90	820.80	0.90	35.60	168	0.13	248.00	10.80
820.80	821.80	1.00	6.98	25	0.02	33.10	1.50
821.80	822.85	1.05	3.36	18	0.04	20.90	1.17
822.85	824.00	1.15	4.21	15	0.03	13.60	0.74
824.00	825.00	1.00	2.75	7	0.01	6.83	0.41
825.00	826.10	1.10	3.59	28	0.13	10.20	0.56
826.10	827.10	1.00	53.70	342	0.92	316.00	10.50
827.10	828.10	1.00	59.70	288	0.94	205.00	9.54
828.10	829.15	1.05	40.20	100	0.19	77.70	2.81
829.15	830.15	1.00	5.73	44	0.12	33.70	0.94
830.15	831.25	1.10	24.80	72	0.18	44.80	2.22
831.25	832.10	0.85	25.00	87	0.22	81.10	3.13
832.10	833.20	1.10	15.60	64	0.16	48.80	2.21
833.20	834.20	1.00	12.50	70	0.25	34.00	1.46
834.20	835.20	1.00	24.60	91	0.29	47.20	3.76
835.20	836.20	1.00	20.60	34	0.09	18.75	1.02
836.20	837.10	0.90	1.91	11	0.04	6.31	0.27
837.10	837.95	0.85	18.40	46	0.11	34.60	1.49
Weighted Average		18.85	19.39	83	0.21

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 is a copper, silver, gold and tungsten 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 system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s 2024 objective is to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at either the Tower, X or Plutus targets.

Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the NYSE under the trading symbol “CNL”, on the TSX under the trading symbol “CNL”, on the FSE under the trading symbol “GG1”.

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, soils and core samples have been prepared and analyzed at ALS 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.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) on X

Follow Collective Mining (@CollectiveMini1) on X, (Collective Mining) on LinkedIn, and (@collectivemining) on Instagram

FORWARD-LOOKING STATEMENTS 

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities legislation (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events including final listing mechanics and the direction of our business. Management believes that these assumptions are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated March 27, 2024. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements.

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SOURCE Collective Mining Ltd.

TORONTO, Oct. 3, 2024 /PRNewswire/ – Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) (“Collective” or the “Company”) is pleased to announce results from recent cyanidation tests conducted on representative samples from both shallow and deeper areas of its Apollo system (“Apollo”) at the Guayabales Project in Caldas, Colombia. The test results have yielded an average gold dissolution of 94.3% from seven new variability samples and confirm and corroborate previously announced cyanidation gold recoveries (see press release dated October 17, 2023). Furthermore, optimization test work on a flotation concentrate returned substantial improvements in recoveries for gold and silver over those previously reported on April 11, 2024.

As a reminder, based on previous work completed, the Company envisions a conventional split circuit for processing material from Apollo with the copper rich stream (more than 0.15% copper) being treated through a flotation circuit and the copper poor stream (less than 0.15% copper) being treated through a precious metal focused cyanidation circuit to produce doré. The Company also now expects that a gravity circuit will be included after flotation for recovery of the high-grade tungsten mineralization.

The Company has five diamond drill rigs in operation as part of its fully funded 40,000 metres drill program for 2024, with two rigs drilling at Apollo, two rigs drilling at the Trap system and one rig drilling at the Plutus Target.

Ari Sussman, Executive Chairman commented: “The comprehensive metallurgical test work completed on Apollo confirms the simple nature of achieving high recovery rates of valuable metals from the system using conventional technologies.”

Details

Table 1: New Cyanidation Bottle Roll Leaching Variability Test Work Results

Seven variability samples with representative copper poor sulfide mineralization distributed across the Apollo system:

Variability Sample	Head Grade			Dissolution
	Au, g/t	Ag, g/t	%Cu	Gold %	Silver %
BAM002	1.28	6.77	0.03	95.7	62.1
BAM003	1.22	43.19	0.12	92.9	73.8
BAM004	1.52	5.76	0.02	94.2	67.4
BAM005	0.39	6.44	0.02	95.0	54.4
BAM006	1.12	11.27	0.04	90.5	69.3
BAM007	0.39	3.96	0.01	95.0	61.7
BAM008	1.10	4.72	0.01	96.8	57.4
Average	1.00	11.73	0.03	94.3	63.7

• New cyanidation variability tests undertaken in SGS Lima, Peru returned average gold and silver recoveries of 94.3% and 63.7%, respectively. The seven samples are widely distributed throughout both shallow and deeper portions of Apollo and are representative of the copper poor, sulfide material planned to be treated through a cyanidation circuit to produce doré. The samples were specifically selected to reflect lower grades (average 1.0 g/t Au and 11.7 g/t Ag, see Table 1) than previously tested. The results corroborate previous cyanidation test work recoveries (see press release dated October 17, 2023) and confirm the amenability of material from Apollo to yield high dissolution of gold over a wide range of grades.

Table 2: The Locked Cycle Cleaner Tailing Cyanidation Bottle Roll Leach Test Work Results

The composite with representative grade profile of copper-rich mineralization from Apollo, weighed 20 kilograms and was floated in a Locked Cycle Test to produce 600 grams of cleaner tailings which were subsequently subjected to cyanidation at ALS Laboratories in Kamloops, Canada. The overall flotation recovery rates and grades are presented below:

Bulk Flotation Test			Additional Recovery from Cyanidation of Cleaner Tailings	Overall Recoveries
	Grade	Recovery
Copper	21.3 %	94.4 %	–	94.4 %
Gold	49.4 g/t	84.3 %	5 %	89.4 %
Silver	961 g/t	82.7 %	3 %	85.2 %

• Results confirm a significant improvement of the overall gold and silver recoveries to 89.4% and 85.2% respectively when compared to previous recoveries of 84.3% Au and 82.7% Ag (see press release dated April 11, 2024). These results demonstrate significant improvements in metal recovery of approximately 5% for gold and 3% for silver while maintaining copper recovery at 94% in the copper rich material to be treated through a flotation circuit.
  
• The results announced in this press release and those previously announced in the cyanidation and flotation press releases complete a comprehensive metallurgical test work program resulting in optimization of recoveries for the gold, silver, copper and tungsten in the Apollo system. These studies can now be utilized to outline an initial process design and assist in optimizing conditions for cyanidation and flotation facilities with respect to copper rich and copper poor streams.

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 is a copper, silver, gold and tungsten 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 system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s 2024 objective is to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at either the Tower, X or Plutus targets.

Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result are fully aligned with shareholders. The Company is listed on the NYSE under the trading symbol “CNL”, on the TSX under the trading symbol “CNL” and on the FSE under the trading symbol “GG1”.

Qualified Person (QP) and NI43-101 Disclosure

John Wells 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 Wells is a graduate of the Royal School of Mines in the UK, has over 50 years of experience in mineral processing and is a Fellow of the SAIMM (South African Institute of Mines and Metallurgy) and is a member of CIM (Canadian Institute of Mining and Metallurgy).

Technical Information

The Cyanidation Bottle Roll Leaching Variability samples were prepared and analyzed at the SGS facilities in Callao, Peru. The composites were produced from the remaining half drill core taken over different lengths of seven drillholes completed at Apollo. Leaching kinetics were conducted in bottles on laboratory rolls for 72 hours. 60μm feeds and 1000 ppm NaCN, 10.5 – 11.0 pH and 40% Solids. Bottle rolling was suspended briefly after 6, 12, 24, 48, and 72 hours and slurry samples were taken and filtered to collect pregnant solution for gold, silver and copper analyzes. SGS conforms to the requirements of ISO/IEC 17025, the global benchmark for laboratory quality management systems and ensures competent and valid outcomes to facilitate trust in these results.

The Locked Cycle Cleaner Tailing Cyanidation Bottle Roll Leach sample was prepared and analyzed at ALS Canada Ltd.’s Kamloops facilities in British Colombia, Canada. The composite was produced from the remaining half drill core taken over different lengths of four drillholes completed at Apollo. 21-23μm feeds and 1000 ppm NaCN, 11.0 pH and 20-24% Solids and O₂ sparged. Bottle rolling was suspended briefly after 2, 6, 24, and 48 hours and slurry samples were taken and filtered to collect pregnant solution for gold and silver analyzes. ALS conforms to the requirements of ISO/IEC 17025 and is accredited by the Standards Council of Canada for the specific tests undertaken.

Information Contact:
Follow Executive Chairman Ari Sussman (@Ariski73) on X

Follow Collective Mining (@CollectiveMini1) on X, (Collective Mining) on LinkedIn, and (@collectivemining) on Instagram

FORWARD-LOOKING STATEMENTS 

This news release contains “forward-looking statements” and “forward-looking information” within the meaning of applicable securities legislation (collectively, “forward-looking statements”). All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events including final listing mechanics and the direction of our business. Management believes that these assumptions are reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated March 27, 2024. Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements.

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SOURCE Collective Mining Ltd.

• Four directional holes drilled into the Apollo Porphyry System (“Apollo”) have expanded the wireframed envelope to the southwest, intercepted high-grade mineralization at the deepest vertical depth drilled to date and improved upon the grade profile below 1,500 metres elevation in a sparsely drilled area.
  
• APC70-D4 intersected 389.45 metres @ 1.36 g/t gold equivalent up to 935 metres below surface with the final 21.8 metres of this intercept grading 4.41 g/t gold equivalent. APC70-D4 has locally extended the system by 100 metres to the southwest and intercepted the deepest mineralization ever encountered at Apollo.
  
• APC70-D1, which was drilled to the south across the Apollo system at a near true angle, intersected 199.40 metres @ 1.65 g/t gold equivalent, including 26.5 metres @ 3.48 g/t gold equivalent to a maximum vertical depth of 745 metres below surface.
  
• APC70-D2, which was drilled to the southeast also at a near true angle to the Apollo system, intersected 168.20 metres @ 1.32 g/t gold equivalent, including 21.35 metres @ 3.11 g/t gold equivalent to a maximum vertical depth of 625 metres below surface.
  
• APC70-D3, which was drilled to the southwest, intersected 168.80 metres @ 1.82 g/t gold equivalent to a maximum vertical depth of 654 metres below surface. The hole bottomed while still in mineralization with the final 4.70 metres grading 1.40 g/t gold equivalent indicating potential for further expansion of the mineralized envelope.
  
• Visual logging of recently completed directional drill hole APC70-D5 and APC88-D1 have intercepted a potential expansion at depth for Apollo as well as a new porphyry unit located north of Apollo under the Olympus system. Assay results for both holes are expected in January.
  
• Drilling continues at the Guayabales project with four rigs, two operating at the Apollo and Trap targets respectively and a backlog of assay results expected in the near future.

Ari Sussman, Executive Chairman commented: “Our directional drill program is off to an excellent start by demonstrating that orthogonal drilling improves the grade profile locally due to an abundance of zones flooded with mineralized CBM vein fluid. Additionally, directional drilling is making it much easier for the Company to test and expand the Apollo envelope by allowing the Company to quickly reach areas that are not possible to drill from surface due to topography. Visual observations of holes APC70-D5 (Pad 1) and APC88-D1 (Pad 14) notes intercepts of more than 500 metres (APC70-D5) and 500 metres plus a second zone of more than 200 metres (APC-88-D1) indicating that a potential material size increase to the envelope of the system will be forthcoming upon receipt of assays in early Q1, 2024.”

TORONTO, Dec. 11, 2023 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from the first four directional drill holes into the Apollo porphyry system (“Apollo”). Apollo hosts an outcropping high-grade, bulk tonnage gold-silver-copper-tungsten porphyry system measuring 520 metres x 395 metres x 935 metres (previously 915 metres) which remains open for further expansion. Presently there are four diamond drill rigs operating at the Guayabales project as part of the Company’s planned 42,000 metre drilling program for 2023.

Details (See Table 1 and Figures 1-5)

This press release outlines the first results from the mother hole (APC-70) and four directional holes (APC70-D1 to D4) drilled from the end of the mother hole and designed to test for grade continuity at depth as well as western extensions to the Apollo porphyry system. APC-70 was drilled due south from Pad 1 and its directional holes form a fan pattern from southeast to southwest, intersecting the Apollo system more perpendicularly than prior drilling.

APC-70 was the mother hole for this first directional program and was drilled steeply to the south from Pad 1 to a final downhole depth of 293.30 metres. The principal objective of this hole was to reach the optimal depth to commence the directional drillholes. The hole intersected shallow mineralization related to carbonate and base metal (“CBM”) veining at 83.30 metres downhole for 22.70 metres with assays results as follows:

• 22.70 metres @ 1.18 g/t gold equivalent from 83.30 metres downhole.

APC70-D1 was the first deflection from the mother hole and was drilled due south to a final directional downhole depth of 624.10 metres (745 metres vertical from surface due to depth of mother hole). The hole entered brecciated porphyry at 229.30 metres downhole and continued in mineralization for 199.40 metres. The mineralized breccia zone consists of a sulphide matrix cement hosting chalcopyrite (up to 0.4%), pyrite (up to 1.6%) and pyrrhotite (up to 0.8%) as well as later and overprinting CBM vein sulphides such as sphalerite (up to 0.8%), galena (up to 0.3%) and trace amounts of fine, free gold with assay results as follows:

• 199.40 metres @ 1.65 g/t gold equivalent from 229.30 metres downhole (consisting of 1.46 g/t gold, 11 g/t silver and 0.04% copper) including:
  

APC70-D1 encountered better grades than previously modelled in this area from drill holes APC-17 and APC-49 and as a result will improve the grade block model in this location. Directional drilling perpendicular to the breccia body has also identified multiple zones of sheeted CBM veins which were intersected from downhole depths of 229.30 metres, 281.40 metres and 402.2 metres over intersection lengths ranging from 22.3 metres to 32.90 metres with grades between 2.32 g/t gold equivalent to 3.48 g/t gold equivalent.

APC70-D2 was drilled in a southeast direction from the mother hole to a maximum downhole deflection depth of 501.80 metres (625 metres vertical from surface due to depth of mother hole). The hole encountered sheeted CBM vein zones at 15.00 metres and 181.40 metres downhole depths for intervals of 11.70 metres and 5.90 metres, with grades of 1.52 g/t gold equivalent and 1.78 g/t gold equivalent, respectively. The hole entered brecciated porphyry at 213.10 metres depth and intersected 168.20 metres of mineralization consisting of a sulphide cement matrix hosting chalcopyrite (up to 0.3%), pyrite (up to 1.5%) and pyrrhotite (up to 1.0%) with CBM vein sulphides such as sphalerite (up to 0.3%) and galena (up to 0.2%). The following assay results are highlighted:

• 11.70 metres @ 1.52 g/t gold equivalent from 15.00 metres downhole (consisting of 1.38 g/t gold, 10 g/t silver and 0.02% copper) and;
• 168.20 metres @ 1.32 g/t gold equivalent from 213.10 metres downhole (consisting of 1.14 g/t gold, 11 g/t silver and 0.03% copper) including:
  

APC70-D2 also encountered better grades than previously modelled in this area due to the presence of multiple zones hosting sheeted CBM veins (see Table 1) and as a result will improve upon the grade block model in this location.

APC70-D3 was drilled southwest to a maximum directional depth of 481.10 metres (654 metres vertical from surface due depth of mother hole). At the beginning of the hole, sheeted CBM vein mineralization was intersected over intervals between 5.10 metres and 28.45 metres with grades of up to 3.33 g/t gold equivalent. Beginning at 245 metres downhole, brecciated porphyry mineralization was intercepted over a total of 168.80 metres. The sulphide mineralization in the breccia matrix in this interval consists of chalcopyrite (up to 0.3%), pyrite (up to 1.1%), sphalerite (up to 0.6%), galena (up to 0.8%) and pyrrhotite (up to 1.5%). The following assay results are highlighted:

·         168.80 metres @ 1.82 g/t gold equivalent from 245.50 metres downhole (consisting of 1.59 g/t gold, 14 g/t silver and 0.03% copper) including:

The APC70-D3 intercept has extended the Apollo system locally for a further 25 metres to the southwest into an area with no previous drilling. Furthermore, the hole bottomed in mineralization with the final 4.7 metres grading 1.4 g/t gold equivalent, opening the opportunity for further mineralization extensions in this area.

APC70-D4 was drilled southwest to a maximum directional downhole depth of 728.25 metres (935 metres vertical from surface due to depth of mother hole). APC70-D4 is the deepest hole drilled to date at Apollo, reaching depths of 935 metres below surface (1,075 RL).

From 45.25 metres to 197.80 meters the hole encountered a series of sheeted CBM vein intervals hosted within quartz diorite porphyry. Beginning at 268.55 metres downhole, the hole intersected 389.45 metres of brecciated porphyry mineralization with sulphide matrix cement hosting chalcopyrite (up to 0.2%), pyrite (up to 3.0%), sphalerite (up to 0.5%), galena (up to 0.2%) and pyrrhotite (up to 1.3%). The following assay results are highlighted:

• 4.25 metres @ 14.35 g/t gold equivalent from 119.35 metres downhole (consisting of 13.87 g/t gold, 60 g/t silver and 0.02% copper) and;
• 389.45 metres @ 1.36 g/t gold equivalent from 268.55 metres downhole (consisting of 1.17 g/t gold, 11 g/t silver and 0.03% copper) including:
  

The results of directional hole APC70-D4 confirm the discovery of a 100-metre southwest depth extension to the Apollo Porphyry system. Apollo remains open to the west for further expansion and recent visual logging of new, westerly directed, directional hole APC70-D5 has confirmed the discovery of over 500 metres of brecciated porphyry mineralization in this area.

Exploration Drill Program and Assay Update

Diamond drilling at the Guayabales project currently totals 128 drill holes (approximately 51,380 meters) completed and assayed. The 2023 Phase II drilling program is advancing on schedule with assay results reported for 57 holes and an additional ten holes awaiting assay results from the laboratory.

With four diamond drill rigs now operating at site, the Company is advancing with the following objectives:

1. Expanding the Apollo porphyry system both laterally and vertically. The Company is currently advancing with directional drilling utilizing two rigs aimed at expanding the Apollo system to the north, west and at depth. 
   
2. Drill test the Trap target in the northern portion on the Guayabales project. Three widely spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-1 assaying 102.2 metres @ 1.53 g/t gold equivalent (see press release dated September 7, 2022) and containing similar mineralization to the Apollo porphyry system. Follow up drilling is now underway and initial assay results are expected in due course.

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 gold-silver-copper tungsten porphyry system. Mineralization styles include 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-70, APC70-D1, APC70-D2, APC70-D3 and APC70-D4

Hole #	From (m)	To (m)	Length (m)	Au g/t	Ag g/t	Cu %	Mo %	WO3 %	AuEq g/t*
APC-70	83.30	106.00	22.70	0.71	23	0.03	0.008	–	1.15
Incl	83.30	86.55	3.25	4.78	104	0.03	0.002	–	6.19
APC70-D1	229.30	428.70	199.40	1.46	11	0.04	0.001	–	1.65
Incl	229.30	251.60	22.30	1.82	31	0.08	0.002	–	2.36
and Incl	281.40	314.30	32.90	2.17	11	0.03	0.002	–	2.32
and Incl	341.10	372.90	31.80	1.67	9	0.03	0.001	–	1.81
and Incl	402.20	428.70	26.50	3.41	7	0.04	0.001	–	3.48
and	488.15	513.85	25.70	1.27	4	0.03	0.004	–	1.36
APC70-D2	15.00	26.70	11.70	1.38	10	0.02	0.000	–	1.52
and	181.40	187.30	5.90	1.25	34	0.04	0.000	–	1.77
and	213.10	381.30	168.20	1.14	11	0.03	0.001	–	1.32
Incl	240.00	261.35	21.35	2.83	20	0.04	0.001	–	3.10
and incl	296.90	324.20	27.30	2.32	16	0.04	0.001	–	2.55
and incl	366.00	381.30	15.30	1.44	10	0.05	0.001	–	1.64
APC70-D3	7.45	12.55	5.10	3.23	11	0.02	0.000	–	3.33
and	106.45	134.90	28.45	0.48	6	0.01	0.000	–	0.58
and	245.50	414.30	168.80	1.59	14	0.03	0.002	–	1.82
Incl	247.95	269.60	21.65	1.79	30	0.06	0.001	–	2.27
and Incl	305.50	414.30	108.80	2.00	14	0.03	0.002	–	2.21
and	476.40	481.10	4.70	0.99	28	0.01	0.002	–	1.40
APC70-D4	45.25	51.30	6.05	1.90	35	0.10	0.002	–	2.52
and	119.35	123.60	4.25	13.87	60	0.02	0.000	–	14.34
and	192.00	197.80	5.80	5.35	19	0.02	0.000	–	5.50
and	268.55	658.00	389.45	1.17	11	0.03	0.001	–	1.36
Incl	279.20	308.45	29.25	2.18	30	0.05	0.000	–	2.62
and Incl	456.25	540.50	84.25	1.64	16	0.03	0.001	–	1.88
and Incl	579.90	592.25	12.35	1.70	14	0.03	0.001	–	1.92
and Incl	636.20	658.00	21.80	4.40	8	0.02	0.000	–	4.41

**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) + (WO3 (%)*6.54 x 0.50) utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz Mo – US$25/lb, WO3 – US$31,000/t and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 50% for WO3 and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper, molybdenum, tungsten and silver are speculative as limited metallurgical work has been completed to date on these metals. True widths are unknown, and grades are uncut. All depths outlined in directional holes are from commencement of kick off point in the mother hole.

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 gold, silver, copper and tungsten 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 system, which hosts the large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo porphyry system. The Company’s near-term objective is to continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.

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 is listed on the TSX 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, soils and core samples have been prepared and analyzed at SGS and ALS 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.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.

FORWARD-LOOKING STATEMENTS 

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated April 7, 2022. Forward-looking information contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

SOURCE Collective Mining Ltd.

• Drilling is now underway at the Guayabales Project’s Trap porphyry target (“Trap”) with the objective of following up on the 2022 discovery hole TRC-1, which intersected 102.20 metres of gold-silver-copper mineralization averaging @ 1.53 g/t gold equivalent.
  
• Trap is located approximately three kilometres to the northeast of the Company’s flagship Apollo porphyry system (“Apollo”) and is significantly larger than Apollo in dimensions measuring approximately 2 kilometres by 2 kilometres in area.
  
• The mineralization styles and geochemical signatures encountered at Trap are very similar to those observed at the Apollo system, namely porphyry vein and alteration systems being overprinted by subsequent carbonate base metal (“CBM”) sheeted vein systems.
  
• High-grade assay results have been received from a short hole drill program at Apollo. The aim of the program was designed to provide important data for block modelling by infilling the shallowest portion of the dip of the system as it moves under cover, with results including:
  
  • 130.45 metres @ 2.17 g/t gold equivalent from 119.90 metres downhole in APC-80.
  • 98.75 metres @ 2.71 g/t gold equivalent from 132.35 metres downhole in APC-82.
    
• Drilling in the southern part of Apollo into the porphyry halo located outside of the high-grade brecciated porphyry system has cut shallow, lower grade mineralization while extending the maximum known dimensions of the brecciated porphyry to 560 metres (previously 520 metres). The system remains open to the west, north and at depth.  Assay results include:
  
  • 109.15 metres @ 0.46 g/t gold equivalent from 7 metres downhole in APC-75.
    
• Drilling continues at the Guayabales project with four rigs currently in operation and a backlog of assay results expected in short order. Assay results outstanding include a series of directional drill holes at Apollo as well as initial results from the ME target area.
  

Ari Sussman, Executive Chairman commented: “Trap is an extremely exciting target, one which we did not appreciate appropriately when the discovery hole was drilled in mid-2022 as our geological knowledge of the Guayabales project was only in its infancy. After careful review, it is now clear that the 2022 Trap discovery hole is hosted in a long and continuous zone of quartz diorite porphyry with overprinting styles of mineralization similar to those observed at Apollo. Trap possesses all the characteristics of a potentially large porphyry system, and we look forward to seeing what transpires from our drilling program now underway.”

TORONTO, Nov. 22, 2023 /CNW/ – Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that is has commenced drilling at the Trap target (“Trap”) and assay results for seven holes drilled in the Apollo porphyry system (“Apollo). Apollo and Trap are both targets within the Company’s flagship Guayabales project located in Caldas, Colombia. Presently, there are four diamond drill rigs operating at the Guayabales project as part of the Company’s planned 42,000 metre drilling program for 2023.

Details (See Table 1-4 and Figures 1-2)

This press release outlines details of the Trap target and results from seven holes drilled within and peripheral to the Apollo system.

Trap Target

The Company announces that drilling is now underway at the Trap target in the northern portion of the Guayabales project. Trap is located approximately three kilometres to the northeast of the Apollo Porphyry system in the largest porphyry intrusion centre outlined to date at the Guayabales project.

On September 27, 2022, grass roots reconnaissance drilling at Trap resulted in a porphyry discovery with drill hole TRC-1 assaying 102.20 metres @ 1.53 g/t gold equivalent (Table 1) including:

• 16.10 metres @ 2.63 g/t gold equivalent from 250.20 metres downhole related to a copper- gold-silver porphyry style mineralization (Table 2).
• 14.70 metres @ 2.00 g/t gold equivalent from 289.00 metres downhole related to gold-silver rich CBM style mineralization (Table 3).

Mineralization styles and metal geochemistry at Trap is very similar to the Apollo porphyry system in terms of gold, silver, and copper (see Tables 2 and Table 3). Hole TRC-1 intersected porphyry style mineralization (see Table 2, downhole depths from 250.2 metres to 266.30 metres) with secondary biotite, hydrothermal magnetite (up to 0.5%) in veinlets, albite, chlorite, chalcopyrite (up to 1.0 % and replacing the magnetite) and pyrite (up to 1.3%). Below this at 289.00 metres downhole, the hole entered into a polymetallic, CBM mineralization phase enveloped by strong sericite alteration. The sheeted carbonate veins host gold, silver, lead and zinc with sulphides including sphalerite (up to 0.5%), galena (up to 0.2%), pyrite (up to 2.0%), copper oxides, quartz, and carbonates.

Table 1: Assay Results for TRC-1 (announced September 27, 2022)

Hole #	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Cu (%)	Mo (%)	AuEq (g/t*)
TRC-1	233.80	336.00	102.20	1.26	12	0.09	0.003	1.53
Incl	259.10	269.00	9.90	3.00	25	0.25	0.007	3.65
and incl	294.50	303.70	9.20	1.82	31	0.07	0.003	2.27

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag (g/t9 x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date. True widths are unknown, and grades are uncut. (See press release dated September 27, 2022)

Table 2: Individual Assay Results from Within Trap Hole TRC-1 Highlighting Porphyry Style Mineralization (Low Values of Zinc and Lead mineralization)

Hole #	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Cu (%)	Zn (%)	Pb (%)
TRC-1	250.20	250.80	0.60	0.61	37	0.15	0.01	0.03
	250.80	251.40	0.60	1.95	37	0.34	0.01	–
	251.40	252.10	0.70	1.64	50	0.30	0.01	–
	252.10	252.80	0.70	1.46	33	0.30	0.01	–
	252.80	253.50	0.70	1.41	25	0.25	0.01	–
	253.50	254.20	0.70	2.27	21	0.29	0.01	–
	254.20	255.00	0.80	0.18	3	0.04	–	–
	255.00	255.80	0.80	0.28	2	0.04	0.01	–
	255.80	256.60	0.80	0.25	8	0.03	0.02	–
	256.60	257.20	0.60	0.40	12	0.03	0.05	0.01
	257.20	257.80	0.60	0.40	12	0.05	0.08	–
	257.80	258.40	0.60	0.51	11	0.02	0.01	–
	258.40	259.10	0.70	0.84	21	0.05	0.01	–
	259.10	259.80	0.70	1.33	24	0.13	0.01	–
	259.80	260.40	0.60	1.15	13	0.11	0.01	–
	260.40	261.00	0.60	1.60	26	0.13	0.03	0.01
	261.00	261.60	0.60	1.37	14	0.12	0.01	–
	261.60	262.30	0.70	0.99	12	0.10	0.01	–
	262.30	263.00	0.70	11.12	62	0.47	0.01	–
	263.00	263.70	0.70	3.39	21	0.16	0.07	–
	263.70	264.30	0.60	2.21	36	0.19	0.24	0.01
	264.30	265.00	0.70	2.25	24	0.21	0.02	–
	265.00	265.65	0.65	4.06	79	0.38	0.11	–
	265.65	266.30	0.65	7.70	39	0.50	0.02	–

Table 3: Assay Results for Within Trap Hole TRC-1 Highlighting Later Stage CBM Style Vein Overprinting Mineralization (Zinc and Lead Enriched Mineralization)

Hole #	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Cu (%)	Zn (%)	Pb (%)
TRC-1	289.00	289.80	0.80	1.14	4	0.22	0.01	–
	289.80	290.40	0.60	1.62	4	0.21	0.04	–
	290.40	291.00	0.60	1.19	19	0.06	0.61	0.01
	291.00	291.70	0.70	1.44	17	0.26	0.08	–
	291.70	292.50	0.80	1.03	20	0.17	0.07	–
	292.50	293.20	0.70	0.90	20	0.05	0.05	0.01
	293.20	293.90	0.70	0.72	8	0.01	0.16	0.07
	293.90	294.50	0.60	1.41	29	0.08	0.84	–
	294.50	295.20	0.70	2.11	37	0.11	1.53	0.01
	295.20	295.80	0.60	3.13	37	0.10	0.22	0.01
	295.80	296.40	0.60	1.36	30	0.03	0.02	0.03
	296.40	297.00	0.60	1.16	21	0.04	0.08	0.10
	297.00	297.60	0.60	0.90	14	0.07	0.03	0.02
	297.60	298.20	0.60	1.29	69	0.16	0.52	0.16
	298.20	299.00	0.80	2.82	21	0.07	0.04	0.03
	299.00	299.70	0.70	0.95	16	0.07	0.06	0.04
	299.70	300.60	0.90	1.36	17	0.04	0.04	0.01
	300.60	301.20	0.60	1.32	5	0.01	0.01	–
	301.20	301.70	0.50	1.48	10	0.01	0.06	0.05
	301.70	302.20	0.50	1.80	49	0.06	0.40	0.26
	302.20	303.00	0.80	3.79	81	0.08	0.54	0.40
	303.00	303.70	0.70	1.34	18	0.11	0.09	0.01

Apollo Drilling 

Three holes were drilled from Pad 12 in order to better outline the shallowest portion of the dip of the system for block modelling. High-grade and shallow brecciated porphyry mineralization was intersected in holes APC-80, APC-82 and APC-84 (see Table 4) and was fringed to the north by lower grade and peripheral mineralization. These three holes have added grade and volume at shallow levels to the Apollo system with assay results as follows:

• 130.45 metres @ 2.17 g/t gold equivalent from 119.90 metres downhole in APC-80.
• 98.75 metres @ 2.71 g/t gold equivalent from 132.35 metres downhole in APC-82.
• 53.70 metres @ 0.67 g/t gold equivalent from 120.00 metres downhole in APC-84.

Additionally, from Pad 3, drillhole APC-75, APC-77 and APC-79 (see Table 4) were fanned in southerly directions to test for the potential of the low-grade halo of mineralization surrounding the main brecciated high-grade Apollo system. These holes were drilled so that the Company can begin to assess the potential of the low-grade halo and its potential to positively impact future mining scenarios as well as determining the eastern boundary of the Apollo intrusion. Assay results are as follows:

• 109.15 metres @ 0.46 g/t gold equivalent from 7.00 metres downhole in APC-75.
• 36.10 metres @ 0.36 g/t gold equivalent from 52.40 metres downhole in APC-77.

As a result of drill holes APC-75 and APC-77, the maximum known strike of the Apollo system has been extended by 40 metres and now measures 560 metres in length.

Finally, a seventh hole, APC-76 was drilled to the west from Pad 5 with the objective of intersecting a deep zone of the brecciated porphyry. Unfortunately, the hole was abandoned at a shallow depth before reaching the target zone when it entered a fault zone and encountered mechanical problems.

Table 4: Assay Results for Apollo Drilling

Hole #	From (m)	To (m)	Length (m)	Au (g/t)	Ag (g/t)	Cu (%)	Mo (%)	WO3 (%)	AuEq (g/t*)
APC-75	7.00	116.15	109.15	0.27	6	0.05	0.002	0.01	0.46
Incl	109.75	116.15	6.40	3.42	9	0.04	0.003	–	3.54
and	302.25	337.05	34.80	0.23	21	0.06	0.005	–	0.66
Incl	333.40	335.10	1.70	3.87	351	0.07	0.003	–	9.21
APC-76	Hole abandoned due to technical issues
APC-77	52.40	88.50	36.10	0.08	10	0.07	0.003	–	0.36
APC-79	no significant interval; drilled outside the Apollo intrusion
APC-80	119.90	250.35	130.45	1.30	33	0.19	0.001	0.03	2.17
incl	139.00	155.30	16.30	2.72	23	0.05	0.002	0.01	3.11
and incl	159.05	173.10	14.05	0.87	55	0.16	0.002	0.26	2.76
and incl	213.50	250.35	36.85	2.57	16	0.13	0.001	–	2.95
APC-82	70.00	105.80	35.80	0.46	8	0.01	–	–	0.58
and	132.35	231.10	98.75	1.27	52	0.39	–	0.03	2.71
incl	152.20	175.05	22.85	1.27	22	0.06	–	0.02	1.69
and incl	175.05	204.65	29.60	1.81	82	0.75	0.001	0.09	4.43
and incl	204.65	231.10	26.45	1.42	79	0.54	0.001	0.01	3.42
APC-84	120.00	173.70	53.70	0.51	10	0.02	0.001	–	0.67
Incl	147.50	166.20	18.70	1.05	15	0.02	0.001	–	1.29
and	257.60	269.25	11.65	0.93	5	0.03	0.002	0.01	1.08

*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) + (WO3 (%)*6.54 x 0.50) utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz Mo – US$25/lb, WO3 – US$31,000/t and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 50% for WO3 and 90% for Cu. Recovery rate assumptions for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper, molybdenum, tungsten and silver are speculative as limited metallurgical work has been completed to date on these metals. True widths are unknown, and grades are uncut.

Exploration Drill Program and Assay Update

Diamond drilling at the Guayabales project now totals 123 drill holes (approximately 48,751 meters) completed and assayed. The 2023 Phase II drilling program is advancing on schedule with assay results reported for 52 holes and an additional ten holes awaiting assay results from the lab.

The Company now has four diamond drill rigs operating within the Guayabales project area with the following objectives for the remainder of 2023:

1. Expanding the Apollo porphyry system both laterally and vertically. The Company is currently advancing with directional drilling utilizing two rigs aimed at expanding the Apollo system at depth, to the west and north.
   
2. Drill test the Trap target in the northern portion on the Guayabales project. Three widely spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-1 assaying 102.2 metres @ 1.53 g/t gold equivalent and containing similar mineralization to the Apollo porphyry system. Follow up drilling is now underway and initial assay results are expected in due course.

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 system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.

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 is listed on the TSX 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, soils and core samples have been prepared and analyzed at SGS and ALS 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.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.

FORWARD-LOOKING STATEMENTS 

This news release contains “forward-looking information” within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information. In this news release, forward-looking information relate, among other things, to: anticipated advancement of mineral properties or programs; future operations; future recovery metal recovery rates; future growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others: risks related to the speculative nature of the Company’s business; the Company’s formative stage of development; the Company’s financial position; possible variations in mineralization, grade or recovery rates; actual results of current exploration activities; conclusions of future economic evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, precious and base metals or certain other commodities; fluctuations in currency markets; change in national and local government, legislation, taxation, controls regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); and title to properties, as well as those risk factors discussed or referred to in the annual information form of the Company dated April 7, 2022. Forward-looking information contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements and there may be other factors that cause results not to be anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information.

SOURCE Collective Mining Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2023/22/c9847.html

• Step-out hole APC-55 was drilled from Pad 6 to the northeast and intercepted continuous gold-silver-copper mineralization from surface over a significant core length as follows:
  
• APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system.
  
• APC-55 has extended the strike length of the Apollo system to the northeast with maximum known dimensions now measuring 455 metres by 395 metres by 915 metres.
  
• Hole APC-49 was drilled from Pad 6 to the northwest and intersected continuous gold-silver-copper mineralization from surface over a significant core length as follows:
  
• APC-49, which was drilled to depth in an area with no prior drilling, demonstrated excellent continuity of mineralization over its entire core length. The hole was terminated in mineralization due to a drilling related issue with the final 15.85 metres averaging 0.52 g/t gold equivalent.
  
• Four rigs are now operating at the project with nine holes currently in the lab for analysis. Additional assay results are expected in the near term.

Ari Sussman, Executive Chairman commented: “The Apollo system continues to deliver unusually high-grade intercepts for a porphyry deposit over significant core lengths with today’s results being two of the longest holes ever drilled by the Company. I am most pleased that mineralization in both holes began directly from surface and the size of the Apollo system was once again expanded as a result of APC-55. I am excited about the prospect of what the Guayabales project will deliver in the second half of 2023 as we embark on the aggressive growth phase of our 2023 drilling program where expansion of the Apollo porphyry system and making a new discovery are our top priorities.”

TORONTO, June 27, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two drill holes designed to test depth extensions and high-grade mineralization within the Apollo porphyry system (“Apollo”) at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which 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 systems (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.

To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here.

Details (See Table 1 and Figures 1-3)

The 2023 Phase II drilling program is advancing on schedule with 24 holes completed and results announced with an additional nine holes awaiting assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization, the dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 55 drill holes (approximately 23,907 metres) has been completed and assayed.

This press release outlines results from two, long step out holes. APC-49 and APC-55 were drilled to test high grade, shallow mineralization, and depth extensions in previously undrilled areas. Both holes were drilled from Pad 6 with APC-49 directed steeply to the northwest and APC-55 drilled to the northeast. Results for these holes are summarized below:

APC-49 was drilled steeply to the northwest from Pad 6 to a maximum downhole depth of 852.90 metres (908 metres vertical due to topography). The hole was designed to test the northwestward continuity of the deposit at depth. The hole intercepted saprolite and oxidized sulphide material (transition zone) from 5.7 metres downhole until 28.6 metres. Below this the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 0.8 %), pyrite (up to 1.2%) and 0.8% pyrrhotite and some areas of mineralized porphyry (without breccia). Various sheeted carbonate base metal veins (“CBM”) and veinlet zones associated with higher grade gold, which overprint and flood the matrix hosting the earlier breccia-porphyry mineralization, were observed and contain carbonate associated with sphalerite and galena. The hole bottomed in mineralization due to drilling problems with the last 15.85 metres from 837.1 metres downhole returning 0.52 g/t gold equivalent. Complete assay results for the hole are summarized in Table 1 with highlights as follows:

• 847.25 metres @ 1.09 g/t gold equivalent from 5.65 metres (consisting of 0.64 g/t gold, 16 g/t silver and 0.14% copper) including:

Importantly, APC-49 confirms that the system remains wide open at depth in the northwest area of the deposit and future directional drilling will look to expand the system and tighten up drill spacing.

APC-55 was drilled to the northeast from Pad 6 and was designed to test for an extension of shallow high-grade mineralization to depth within the northeast portion of the Apollo system. The hole was drilled to a maximum downhole depth of 909.45 metres (855 metres vertical) with mineralization beginning at surface. The hole intercepted saprolite and oxidized sulphide material (transition zone) from surface until 48.80 metres down hole. Below this depth, the hole passed into fresh rock consisting of angular breccia with a sulphide cement matrix containing chalcopyrite (up to 1.0 %), pyrite (up to 2.0%) and pyrrhotite (up to 1.2%) with some interfingering areas of mineralized porphyry (without breccia). Four sheeted CBM vein and veinlet zones at 184.7 metres, 364.2 metres, 431.8 metres and 591.5 metres downhole were observed with vein sulphides (sphalerite and galena) overprinting the earlier porphyry mineralization in the breccia matrix. Complete assay results for the hole are summarized in Table 1 with highlights as follows:

• 792.25 metres @ 1.71 g/t gold equivalent from surface (consisting of 0.88 g/t gold, 39 g/t silver and 0.18% copper) including:

APC-55 returned 1,356 g/t gold equivalent on a grams X metres basis, which represents the largest grade accumulation drilled to date into the Apollo porphyry system. APC-55 has also extended the strike length of the mineralized system to the northeast with maximum know overall dimensions now measuring 455 metres by 395 metres by 915 metres. The multiple north-west and east-west trending CBM vein systems intersected along the hole at both shallow and deeper elevations highlight an excellent opportunity for high grade mineralization to be found over significant vertical dimensions.

Apollo Drill Program Outline and Assay Update

Nine additional holes have been completed at the Apollo system with assay results expected in the near term with all holes except one intersecting bulk tonnage mineralization over significant core lengths.

With four diamond drill rigs now operating at site, the Company is focused on:

1. Expanding the Apollo porphyry system and the recently discovered high-grade Contact Zone
2. Stepping-out along the newly discovered high-grade Vein Zone situated above the Apollo porphyry system along a northwest to southeast corridor (where it does not come to surface)
3. Testing the six newly generated targets surrounding the Apollo porphyry system
4. Testing a new porphyry target named Plutus, which is located approximately one kilometre east of Apollo. Further details on Plutus will be announced shortly once all surface geochemistry assay results have been delivered, verified, and compiled.

The Apollo target 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 Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target 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

Hole #	From (m)	To (m)	Length (m)	Au g/t	Ag g/t	Cu %	Mo %	AuEq g/t*
APC-49	5.65	852.90	847.25	0.64	16	0.14	0.001	1.09
incl	5.65	28.55	22.90	1.13	11	0.06	0.001	1.36
and incl	76.60	240.60	164.00	0.44	40	0.47	0.002	1.77
and incl	253.80	293.85	40.05	0.25	32	0.46	0.001	1.46
and incl	443.85	466.10	22.25	1.14	12	0.03	0.002	1.36
and incl	491.45	533.80	42.35	2.65	11	0.03	0.001	2.78
and incl	559.10	585.20	26.10	1.49	12	0.04	0.000	1.68
and incl	625.60	656.55	30.95	1.80	20	0.04	0.001	2.12
and incl	837.05	852.90	15.85	0.44	3	0.01	0.002	0.52
APC-55	0.00	792.25	792.25	0.88	39	0.18	0.001	1.71
incl	0.00	48.80	48.80	2.93	15	0.10	0.002	3.23
and incl	49.55	80.45	30.90	1.99	14	0.13	0.001	2.35
and incl	96.00	145.55	49.55	1.79	65	0.15	0.002	2.93
and incl	184.70	206.25	21.55	2.97	38	0.14	0.001	3.66
and incl	364.15	395.20	31.05	1.56	47	0.12	0.000	2.37
and incl	431.75	453.40	21.65	1.75	36	0.09	0.001	2.36
and incl	591.50	608.00	16.50	1.99	22	0.05	0.001	2.34

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$3.85/lb, Ag – $24/oz Mo – US$25.00/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.

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 porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system, which remains open in most directions.

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 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, soils 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.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.

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.

SOURCE Collective Mining Ltd.