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Collective Mining expands the Main Breccia Discovery at Apollo to drill 265.75 meters worth of 2.44 g/t gold. Canadian Business Journal

  • APC-8 intersects a broad high-grade zone of breccia mineralization and intersects with multiple overprinted carbonate-based metal veins, returned as:
    • 265.75 meters @ 2.44 g/t gold equivalent (157 meters vertical).
  • APC-6 also intersected several interfering and mineralized dust breccias and a major breccia zone towards the north end of the hole resulting in wide spacing as follows.
    • 326.05 meters @ 1.07 g/t gold equivalent (295 meters vertical).
  • As a result of the new drill holes reported today, the maximum dimensions of the primary breccia are 100 meters wide and 500 meters deep (previous dimensions were 300m x 100m x 400m), increasing to 350 meters along the strike, Remains open in all directions.
  • Drill holes for APC-12, APC-13 and APC-14 are now completed on Apollo and we have the following visual observations from logging.
    • APC-12 and APC-14 cut over 230 meters of potentially favorable mineralization at both holes and interrupted the main breccia belt. Unfortunately, APC-13 failed before reaching the main breccia zone, cutting a narrow zone of sheet veins at shallow elevations.

TORONTO, September 13, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or “Company”) is pleased to announce analytical results from two additional holes completed at the Apollo target (“Apollo”) within the Company’s Guayabales project in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia, and a previously discovered pit-containing intercept has been published. APC-2 crossed with 207.15 m @ 2.68 g/t AuEq When APC-3 crossed 180.60 meters at 2.43 g/t AuEq(See press releases dated August 10 and 29)th Respectively). There are currently three of his diamond drill rigs in operation at the Apollo target and an additional rig drilling from underground at the Olympus target as part of a 20,000+ meter drilling program that will be fully funded in 2022.

“Apollo continues to offer continuous, broad and consistent zones of well-mineralized breccia, and the overall grade is enhanced by veins of overprinted high-grade carbonate base metals. Importantly, this amazing copper-silver-gold discovery continues to grow significantly in tonnage as we continue aggressive step-out drilling in multiple directions. We remain proactive for the remainder of 2022 and look forward to receiving additional assay results in the near future,” said Executive Chairman Ari Sussman.

Details (see Table 1 and Figures 1-4)

Seven diamond drill holes with analytical results have now been announced at Apollo, and based on the results, the main Apollo breccia has been extended and now extends up to 350 meters along a 100-meter wide, 500-meter vertical strike. is the size of The target remains open in all directions and has the potential to evolve into a significant high-grade bulk-tonnage mineralization system.

Drill holes APC-6 and APC-8 were drilled from two separate drill pads (pads 3 and 2) in opposite directions to the northeast and southwest, respectively, to measure the depth and depth of the mineralized breccia previously intersected at hole APC. Designed to test strike continuity. -1, APC-1W, APC-2, APC-3, APC-5. The following results are highlighted.

  • APC-6:
    326.05 m @ 1.07 g/t AuEq from 364.60 m (295 m vertical):
    151.5 meters @ 1.20 g/t AuEq from 480.15 meters downhole and
    From 10.55 meters @ 4.64 g/t AuEq 680.10 meters downhole.

APC-6 is the deepest diamond hole drilled to date, and this long intercept is primarily composed of good breccia with interfering dusty breccias of low porosity and hence low grade. It consisted of APC-6 was colored from Pad 3 and finished with a final depth of 759 meters.

  • APC-8:
    265.75 meters @ 2.44 g/t AuEq to 202.00 meters (157 meters vertical) including:
    13.20 m @ 4.29 g/t AuEq from 202.0 m bottom hole,
    From 239.05 meters downhole at 18.45 meters @ 4.55 g/t AuEq,
    28.45 m @ 4.18 g/t AuEq from 279.40 m downhole, and
    15.50 m @ 5.21 g/t AuEq from 342.6 m downhole.

APC-8 is a sulfide composed of pyrite, chalcopyrite, and pyrrhotite overprinted by carbonate-based metallic porphyry dikes (“CBMs”) that host sphalerite at various locations, particularly at the top of the section. interrupted continuous mineralized breccias containing monolithic matrices. The breccia clusters are all quartzdiorite and diorite compositions, and this hydrothermal system is clearly related to the porphyry system. APC-8 colored from Pad 2 and finished with a final depth of 523 meters.

  • Four rigs continue to drill at the Guayabales project, and analysis of three holes from Apollo is expected soon, with the next promising visual interception.
    • APC-12 and APC-14 tested the primary breccia discovery at Apollo, with both holes intersecting more than 230 meters of potentially favorable mineralization.
    • APC-13 encountered technical difficulties before reaching the main breccia, but intersected a 15-meter zone of sheet-like CBM veins at shallow depths.

The Apollo target area, defined so far by surface mapping, rock sampling, and copper and molybdenum soil geochemistry, covers an area of ​​800 meters X 700 meters. In addition to the company’s new primary breccia discovery, the Apollo target area hosts the venous system located above and to the east of the primary breccia discovery, and the northern breccia discovery located 250 meters north of the primary breccia discovery. I’m here. Multiple additional untested breccia, porphyry, and vein targets have been generated and will be drilled in due course. The overall Apollo target area also leaves room for further expansion.

Table 1: Assay results

hole id from
APC-6 364.60 690.65 326.05 0.85 Ten 0.04 0.04 0.02 0.001 1.07
include 480.15 631.65 151.50 0.96 11 0.04 0.06 0.03 0.001 1.20
680.10 690.65 10.55 4.67 7 0.05 0.01 0.00 0.000 4.64
APC-8 202.00 467.75 265.75 1.26 55 0.22 0.07 0.05 0.045 2.44
include 202.00 215.20 13.20 3.68 27 0.03 0.32 0.24 0.238 4.29
239.05 257.50 18.45 3.48 53 0.12 0.24 0.22 0.216 4.55
279.40 307.85 28.45 3.70 twenty four 0.16 0.03 0.02 0.016 4.18
342.60 358.10 15.50 2.15 158 0.47 0.13 0.10 0.104 5.21

*AuEq (g/t) is calculated as: (Au (g/t) x 0.95) + (Ag g/tx 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) Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb using metal prices of , Pb – US$0.9/lb, Ag – US$20/oz, Au – US$1,400/oz, and recoveries of Au, Ag, Cu, Mo, Zn, and Mo are 95%. Completed to date.
** Adopted 0.2 g/t AuEq cut-off grade, internal dilution ≤ 15%. The true width is unknown and the grade is uncut.

Figure 1: Floor plan of the Guayabales project with Apollo targets highlighted

Figure 2: Plan view of the Apollo target area outlining porphyry and breccia targets, their associated soil anomalies, and completed or ongoing drill holes

Figure 3: Plan view with traces of drill holes completed to date in the main Apollo breccia finds, current holes, APC-6 and APC-8 shown in red.

Figure 4: Apollo target cross-section with APC-8 core photo highlights

About Collective Mining Ltd.

For the latest company presentations and related information, please visit www.collectivemining.com.

Collective Mining is an exploration and development company focused on identifying and investigating promising mineral projects in South America. Founded by the team that developed Continental Gold Inc. and sold it to Zijin Mining for an enterprise value of approximately $2 billion, the company’s mission is to replicate its past success in Colombia by discovering important new minerals, to move the project into production. Management, insiders, close family members and friends own approximately 45% of our outstanding shares and as a result are fully aligned with our shareholders.

The company currently holds options for up to 100% stakes in two projects in Colombia. A total of eight primary targets have been defined as a result of aggressive exploration programs at both the Guayabales and San Antonio projects. The company has made significant grassroots discoveries on both projects, with the Guayabales project 302 meters at 1.11 g/t AuEq at the Olympus target, 163 meters at 1.3 g/t AuEq at the Donut target, and most recently the Apollo target, 2.68 g 207.15 meters at /t AuEq, 89.4 meters at 2.46 g/t AuEg and 87.8 meters at 2.49 g/t AuEg. In the San Antonio project, the company crossed at 0.53 AuEq at 710 meters above the ground. (see related Press release on our website for AuEq calculation)

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 the accuracy of the technical information contained herein. and authorize written disclosure of the same information. Mr. Redding holds a Master’s degree in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and the Society of Economic Geology (SEG).

Technical guidance

Rock and core samples were prepared and analyzed at SGS’s laboratory facilities in Medellín, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor lab performance. Crush rejects and pulp are stored and stored in a secure storage facility for future assay validation. No capping was applied to the sample composite. We utilize his QA/QC program of strict industry standards.

contact address

Collective Mining Co., Ltd.
Stephen Gold, Vice President, Corporate Development and Investor Relations
Phone (416) 648-4065

Forward-Looking Statements

This news release contains certain forward-looking statements. This includes, but is not limited to, statements regarding drilling programs, including the timing of results, and collective futures and intentions. Whenever possible, “could”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “predict” , “believe,” “estimate,” “predict,” or “may,” or negative or other variations of these words, or similar words or phrases, identify these forward-looking statements. is used to These statements reflect management’s current beliefs and are based on information currently available to management as of the date of this document.

Forward-looking statements involve significant risks, uncertainties and assumptions. A number of factors could cause actual results, performance or achievements to differ materially from those discussed or implied by forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on forward-looking statements. Although the forward-looking statements contained in this news release are based on what management believes to be reasonable, the Collective cautions the reader that its actual results will be consistent with these forward-looking statements. These forward-looking statements are made only as of the date of this news release and the Collective does not reflect new events or circumstances, except as required by law. undertakes no obligation to update or correct them.

Neither TSXV nor its regulated service providers (as those terms are defined in TSXV’s policy) are responsible for the adequacy or accuracy of this news release.

CBJ Newsmaker

Collective Mining expands the Main Breccia Discovery at Apollo to drill 265.75 meters worth of 2.44 g/t gold. Canadian Business Journal

Source link Collective Mining expands the Main Breccia Discovery at Apollo to drill 265.75 meters worth of 2.44 g/t gold. Canadian Business Journal

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