Collective Mining Continues To Make New Discoveries, Progress At Its Apollo Site

Over the past few weeks, Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) announced that it has discovered several new high-grade veins and main breccia systems at its Apollo site. The main breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target.

This recent discovery concerns assay results from four additional drill holes APC-11 through APC-14, which is completed, at the Apollo target within the company’s Guayabales project located in Caldas, Colombia. APC-12 intersected the highest-grade assay results drilled to date in the main breccia discovery at the Apollo target. The hole intercepted a continuous, broad, and consistently high-grade zone of copper-silver-gold mineralization with multiple, overprinting carbonate base metal veins observed within the breccia matrix and returned 237.70 meters @ 2.88 g/t AuEq (gold equivalent) (170 meters vertical).

Figure 1: Plan View of the main breccia Discovery at Apollo Highlighting the Significant Extensions to the Zone Based on Drill Holes APC-17 and APC-22

Eleven diamond drill holes with accompanying assay results have now been announced at Apollo and based on results, the main breccia at Apollo continues to grow and now measures up to 385 meters along strike by 190 meters in width by 500 meters vertical.

“Drill-hole APC-14 is a very important hole as it not only confirmed that the main breccia comes directly to the surface in the southern portion of the system but also extended the size (width) of the system to the south and to the north. Subsequent step-out drill holes either recently completed or currently underway appear to have intersected significant extensions to the size of the system in the north. Once logging has been completed and interpreted by our team, a further update will be provided in the near term on this exciting development,” commented Ari Sussman, Executive Chairman.

Figure 2: Plan View with Traces of Drill Holes Completed to Date in the main breccia Discovery at Apollo with Assay Results for Holes APC-12 to APC-14 in Red

Assay results and related details are listed below:

• APC-12: 237.70 meters @ 2.88 g/t AuEq from 191.35 meters downhole (170 meters vertical) including: 14.3 meters @ 5.58 g/t AuEq from 209.70 meters downhole and 21.75 meters @ 8.27 g/t AuEq from 339.55 meters downhole.
• APC-14: 47.45 meters @ 1.36 g/t AuEq from 84.25 meters downhole (45 meters vertical) and 194.30 meters @ 2.00 g/t AuEq from 197.0 meters downhole (130 meters vertical).
• APC-11 was drilled specifically to target a zone of high grade CBM veins and intersected multiple sheeted northwest trending veins and returned a grade range of 11.9 g/t AuEq to 3.48 g/t AuEq over widths ranging from 0.55 meters to 1.35 meters.
• APC-13 was sited to intersect the main breccia body at depth but was terminated early due to mechanical issues with the rig. Prior to termination, the hole did intercept multiple CBM veins at shallow elevations including: 3.9 meters @ 10.25 g/t gold equivalent from 128.95 meters down hole; and 2.0 meters @ 16.99 g/t gold equivalent from 141.20 meters down hole.

Figure 3: Zoomed in Plan View of the main breccia Discovery at Apollo Highlighting the Increase in the Width of the System in the South and North Due to Hole APC-14

Earlier, in September, Collective Mining had announced assay results from additional holes:

• APC-4, which is the first hole drilled to test a grassroot-generated vein target located shallower and above the main breccia discovery at Apollo cut a near-surface zone of sheeted veins and returned: 17.5 meters @ 12.79 g/t gold and 21 g/t silver (65 meters vertical), including 0.65 meters @ 331.47 g/t Au and 53 g/t Ag.
• APC-7 and predecessor scout hole OLCS-3 were drilled to test a grassroot-generated breccia target located 250 meters to the north of the main breccia discovery at Apollo and intersected multiple zones of mineralization between 45 meters and 320 meters below the surface, including 41.8 meters @ 1.07 g/t gold equivalent; and 38.4 meters @ 1.51 g/t gold equivalent.
• APC-6, which intersected the main breccia zone with some interfingering, mineralized rock flour breccia towards the northern end of the hole resulting in a broad interval as follows: 326.05 meters @ 1.07 g/t gold equivalent from 364.60 meters (295 meters vertical) including:
  • 151.5 meters @ 1.20 g/t AuEq from 480.15 meters down hole, and
  • 10.55 meters @ 4.64 g/t AuEq from 680.10 meters down hole.
• APC-6 is the deepest diamond hole drilled to date and this long intercept consisted primarily of favorable angular breccia with interfingering of rock flour breccia, which is less porous and therefore lower grade. APC-6 was collared from Pad 3 and terminated at a final depth of 759 meters.
  APC-8, which also intersected a broad, high-grade zone of breccia mineralization with multiple, overprinting carbonate base metal veins and returned: 265.75 meters @ 2.44 g/t gold equivalent from 202.00 meters (157 meters vertical) including:
  • 13.20 meters @ 4.29 g/t AuEq from 202.0 meters down hole,
  • 18.45 meters @ 4.55 g/t AuEq from 239.05 meters down hole,
  • 28.45 meters @ 4.18 g/t AuEq from 279.40 meters down hole, and
  • 15.50 meters @ 5.21 g/t AuEq from 342.6 meters down hole.

Figure 4: Plan View of the Guayabales Project Highlighting the Apollo Target

APC-8 intercepted continuous mineralized angular breccia with a sulfide matrix consisting of pyrite, chalcopyrite and pyrrhotite which has been overprinted by carbonate-base metal porphyry veins (“CBM”) hosting sphalerite in various locations and particularly in the upper portion of the intercept.

Besides, some geological mapping of rocks exposed by pad 3 drill access tracks confirmed on September 22 that the main breccia discovery at the Apollo Target daylights at the surface north and east of the drill pad. The recently completed drill hole, APC-14 intersected the main breccia approximately 50 meters below the newly discovered northern outcrop. This hole intercepted mineralized breccia from approximately 84 meters down hole (50 meters vertical) down to 132 meters with a second zone commencing at 197 meters and finishing at approximately 391 meters down hole. Assay results for drill holes APC-11 through APC-14 are anticipated in the near term.

Visual observation of the shallow portion of drill hole APC-14, indicates a marked increase in chalcopyrite leading to the possibility that copper grades will be higher than seen elsewhere in the main breccia discovery.  Additionally, the company’s conviction that the porphyry source for the main breccia discovery lies due south has now been increased. As a result, exploratory drill holes are currently being finalized to test the southern porphyry target.

The discovery of the northern outcrop of the main breccia coupled with visual observations in drill hole APC-14 has extended the strike length of the system to the southwest by 35 meters.

Figure 5: Plan View with Traces of Drill Holes Completed to Date in the main breccia Discovery at Apollo with Current Holes, APC-6 & APC-8 in Red

According to Executive Chairman Ari Sussman, “confirmation that the main breccia discovery at Apollo extends to surface enhances future possibilities for the project. Additionally, the fact that we see a noticeable increase in chalcopyrite near the surface in the southern part of the main breccia discovery has our team excited that the porphyry source is nearby and is likely located beneath the robust, yet untested high-grade copper-in-soil anomaly located due south of drill pad 3.”

Furthermore, visual observations from two step-out diamond drill holes within the main breccia discovery have intersected the most cumulative mineralization in drill holes completed to date.

• Hole APC-17 was drilled approximately due north from Pad 3 to a maximum depth of 912.60 meters. The hole intersected more than 70 meters of mineralization beginning at 119 meters down hole (100m vertical) and another 545 meters of mineralization from 365 meters down hole (330m vertical) to the end of the hole (825m vertical). Total mineralization in this diamond drill hole exceeded 600 meters and is the most mineralization drilled in a single hole to date into the main breccia discovery at Apollo. The shallow intercept is hosted within angular porphyry-related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is located directly beneath recently discovered mineralization outcropping at the surface.
• Hole APC-22, which was drilled to the northeast from Pad 3, cut more than 400 meters in a total of favorable mineralization before terminating at 734 meters while still in mineralization. Mineralization is hosted within angular porphyry breccia with a matrix of chalcopyrite (1-2%) and pyrrhotite and overprinting zones of sheeted CBM veins.
  

  Figure 6: Images of Core from Hole APC-17

As a result of both new holes, the potential total volume of rock hosting the main breccia discovery within it has approximately tripled in size with the dimensions now measuring 385 meters along strike by 350 meters width by 825 meters depth versus prior dimensions of 385 meters x 190 meters x 500 meters. The discovery remains wide open for expansion and further step-out holes are currently being designed.

Ari Sussman stated that “These two new diamond drill holes are incredibly exciting as we have significantly expanded the size of the main breccia discovery at Apollo and while doing so, we have cut the longest intercepts of both total and continuous mineralization completed to date. Importantly, the system remains open to the north and northeast as both holes bottomed in mineralization. We look forward to continued aggressive drilling in order to see how much more this exceptional discovery can grow.”

Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.

Figure 7: Images of Core from Hole APC-22

Table 1: Assay Results

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.

** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.