Categories
Base Metals Collective Mining Energy Junior Mining Precious Metals Uncategorized

Collective Mining Expands the Main Breccia Discovery at Apollo and Drills 265.75 Metres at 2.44 g/t Gold Equivalent

Collective Mining Ltd.
Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project Highlighting the Apollo Target
Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2

Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3

Plan View with Traces of Drill Holes Completed to Date in the Main Breccia Discovery at Apollo with Current Holes, APC-6 & APC-8 in Red
Plan View with Traces of Drill Holes Completed to Date in the Main Breccia Discovery at Apollo with Current Holes, APC-6 & APC-8 in Red

Figure 4

Apollo Target Cross Section with Core Photo Highlights for APC-8
Apollo Target Cross Section with Core Photo Highlights for APC-8
  • APC-8 intersected a broad, high-grade zone of breccia mineralization with multiple, overprinting carbonate base metal veins and returned:
    • 265.75 metres @ 2.44 g/t gold equivalent (157 metres vertical).
  • APC-6 also intersected the main breccia zone with some interfingering, mineralized rock flour breccia towards the northern end of the hole resulting in a broad interval as follows:
    • 326.05 metres @ 1.07 g/t gold equivalent (295 metres vertical).
  • As a result of the new drill holes reported today, the maximum dimensions of the Main Breccia have increased to 350 metres along strike by 100 metres across by 500 metres depth (prior dimensions were 300m x 100m x 400m) and remains open in all directions.
  • Drill holes APC-12, APC-13 and APC-14 are now complete at Apollo with the following visual observations from logging:
    • APC-12 and APC-14 intercepted the Main Breccia zone with both holes cutting more than 230 metres of potentially favourable mineralization; APC-13 unfortunately failed before reaching the Main Breccia zone but cut a narrow zone of sheeted veins at a shallow elevation.
https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Breccia%253BMetre%253BTarget_Corporation%253BMultiview_orthographic_projection%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%25221fb8b9af-3c66-31d6-b59a-b218f4b1fb2c%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

TORONTO, Sept. 13, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) within the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia with previously announced intercepts including the discovery hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq and APC-3, which intersected 180.60 metres @ 2.43 g/t AuEq. (See press releases dated August 10th and 29th respectively). As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig drilling from underground at the Olympus target.

“Apollo continues to deliver continuous, broad, and consistent zones of well mineralized breccia with overall grades being enhanced by the overprinting, high-grade carbonate base metal veins. Importantly, this remarkable copper-silver-gold discovery continues to grow materially in tonnage as we continue with aggressive step-out drilling in multiple directions. We will remain aggressive for the balance of 2022 and look forward to receiving additional assay results in the near term,” commented Ari Sussman, Executive Chairman.

Details (See Table 1 and Figures 1 – 4)

Seven diamond drill holes with accompanying assay results have now been announced at Apollo and based on results, the Main Breccia at Apollo has expanded and now measures up to 350 metres along strike by 100 metres across by 500 metres vertical. The target remains open in all directions and has the potential to evolve into a significant high-grade, bulk tonnage mineralized system.

Drill holes APC-6 and APC-8 were drilled in opposite directions from two separate drill pads (Pads 3 and 2) to the northeast and southwest respectively and were designed to test the depth and strike continuity of the mineralized breccia previously intersected in holes APC-1, APC-1W, APC-2, APC-3 and APC-5. The following results are highlighted:

  • APC-6:
           326.05 metres @ 1.07 g/t AuEq from 364.60 metres (295 metres vertical) including:
           151.5 metres @ 1.20 g/t AuEq from 480.15 metres down hole, and
           10.55 metres @ 4.64 g/t AuEq from 680.10 metres down hole.

APC-6 is the deepest diamond hole drilled to date and this long intercept consisted primarily of favorable angular breccia with interfingering of rock flour breccia, which is less porous and therefore lower grade. APC-6 was collared from Pad 3 and terminated at a final depth of 759 metres.

  • APC-8:
           265.75 metres @ 2.44 g/t AuEq from 202.00 metres (157 metres vertical) including:
           13.20 metres @ 4.29 g/t AuEq from 202.0 metres down hole,
           18.45 metres @ 4.55 g/t AuEq from 239.05 metres down hole,
           28.45 metres @ 4.18 g/t AuEq from 279.40 metres down hole, and
           15.50 metres @ 5.21 g/t AuEq from 342.6 metres downhole.

APC-8 intercepted continuous mineralized angular breccia with a sulphide matrix consisting of pyrite, chalcopyrite and pyrrhotite which has been overprinted by carbonate-base metal porphyry veins (“CBM”) hosting sphalerite in various locations and particularly in the upper portion of the intercept. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system. APC-8 was collared from Pad 2 and terminated at a final depth of 523 metres.

  • Four rigs continue to drill at the Guayabales project with assay results anticipated in the near term for three holes from Apollo with the following encouraging visual intercepts:
    • APC-12 and APC-14 tested the Main Breccia discovery at Apollo with both holes intersecting more than 230 metres of potentially favourable mineralization.
    • APC-13 ran into technical difficulties prior to reaching the Main Breccia but intersected a 15 metres zone of sheeted CBM veins at a shallow depth.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre 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: Assays Results

HoleIDFrom
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
Cu
%
Zn
%
Pb
%
Mo
%
AuEq
(g/t)*
APC-6364.60690.65326.050.85100.040.040.020.0011.07
Incl480.15631.65151.500.96110.040.060.030.0011.20
 680.10690.6510.554.6770.050.010.000.0004.64
APC-8202.00467.75265.751.26550.220.070.050.0452.44
Incl202.00215.2013.203.68270.030.320.240.2384.29
 239.05257.5018.453.48530.120.240.220.2164.55
 279.40307.8528.453.70240.160.030.020.0164.18
 342.60358.1015.502.151580.470.130.100.1045.21

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. 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.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/e54d7c61-3748-431e-9231-291488bbad6d

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
https://www.globenewswire.com/NewsRoom/AttachmentNg/501ecbc1-c805-46fa-a162-e54671c5292d

Figure 3: Plan View with Traces of Drill Holes Completed to Date in the Main Breccia Discovery at Apollo with Current Holes, APC-6 & APC-8 in Red
https://www.globenewswire.com/NewsRoom/AttachmentNg/168eaf9b-bd3f-41be-b6d8-bec5ccc3a866

Figure 4: Apollo Target Cross Section with Core Photo Highlights for APC-8
https://www.globenewswire.com/NewsRoom/AttachmentNg/3968aa02-fef9-421b-8479-9793202a518f

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

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.

Categories
Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Discovers New High-Grade Vein and Breccia Systems at Apollo Including 17.5 Metres at 12.79 g/t Gold and 21 g/t Silver

Collective Mining Ltd.

Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project Highlighting the Apollo Target Area
Plan View of the Guayabales Project Highlighting the Apollo Target Area

Figure 2

Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3

Plan View of Apollo with Drill Hole Traces Completed to Date Highlighting the New High-Grade Vein System and Northern Breccia System Discoveries from Pad 2 and Pad 1 Respectively
Plan View of Apollo with Drill Hole Traces Completed to Date Highlighting the New High-Grade Vein System and Northern Breccia System Discoveries from Pad 2 and Pad 1 Respectively
  • APC-4, which is the first hole drilled to test a grassroot generated vein target located shallower and above the Main Breccia discovery at Apollo cut a near surface zone of sheeted veins and returned:
    • 17.5 metres @ 12.79 g/t gold and 21 g/t silver (65 metres vertical)
  • APC-7 and predecessor scout hole OLCS-3 were drilled to test a grassroot generated breccia target located 250 metres to the north of the Main Breccia discovery at Apollo and intersected multiple zones of mineralization between 45 metres and 320 metres below surface including:
    • 41.8 metres @ 1.07 g/t gold equivalent; and
    • 38.4 metres @ 1.51 g/t gold equivalent
  • Four rigs continue to actively drill at the Guayabales project with assay results anticipated in the near term for two holes as follows:
    • APC-6 and APC-8 tested the Main Breccia discovery at Apollo with both holes intersected more than 265 metres of potentially favourable mineralization

TORONTO, Sept. 07, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from reconnaissance holes completed designed to test new ideas at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Caldas, Colombia. Targets within Apollo consists of hydrothermal breccia, porphyry and vein systems including the recently discovered copper-gold-silver Main Breccia highlighted by drill hole APC-2, which intersected 207.15 metres @ 2.68 g/t AuEq (see press release dated August 10, 2022). Apollo is one of eight porphyry-related target zones situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the Guayabales project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig drilling from underground at the Olympus target.

“Our very first reconnaissance drill holes undertaken outside of the Main Breccia at Apollo has led to some very positive and exciting surprises which include the presence of a high grade late-stage porphyry related CBM vein zone adjacent to our exciting Main Breccia discovery. These discoveries attest to the amazing potential of the Apollo target area, which continues to expand as we step-out with drilling. Over the coming months, our drilling will be aggressively focused on flushing out the multi-million-ounce potential of the Main Breccia discovery at Apollo, but without question the new discoveries announced today highlight excellent additional opportunities for follow up in the future,” commented Ari Sussman, Executive Chairman.

Details (See Table 1 and Figures 1 – 3)

The Company recently completed five scout and reconnaissance diamond drill holes to test various conceptual targets locating within the Apollo area but outside of the Main Breccia discovery. APC-4 was designed to test a zone of northwest trending high grade, carbonate base metal veins (“CBM”), located shallower and above the Main Breccia system. APC-7 and the earlier drilled scout hole, OLCS-3, drilled beneath surface soil anomalies and discovered new, mineralized breccia bodies located approximately 250 metres north of the Main Breccia system.

APC-4, which was drilled to the southeast from Pad 2, intersected a high-grade zone of sheeted CBM veins and returned:

  • 17.5 metres @ 12.79 g/t Au and 21 g/t Ag from 132.3 metres (65 metres vertical) including 0.65 metres @ 331.47 g/t Au and 53 g/t Ag

Mineralization relates to multiple sheeted CBM veins hosting sphalerite and pyrite sulphides.

APC-7 and OLCS-3 were drilled to the southwest from Pad 1 and intersected multiple mineralized breccia bodies at various depths and returned the following intercepts:

  • APC-7: 25.55 metres @ 0.69 g/t AuEq from 85.65 metres (98 metres vertical);
  • APC-7: 38.40 metres @ 1.51 g/t AuEq from 199.85 metres (195 metres vertical);
  • APC-7: 20.45 metres @ 0.89 g/t AuEq from 325.0 metres (320 metres vertical); and
  • OLCS-3: 41.8 metres @ 1.07 g/t AuEq from 37.0 metres (45 metres vertical)

In addition to the new CBM vein discoveries a further two reconnaissance holes were drilled south from Pad 1 and southeast from Pad 2 to respectively test for breccia mineralisation and a mineralised porphyry body. Diamond Hole APC-9 had to be discontinued due to drilling problems and stopped short of the target zone. Diamond Hole APC-10 intersected altered quartz diorites with a porphyry vein stockwork and hosting anomalous copper, molybdenum, and gold values. The hole is interpreted to be peripheral to the main porphyry target as defined by copper soil anomalism and surface mapping. Further drilling is warranted in the future to better test both conceptual targets. Drill holes APC-12, APC-13 and APC-14 are underway with all three holes targeting the Main Breccia discovery at Apollo. Assay results for holes APC-6 and APC-8 are expected in the near term, with both holes intercepting more than 265 metres of potentially favourable mineralization.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new grassroots Main Breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.

Table 1: Assays Results

HoleIDFrom
(m)
To
(m)
Intercept
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)*
Notes
APC-4132.30149.8017.5012.7921 New sheeted vein discovery
 143.60144.250.65331.4753  
APC-785.65111.2025.550.40230.69New Northern Breccia discovery
Incl110.10111.201.105.621587.48 
APC-7199.85238.2538.401.30211.51 
Incl207.10222.3515.252.29332.62 
and325.00345.4520.450.49310.89 
OLCS-337.0078.8041.800.64341.07New Northern Breccia discovery
Incl38.5048.9010.401.67362.08 
 73.6078.805.200.781172.33 
APC-9      NSV**
APC-10      NSV**

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) utilizing metal prices of Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag. 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 Area
https://www.globenewswire.com/NewsRoom/AttachmentNg/f6c9e1d6-62a3-458c-a1e7-62ad29f1ce07

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
https://www.globenewswire.com/NewsRoom/AttachmentNg/b01745dd-572d-4aec-8188-2e96d863e5a4

Figure 3: Plan View of Apollo with Drill Hole Traces Completed to Date Highlighting the New High-Grade Vein System and Northern Breccia System Discoveries from Pad 2 and Pad 1 Respectively
https://www.globenewswire.com/NewsRoom/AttachmentNg/6973bcf0-0397-4440-9052-1464d12d4ec8

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 180.6 metres at 2.43 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

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.

Categories
Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining to Present at Precious Metals Summit Beaver Creek

Collective Mining Ltd.
Collective Mining Ltd.

TORONTO, Sept. 01, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that Executive Chairman Ari Sussman will be participating at the upcoming 2022 Precious Metals Summit in Beaver Creek, Colorado taking place September 13-16, 2022.

The Company will be presenting on Tuesday, September 13th at 1:45pm in Room 1 and is also available for one-on-one meetings.

Management will be discussing its new Apollo discovery at its Guayabales project, which Executive Chairman Ari Sussman stated on August 29, 2022; “… the Apollo Main Breccia has all the right markers to evolve into a large-scale discovery.” Notable intercepts include:

  • APC-2: 207.15 metres @ 2.68 g/t AuEq.
  • APC-3: 180.6 metres @ 2.43 g/t AuEq.
  • APC-5: 268.0 metres @ 1.50 g/t AuEq.

The Company will further update investors on its ongoing 20,000 metre drill program where management expects to release new assay results over the short-term.

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

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.

Categories
Base Metals Collective Mining Energy Junior Mining Precious Metals

Collective Mining Commences a Phase II Drill Program at the Olympus Target

Collective Mining Ltd.
Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project Highlighting the Olympus Target
Plan View of the Guayabales Project Highlighting the Olympus Target

Figure 2

Plan View of the Olympus Target Outlining the Phase II Drilling Location (red circle) and Highlighting Previously Announced Drilling and Channel Sampling Assay Results
Plan View of the Olympus Target Outlining the Phase II Drilling Location (red circle) and Highlighting Previously Announced Drilling and Channel Sampling Assay Results

Figure 3

Photo of the Underground Drill Chamber and Rig
Photo of the Underground Drill Chamber and Rig

TORONTO, Aug. 17, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce that drilling has recommenced at the Olympus target (“Olympus”), one of eight newly generated porphyry related targets at the Guayabales project, located in Caldas, Colombia. The phase II drill program, which will be executed exclusively from underground chambers, will follow up on the Phase I program which yielded an important grassroots discovery for the Company highlighted by hole OLCC-3 which averaged 301.9 metres @ 1.11 g/t AuEq (see press release dated March 15, 2022). There are currently four rigs operating at the project as part of the Company’s fully financed minimum 20,000 metre drill program for 2022 with one rig drilling at Olympus and three rigs following up on the recent significant discovery at the Apollo target highlighted by hole APC-2 which averaged 207.15 metres @ 2.68 g/t AuEq (see press release dated August 10, 2022).

Highlights (See Figures 1-3)

  • Olympus is a large-scale target area measuring up to 1,400 metres north-south by 900 metres east-west and hosts over 50 ancestral mines with over 25 veins mapped from available exposures. The Phase I drill program was focused on the northern portion of this target area and intersected multiple broad zones of mineralization beginning near surface highlighted by:
    • 301.9 metres @ 1.11 g/t AuEq (OLCC-3) and
    • 216.7 metres @ 1.08 g/t AuEq (OLCC-4) (see press release dated May 9, 2022)
  • The phase II drill program, which is now underway, will step out up to 500 metres along strike to the southwest from drill hole OLCC-3 into an area where most of the historical and current ancestral mines are located. It is within this southwest area that the Company has reported multiple high-grade chip channel samples taken from underground working faces with grades as high as 485 g/t gold and 2,359 g/t silver (see press releases dated December 1, 2021, and July 19, 2022). Additionally, systematic channel sampling from a crosscut developed within an ancestral mine orthogonal to the strike of the main mineralized system yielded the following assay result:
    • 182.45 metres @ 1.15 g/t gold equivalent (true horizontal width) (see press release dated July 19, 2022)
  • The phase II underground drill program is expected to ramp up in scale for the balance of the year as new drill chambers are constructed and additional rigs are added.
  • Even though the target is at an early stage of exploration, the Company believes that the decision to construct chambers and drill from underground for its phase II program is an innovative approach to work with the ancestral miners operating at the Olympus target for the following reasons:
    • Working underground with the ancestral miners will increase cooperation amongst the stakeholders resulting in ever increasing trust and transparency.
    • The Company will promote the best health and safety practices and mine-planning and in return the Company gains an understanding of the challenges the ancestral miners face and underground access to new working faces and veins as they are discovered.
    • Drilling from underground will eliminate the challenges associated with lack of drilling angles from surface due to the steep topography resulting in an accelerated timeline to evaluate and advance the Olympus target.
  • Mineralization at Olympus is characterized by high-grade, late-stage carbonate base metal (“CBM”) sheeted veins impregnating either porphyry diorite host rock or schist host rock, with the former offering potential to produce a bulk tonnage mineralized systems and the latter offering potential to produce high-grade vein systems.

    “We are excited to have initiated the phase II drill program at Olympus as we are now targeting what the Company interprets to be the heart of the mineralized system,” commented Ari Sussman, Executive Chairman. “Olympus offers potential for both bulk tonnage and high-grade vein mineralization and we are looking forward to reporting assay results from the new program in due course.”

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

https://www.globenewswire.com/NewsRoom/AttachmentNg/6f9d5006-c691-4716-8b79-c825b54a903a

Figure 2: Plan View of the Olympus Target Outlining the Phase II Drilling Location (red circle) and Highlighting Previously Announced Drilling and Channel Sampling Assay Results

https://www.globenewswire.com/NewsRoom/AttachmentNg/a954ee6d-b120-4f2d-ba72-dc78d30a1fa8

Figure 3: Photo of the Underground Drill Chamber and Rig

https://www.globenewswire.com/NewsRoom/AttachmentNg/5d5f0535-e925-473c-bc0f-37a8f769b0ac

About Collective Mining Ltd.

Twitter: @CollectiveMini1
Instagram: CollectiveMining
LinkedIn: Collective Mining
Facebook: Collective Mining Colombia

To see our latest corporate presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program at both the Guayabales and San Antonio projects, a total of eleven major targets have been identified. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

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.
Steve 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.