Highlights (see Table 1 and Figures 1-5)
- Directional Drill hole APC88-D1, which was drilled from Pad 14 located outside and to the south-east of the Apollo system cut two significant intercepts over its 958.35 metres length before being abandoned due to a complicated fault while still in mineralization. The initial down hole intercept crossed through and locally expanded the Apollo system by cutting a long interval of high-grade gold-silver-copper mineralization as follows:
- 497.35 metres @ 1.80 g/t gold equivalent from 85.30 metres depth including:
- 200.80 metres @ 3.19 g/t gold equivalent from 85.30 metres downhole
- 497.35 metres @ 1.80 g/t gold equivalent from 85.30 metres depth including:
- After exiting Apollo and passing through a poorly mineralized zone, drill hole APC88-D1 entered a new gold rich brecciated porphyry intrusion at depth below the Olympus target area (north of Apollo) for the final 202.35 metres of the hole before being lost while still in mineralization due to a fault with assay results as follows:
- 202.35 metres @ 2.16 g/t gold equivalent from 756.00 metres down hole including:
- 15.60 metres @ 20.34 g/t gold equivalent from 809.00 metres downhole.
- 202.35 metres @ 2.16 g/t gold equivalent from 756.00 metres down hole including:
- As a result of the Olympus Deeps discovery, the Olympus target area has grown significantly and now measures approximately 600 metres to the east-west by 400 metres to the north-south by more than 1,000 metres vertical and remains open in all directions for expansion.
- With the discovery of a gold rich porphyry intrusion at depth, the Olympus target is now analogous to the multi-million-ounce Marmato mine located 2.5 kilometres to the southeast as both are characterized by a shallow sheeted CBM vein system with a gold rich porphyry intrusion at depth. As a reminder, shallow drilling by the Company at the Olympus target in early 2022 intersected bulk tonnage precious metal rich sheeted veins with intercepts including:
- 301.90 metres @ 1.11 g/t gold equivalent (OLCC-3 announced
March 15, 2022 ) - 216.70 metres @ 1.08 g/t gold equivalent (OLCC-4 announced
May 9, 2022 )
- 301.90 metres @ 1.11 g/t gold equivalent (OLCC-3 announced
- Drill hole APC88-D2, which was drilled from Pad 14 to the northeast through Apollo, cut a significant zone of high-grade gold-silver-copper mineralization. Importantly, this hole extended the brecciated porphyry body to the northeast with assay results as follows:
- 548.90 metres @ 1.91 g/t gold equivalent from 68.10 metres downhole including:
- 133.90 metres @ 4.87 g/t gold equivalent from 154.70 metres downhole and;
- 18.20 metres @ 1.23 g/t gold equivalent from 737.00 metres downhole.
- 548.90 metres @ 1.91 g/t gold equivalent from 68.10 metres downhole including:
Table 1: Assay Results for APC-88, APC88-D1, APC88-D2 and APC-91
Hole # | From | To | Length | Au | Ag | Cu | Mo | WO3 | AuEq |
APC-88D | 70.10 | 90.10 | 20.00 | 0.89 | 4 | 0.01 | 2 | 4 | 0.94 |
APC88-D1 | 85.30 | 582.65 | 497.35 | 1.17 | 34 | 0.12 | 2 | 27 | 1.80 |
incl | 85.30 | 286.10 | 200.80 | 2.04 | 61 | 0.22 | 3 | 57 | 3.19 |
and | 756.00 | 958.35 | 202.35 | 2.11 | 4 | 0.02 | 36 | 5 | 2.16 |
incl | 809.00 | 824.60 | 15.60 | 20.75 | 11 | 0.02 | 47 | 5 | 20.34 |
APC88-D2 | 68.10 | 617.00 | 548.90 | 1.33 | 31 | 0.12 | 3 | 35 | 1.91 |
incl | 154.70 | 288.60 | 133.90 | 3.00 | 99 | 0.36 | 3 | 95 | 4.87 |
and Incl | 356.50 | 407.80 | 51.30 | 3.36 | 14 | 0.03 | 2 | 9 | 3.51 |
and Incl | 541.00 | 556.10 | 15.10 | 1.74 | 18 | 0.06 | 2 | 6 | 2.03 |
and | 737.00 | 755.20 | 18.20 | 1.13 | 6 | 0.02 | 21 | 7 | 1.23 |
APC-91 | 282.30 | 298.90 | 16.60 | 2.80 | 22 | 0.02 | 23 | 6 | 3.06 |
Incl | 289.60 | 294.65 | 5.05 | 8.13 | 36 | 0.01 | 28 | 7 | 8.43 |
and | 448.00 | 449.35 | 1.35 | 4.15 | - | 0.01 | 1 | 1 | 4.04 |
and | 455.70 | 457.00 | 1.30 | 3.22 | 1 | - | - | 4 | 3.14 |
AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.69 x 0.90)+ (Mo (%) x 8.57 x 0.85) + (WO3 (%)*6.32 x 0.72) utilizing metal prices of Cu – |
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
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 near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test 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 (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.
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in
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