
Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) is pleased to announce initial assay results for its shallow drilling program at the Apollo system. Assay results for the first eight drill holes designed to test for high-grade gold, silver, copper and tungsten mineralization starting from surface are summarized in this release. Apollo is the most advanced discovery made to date within the Company’s multi-target, Guayabales Project in Caldas, Colombia.
Highlights:
Figure 1: Plan View of the Apollo System Highlighting Drill Holes in this Release (CNW Group/Collective Mining Ltd.)
Figure 2: West to East Section Outlining the High-Grade Tungsten, Copper and Gold in Shallow Drilling at Apollo (CNW Group/Collective Mining Ltd.)
Figure 3: Drill Core Tray Photo Highlighting Excellent Grade Continuity in Hole APC-110 (CNW Group/Collective Mining Ltd.)
Figure 4: Split Core Photos of High-Grade Gold, Silver, Tungsten and Copper Mineralization Encountered in Assay Results Announced (CNW Group/Collective Mining Ltd.)
Figure 5: Apollo Metal Zonation Over 1,200 Metres with All Zones Remaining Open in Places for Lateral Expansion and The Ramp Zone at Depth being Open in All Directions Laterally and Vertically (CNW Group/Collective Mining Ltd.)
Figure 6: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW Group/Collective Mining Ltd.)
The Company currently has nine drill rigs operating as part of its fully funded 70,000-metre drill program for 2025 with seven rigs operating at the Guayabales Project and two rigs turning at the San Antonio Project. Two additional deep capacity rigs are being mobilized to the Guayabales Project to continue testing, at depth, the high-grade Ramp Zone located at the bottom of the Apollo system in early Q3, 2025.
The 2025 objectives for the portion of the drilling program targeting the Apollo system are:
Approximately 123,000 metres of diamond drilling has been completed to date at the Guayabales Project, including 85,000 metres at Apollo. There are currently twenty-three drill holes in the lab with pending assay results for most of these holes expected in the near term.
Ari Sussman, Executive Chairman commented: “The occurrence of continuous high-grade tungsten alongside copper, gold and silver mineralization, beginning from surface and in the top portion of the Apollo system is a real bonus as this material will be extracted in the earlier years of a future mine and will contribute in placing Colombia on the map as an important critical mineral supplier in the Americas.
The next few months at the Guayabales project are going to be exciting with new larger capacity rigs scheduled to arrive and begin aggressively expanding the high-grade Ramp Zone at depth in Apollo. Additionally, we recently completed our first new hole at the early-stage ME target and will soon start drilling two new grassroot targets named the Knife and X. Drilling with two rigs has also begun at the San Antonio project, where we look to vector towards a potential high-grade copper-gold porphyry core to the recently announced discovery.”
Details (see Table 1-2 and Figures 1-6)
Table 1: Assays Results for Drill Holes APC-110, APC-111, APC-113 and APC-115 Drilled into the Shallow and High-Grade Tungsten Rich Zone
Hole # | From (m) |
To (m) |
Length (m) |
WO3 % |
Au g/t |
Ag g/t |
Cu % |
WO3Eq (%)* |
AuEq g/t** |
APC-110 | 22.60 | 37.90 | 15.30 | – | 0.95 | 14 | 0.05 | – | 1.18 |
and | 56.15 | 147.15 | 91.00 | 0.32 | 0.85 | 48 | 0.39 | 0.66 | 3.04 |
APC-111 | 14.25 | 131.60 | 117.35 | 0.09 | 1.18 | 26 | 0.22 | 0.45 | 2.07 |
Incl. | 66.05 | 94.20 | 28.15 | 0.33 | 3.49 | 19 | 0.12 | 1.06 | 4.89 |
APC-113 | 6.00 | 105.00 | 99.00 | 0.14 | 0.28 | 27 | 0.26 | 0.31 | 1.43 |
Incl. | 6.00 | 24.40 | 18.40 | 0.46 | 0.40 | 30 | 0.16 | 0.55 | 2.51 |
APC-115 | 1.30 | 125.30 | 124.00 | 0.16 | 0.55 | 86 | 0.63 | 0.66 | 3.03 |
*WO3Eq% is calculated as follows: (WO3 (%) x 0.72) + (Au (g/t) x 0.22 x 0.97) + (Ag (g/t) x 0.003 x 0.85) + (Cu (%) x 0.31 x 0.95) utilizing metal prices of WO3 – US$14.75/lb, Au – US$2,200/oz, Ag – US$33/oz and Cu – US$4.62/lb and recovery rates of 72% for WO3, 97% for Au, 85% for Ag and 95% for Cu.
**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) + (WO3 (%) x 4.60 x 0.72) utilizing metal prices of Au – US$2,200/oz, Ag – US$33/oz, Cu – US$4.62/lb and WO3 – US$14.75/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 72% for WO3.
Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. True widths are unknown and grades are uncut.
Table 2: Assays Results for Drill Holes APC-108, APC-109, APC-112 and APC-114 Drilled into the Shallow High-Grade Mineralization
Hole # | From (m) |
To (m) |
Length (m) |
Au g/t |
Ag g/t |
Cu % |
WO3 % |
AuEq g/t** |
APC-108 | 65.75 | 113.75 | 48.00 | 0.73 | 8 | 0.04 | 0.00 | 0.86 |
Incl. | 96.80 | 113.75 | 16.95 | 1.37 | 8 | 0.04 | 0.00 | 1.49 |
APC-109 | 44.30 | 105.95 | 61.65 | 2.08 | 14 | 0.07 | 0.04 | 2.43 |
Incl. | 80.70 | 105.95 | 25.25 | 3.23 | 22 | 0.12 | 0.10 | 3.91 |
APC-112 | No Significant Values – Drilled Outside of the System | |||||||
APC-114 | 25.90 | 159.00 | 133.10 | 1.54 | 27 | 0.54 | 0.03 | 2.68 |
Incl. | 71.80 | 132.15 | 60.35 | 2.46 | 29 | 0.54 | 0.01 | 3.54 |
**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) + (WO3 (%) x 4.60 x 0.72) utilizing metal prices of Au – US$2,200/oz, Ag – US$33/oz, Cu – US$4.62/lb and WO3 – US$14.75/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 72% for WO3. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. 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 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 system. The Company’s objectives are to improve the overall grade of the Apollo system by systematically drill testing newly modeled potentially high-grade sub-zones, expand the Apollo system by stepping out along strike to the north and expanding the newly discovered high-grade Ramp Zone along strike and to depth, and drill a series of less advanced or newly generated targets including Trap, the Knife and X.
Management, insiders, a strategic investor and close family and friends own 44.5% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on both the NYSE American and TSX under the trading symbol “CNL”.
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