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Collective Mining Ltd. (TSXV: CNL) ("Collective" or the "Company") is pleased to announce that the maiden drill hole to test the Apollo target ("Apollo") is underway as part of the Company's fully funded minimum 20,000 metre drill program for 2022 at the Guayabales project ("Guayabales"), located in Caldas, Colombia. The Company presently has four diamond drill rigs operating at Guayabales with drills currently operating at Apollo and Olympus Central where the Company is focused on expanding upon the recently announced Olympus Central discovery hole of 302 metres @ 1.11 gt gold equivalent (refer to press release dated March 15, 2022) . Apollo is located approximately 600 metres to the southeast of Olympus Central.
Highlights (See Figures 1 – 3)
A maiden diamond drill program at Apollo recently began with the initial 500-metre-long hole (APC-1) well underway. Beginning at 280 metres down hole, the Company has intersected a porphyry related, hydrothermal breccia with the matrix consisting of approximately 5% pyrite and 1.5% chalcopyrite (according to core logging) . The pyrite has potential to contain gold and chalcopyrite is sulphide mineral containing copper and iron. Additionally, a late overprint of carbonate base metal ("CBM") veins is present in places and as a result and based on previous similar intercepts, could introduce additional gold and silver into the system.
- Drill hole APC-1 is currently at 350 metres in length and continues to intersect strongly mineralized breccia (70 metres total thus far). Assay results for this hole are expected over the coming weeks.
- Surface mapping, soil and rock sampling at Apollo has outlined a target area measuring at least 750 metres x 580 metres open to the east, west and south .
- The main target at Apollo is a porphyry system with a porphyry related breccia system flanking the porphyry veining on its northern side. Both systems outcrop at surface.
- Soil sampling at Apollo has outlined two coincidental high-grade copper and molybdenum in soil anomalies measuring more than 500 parts per million ("ppm") copper and 30 ppm molybdenum and covering the target area.
- The current hole will only test the northern portion of this mineralized system with both soil anomalies remaining largely untested for future drilling.
- The Company plans to immediately begin constructing additional drill pads to the south of the current pad to better attack the target area from closer range.
- The reader should be cautioned that only assay results from a certified third-party laboratory can confirm whether any amounts of precious or base metals are present in the breccia matrix currently being intersected in the drill hole. As such, visual core inspection presented herein should be viewed as speculative in nature.
"Our shotgun approach for 2022 of testing multiple targets at the Guayabales project with reconnaissance drilling has provided us with spectacular returns," commented Ari Sussman, Executive Chairman. "The latest potential discovery at Apollo is currently at 70 metres in down hole length and remains in strongly mineralized breccia as the hole continues to advance. We now plan to accelerate exploration at Apollo and look forward to receiving assay results from this intercept in the coming weeks."
Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f625e6f-bc0c-44c6-bc35-d98bfdba8d3d
Figure 2: Plan View of the Apollo Target Area Outlining Porphyry and Breccia Targets Overprinted by High-Grade Coincidental Copper and Molybdenum Soil Anomalies
https://www.globenewswire.com/NewsRoom/AttachmentNg/2222b67f-65e0-4633-be14-40cf8d9ab28d
Figure 3: Core Photos from Drill Hole APC-1 Labeled with the Down Hole Depth Where Mineralization was Encountered
https://www.globenewswire.com/NewsRoom/AttachmentNg/2f5ae6db-2705-409a-bdfc-45f613ee80c8
Mineralized hydrothermal breccia with localized overprinting porphyry veins (CBM). The matrix of mineralization consists of chalcopyrite, pyrite, molybdenite, sphalerite and galena.
About Collective Mining Ltd.
Click HERE to view our latest corporate presentation, or find it at 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 a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective 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 twelve major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with near surface discovery holes at the Guayabales project yielding 302 metres 1.11 g/t AuEq at the Olympus target and 163 metres @ 1.3 g/t AuEq at the Donut target. At the San Antonio project, the Company intersected from surface 710 metres @ 0.53 AuEq. ( See press releases dated October 27 th , 2021, November 15, 2021 and March 15, 2022 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.
