Collective Mining Reports High Gold Recovery Rates at The Apollo System In Its Guayabales Project

Collective Mining Ltd. (NYSE: CNL, TSX: CNL) has announced new metallurgical test results from its Apollo system at the Guayabales Project in Caldas, Colombia. The cyanidation tests, conducted on samples from both shallow and deeper parts of the Apollo deposit, have produced an average gold recovery rate of 94.3%. The tests confirm earlier gold recovery data released in 2023 and show improvements in metal recoveries from the copper-poor mineralization.

The company’s ongoing test work also included optimization efforts on flotation concentrate, which demonstrated increased recovery rates for both gold and silver compared to previous test results.

Key Findings

Seven samples from the Apollo system, each representing copper-poor sulfide material, were tested through cyanidation at SGS Lima in Peru. These samples yielded an average gold recovery of 94.3% and silver recovery of 63.7%, across grades that averaged 1.0 grams per ton (g/t) for gold and 11.7 g/t for silver. These tests corroborated earlier findings and confirmed that gold dissolution is achievable across a broad grade range.

Additional testing on copper-rich mineralization showed overall recoveries of 89.4% for gold and 85.2% for silver, with copper recovery remaining high at 94.4%. These figures represent a 5% improvement in gold recovery and a 3% improvement in silver recovery compared to prior tests conducted in April 2024.

Processing and Exploration Activities

Collective Mining envisions processing the Apollo material using a conventional split circuit, with copper-rich material processed through flotation and copper-poor material treated via cyanidation. The company is also considering incorporating a gravity circuit to recover tungsten, which is present in high-grade concentrations at Apollo.

Currently, the company is operating five diamond drill rigs as part of its 40,000-meter 2024 drilling program. Two rigs are actively drilling at Apollo, while others are deployed at the Trap system and Plutus target.

Outlook

The latest metallurgical results will assist in optimizing the design and conditions for cyanidation and flotation processes at Apollo, enhancing Collective Mining’s understanding of the potential for high recoveries of gold, silver, copper, and tungsten. This ongoing exploration and test work support the company’s plans for expanding its mining operations in Caldas.

For further details on the company’s exploration progress and technical information, visit Collective Mining’s website.