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Collective Mining Expands Apollo by up to 150 Metres to the Northwest by Drilling 513.70 Metres at 2.20 g/t AuEq and 825.70 Metres at 1.11 g/t AuEq

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Collective Mining Expands Apollo by up to 150 Metres to the Northwest by Drilling 513.70 Metres at 2.20 g/t AuEq and 825.70 Metres at 1.11 g/t AuEq

 

 

 

 

 

Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FSE: GG1) is pleased to announce assay results for three drill holes into the Apollo Porphyry System at the Guayabales Project in Caldas, Colombia. The Company presently has five drill rigs operating at the project as part of its fully funded 40,000 metres drill program for 2024.  Presently, drill rigs are operating at the Apollo, Box, Olympus and Trap targets. Drill cores from multiple holes are currently being assayed at ALS Laboratory in Lima, Peru with further results expected in short order.

 

Ari Sussman, Executive Chairman commented: “Our 2024 exploration program continues to yield positive surprises with Apollo now materially expanding and widening to the northwest. Drilling over the balance of the year at Apollo will remain aggressive as we continue to push the limits of the system while simultaneously targeting high-grade sub-zones within the known mineralization envelope.  Elsewhere on the Guayabales Project, we have completed the first two shallow drill holes at the Box target with core logging indicating there is a very large hydrothermal fluid system in place with deeper drilling required from the next set of holes (now underway). At the Trap target, we have refined the geological model and now interpret that mineralization is related to a wide deformation zone on the west side of a northwest trending fault.  The current hole underway (TRC-11) was planned on this basis and visually has cut significant mineralization over 175 metres in length and counting (still drilling). Lastly, at the Olympus target, steeply dipping veins have been intersected at a shallow elevation and if assays are favourable, would connect Apollo with Olympus in the northeast corner of Apollo. We remain committed to our goal of outlining a series of closely spaced porphyry and porphyry related systems capable of producing at more than 400,000 gold equivalent ounces on an annual basis.”

 

Please click here to watch a video of David Reading, Special Advisor to the Company and a QP under NI 43-101 providing a detailed overview of drill hole APC-95.

 

Highlights (see Tables 1-2 and Figures 1-4)

  • Drill hole APC-95 was drilled northerly from Pad 14 and encountered outstanding continuous mineralization while expanding the Apollo System locally to the north by 50 metres. On a gram X metre basis, APC-95 is the sixth highest-grade intercept at Apollo yielding 1,128 g/t AuEq. Additionally, APC-95 is the eleventh gram X metre intercept at more than 1,000 g/t AuEq drilled to date at Apollo (see Table 2). Assay results for APC-95 are as follow:
    • 513.70 metres @ 2.20 g/t gold equivalent from 207.20 metres including:
      • 116.95 metres @ 4.88 g/t gold equivalent from 295.40 metres
  • Drill hole APC-97, which was drilled to the northwest from Pad 14, cut the second longest intercept drilled to date at Apollo (825.70 metres) while materially expanding the dimensions of the Apollo system to the northwest by 150 metres and encountering high-grade near the bottom of the hole. Apollo remains completely open in this direction for further growth with future step-out holes planned in this regard. Assay results for APC-97 are as follows:
    • 825.70 metres @ 1.11 g/t gold equivalent from 192.00 metres including:
      • 105.25 metres @ 2.02 g/t gold equivalent from 205.30 metres, and;
      • 74.90 metres @ 2.06 g/t gold equivalent from 479.10 metres, and;
      • 54.55 metres @ 1.97 g/t gold equivalent from 825.05 metres, and;
      • 18.05 metres @ 2.46 g/t gold equivalent from 909.30 metres
  • Partial results for the shallow portion of drill hole APC-93 were previously released where the Company drilled a long and continuous high-grade intercept through Apollo (see press release dated March 12, 2024). Final results for hole APC-93 are now in hand with the Company intersecting Olympus Deep mineralization approximately 125 meters east of discovery hole APC88-D1 (202.35 metres @ 2.16 g/t AuEq; see press release dated January 30, 2024) with results as follows:
    • 560.05 metres @ 1.83 g/t gold equivalent from 127.25 metres (Apollo; previously released)
    • 34.90 metres @ 1.10 g/t gold equivalent from 788.10 metres (Olympus)
    • 42.00 metres @ 0.79 g/t gold equivalent from 898.00 metres (Olympus)
    • 66.50 metres @ 1.18 g/t gold equivalent from 1,036.75 metres (Olympus) including:
      • 16.75 metres @ 2.48 g/t gold equivalent from 1,049.15 metres.

 

Table 1: Assays Results for Drill Holes APC-93, APC-95 and APC-97

 

Hole # From
(m)
To
(m)
Length
(m)
Au
g/t
Ag
g/t
Cu
%
Mo
ppm
WO3
ppm
AuEq
g/t*
APC-93 127.25 687.30 560.05 1.18 34 0.13 4 52 1.83**
and 788.10 823.00 34.90 0.98 8 0.03 16 7 1.10
and 898.00 940.00 42.00 0.72 4 0.02 25 7 0.79
and 1,036.75 1,103.25 66.50 1.12 5 0.02 19 6 1.18
incl 1,049.15 1,065.90 16.75 2.40 9 0.02 22 6 2.48
APC-95 5.75 23.75 18.00 0.96 17 0.03 3 14 1.18
and 92.65 103.65 11.00 1.01 5 0.03 5 5 1.09
and 207.20 720.90 513.70 1.50 42 0.18 3 8 2.20
incl 295.40 412.35 116.95 3.73 76 0.26 2 10 4.88
APC-97 192.00 1,017.70 825.70 0.83 15 0.09 4 8 1.11
incl 205.30 310.55 105.25 0.78 52 0.48 9 18 2.02
& incl 479.10 554.00 74.90 1.81 19 0.05 5 7 2.06
& incl 825.05 879.60 54.55 1.91 7 0.02 1 8 1.97
& incl 909.30 927.35 18.05 2.37 11 0.03 2 7 2.46
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.014 x 0.88) + (Cu (%) x 1.47 x 0.90) + (Mo (%) x 7.41 x 0.85) + (WO3 (%) x 5.47 x 0.72) utilizing metal prices of Cu – US$3.95/lb, Ag – US$25/oz, Mo – US$20/lb , WO3 – US$32,500/t and Au – US$1,850/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 72% for WO3 and 90% for Cu. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, and April 11, 2024. Recovery molybdenum is  speculative as limited metallurgical work has been completed to date on this metal. True widths are unknown, and grades are uncut.
**Previously announced on March 12, 2024.

 

The robustness of the Guayabales Project is exemplified by drill results at the Apollo system which show extraordinarily consistent and continuous high-grade mineralization beginning at surface and continuing to depths of more than 1,000 metres. All of the intercepts drilled to date which average at least 1,000 g/t AuEq on a gram x metre basis are summarized in the following table.

 

Table 2: Apollo Drill Holes at More Than 1,000 g/t Gold Equivalent on a Gram X Metre Basis

 

Ranking Hole ID From
(m)
To (m) Length
(m)
Grade

 (g/t AuEq)*

Gram x
Metres
Press Release Date
1 APC-72 2.00 521.10 519.10 2.74 1,424.29 October 30, 2023
2 APC-55 0.00 792.25 792.25 1.71 1,352.93 June 27, 2023
3 APC-64 33.40 484.80 451.40 2.67 1,205.24 September 7, 2023
4 APC-35 7.00 366.15 359.15 3.32 1,192.38 March 15, 2023
5 APC-60 41.60 599.45 557.85 2.10 1,171.49 August 15, 2023
6 APC-95 207.20 720.90 513.70 2.20 1,128.17 New (May 27, 2024)
7 APC88-D2 68.10 617.00 548.90 1.91 1,049.54 January 30, 2024
8 APC-93 127.25 687.30 560.05 1.83 1,026.08 March 12, 2024
9 APC-53 232.95 562.70 329.75 3.10 1,022.23 June 13, 2023
10 APC-65 0.00 503.25 503.25 2.00 1,006.52 September 26, 2023
11 APC-63 0.00 593.65 593.65 1.69 1,003.27 September 7, 2023
*See individual press releases on aforementioned dates for AuEq calculations.

 

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, prove that the recent discoveries at the Olympus and Trap targets evolve into large scale systems and make a new discovery at either the Box, Tower or X 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.

 

Qualified Person and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 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).

 

 


Figure 1: Plan View of the Apollo and Olympus Targets With an Overlay of Drill Holes Announced in This Release (CNW Group/Collective Mining Ltd.)

 

 

 


Figure 2: Drill Core Tray Photo Highlighting APC-95 (CNW Group/Collective Mining Ltd.)

 

 

 


Figure 3: Drill Core Tray Photo Highlighting APC-97 (CNW Group/Collective Mining Ltd.)

 

 

 


Figure 4: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)

 

 

 

 

Posted May 28, 2024

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