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Collective Mining Expands Apollo to the Southwest with its Deepest Intercept to Date Intersecting 527 Metres at 1.00 g/t Gold Equivalent up to 1,070 Metres Below Surface

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Collective Mining Expands Apollo to the Southwest with its Deepest Intercept to Date Intersecting 527 Metres at 1.00 g/t Gold Equivalent up to 1,070 Metres Below Surface






Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) is pleased to announce assay results for six new drill holes into the Apollo Porphyry System at the Guayabales Project in Caldas, Colombia. The Company reports intersecting the deepest and most westerly mineralization in brecciated porphyry ever encountered at Apollo with hole APC70-D5 cutting 527.40 metres @ 1.00 g/t gold equivalent at up to 1,070 metres below surface, including 107.00 metres @ 2.09 g/t gold equivalent.


The Company is set to embark on its largest drill program to date with a minimum of 40,000 metres planned for 2024. Four rigs are expected to be back in full operation in the near term and will continue operating throughout the calendar year.


Details (see Table 1 and Figures 1-4)

  • As a result of directional drill hole APC70-D5, the Apollo Porphyry System has been expanded to the southwest and at depth with maximum known dimensions now measuring 520 metres in strike x 395 metres in width x 1,070 metres vertical (previously 935 metres) with assay results as follows:
    • 527.40 metres @ 1.00 g/t gold equivalent from 505.0 vertical metres below surface including:
      • 107.00 metres @ 2.09 g/t gold equivalent.
    • The system remains open to the north, west and at depth with 2024 expansion drilling at Apollo anticipated to ensue in the coming days.
  • Short drill holes have intercepted high-grade CBM vein style mineralization above and outside the brecciated porphyry in the shallow eastern flank of Apollo including:
    • 31.30 metres @ 4.07 g/t gold equivalent from 35.0 metres below surface in APC-86.
  • Directional drillhole APC90-D1 was designed to explore an untested area further west located above and outside the Apollo brecciated porphyry system and returned numerous narrow intervals of mineralization including:
    • 10.65 metres @ 3.23 g/t gold equivalent from 930.0 metres below surface
    • 10.70 metres @ 1.17 g/t gold equivalent from 1,005.0 metres below surface.


Ari Sussman, Executive Chairman commented: “Our Guayabales project continues to stand tall with its numerous discoveries, anchored by the Apollo system. Today’s results clearly demonstrate that Apollo continues to display remarkable continuity over intercepts measuring hundreds of metres in length to a vertical dimension now extending to 1,070 metres below surface and open for further expansion. Looking forward, we are excited to receive assay results for hole APC88-D1, which was drilled to the north of Apollo below the Olympus target and from two exploratory holes targeting the Trap target (TRC-2 and TRC-3). Our 2024 drill program is going to be the Company’s most ambitious and aggressive to date with drilling set to resume in the coming days.”


Table 1: Assay Results for APC70-D5, APC70-D6, APC-86, APC-89, APC-90D, and APC90-D1


Hole # From


APC70-D5 17.10 116.30 99.20 0.51 7 0.02 0.62
Incl 84.30 115.65 31.35 1.24 10 0.01 1.37
and 223.60 751.00 527.40 0.86 7 0.03 0.001 1.00
Incl 239.40 268.90 29.50 1.19 12 0.04 1.46
and incl 278.75 308.00 29.25 1.23 14 0.03 1.45
and incl 404.00 437.60 33.60 1.12 15 0.06 1.41
and incl 603.60 710.60 107.00 2.02 6 0.02 0.001 2.09
APC70-D6 75.15 217.00 141.85 0.78 12 0.04 0.001 1.00
Incl 75.80 107.55 31.75 1.20 13 0.03 1.40
and incl 123.10 165.35 42.25 1.24 18 0.04 0.001 1.54
From 217.00m hole abandoned before reaching target depth
APC-86 53.00 143.30 90.30 1.65 10 0.03 0.001 1.81
Incl 53.70 65.90 12.20 1.57 13 0.02 1.75
and incl 73.60 104.90 31.30 3.86 18 0.03 0.001 4.07
APC-89 5.80 115.40 109.60 0.79 9 0.02 0.93
incl 77.70 105.00 27.30 1.84 11 0.02 1.98
and 146.40 153.00 6.60 0.92 12 0.01 1.09

(Mother hole)

86.10 118.30 32.20 0.77 49 0.02 0.001 1.50
and 239.35 342.70 103.35 0.23 4 0.01 0.32
APC90-D1 242.25 296.00 53.75 0.58 9 0.03 0.002 0.75
and 399.35 410.85 11.50 0.91 5 0.02 0.98
and 460.65 471.30 10.65 3.09 13 0.03 0.001 3.23
and 542.65 553.35 10.70 1.11 4 0.01 0.001 1.17
and 582.25 592.35 10.10 0.79 2 0.01 0.001 0.83
*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.

About Collective Mining Ltd.


To see our latest corporate presentation and related information, please visit


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 continue to expand the overall dimensions of the system, which remains open in most directions and test earlier stage and 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 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.


Figure 1: Plan View of Drill Holes Announced in this Release and Visual Results for APC88-D1 (CNW Group/Collective Mining Ltd.)




Figure 2: Long Section of the 4.5 Kilometre Long Porphyry Corridor at the Guayabales Project Highlighting APC70-D5 and Visual Results for Holes Drilled at the Olympus and Trap Targets (CNW Group/Collective Mining Ltd.)




Figure 3: Core Photo Highlights of APC70-D5 (CNW Group/Collective Mining Ltd.)




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


Posted January 9, 2024

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