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Collective Mining Finds Outcrop on Surface of Main Breccia, Apollo Discovery, Canadian Business Journal

  • Recent geological mapping of rocks exposed by the Pad 3 drill access track confirmed that the primary breccia discovery at the Apollo target was sunlit at the surface north and east of the drill pad.
  • The recently completed borehole APC-14 was drilled due north from Pad 3 and intersected the main breccia approximately 50 meters below the newly discovered northern outcrop. This hole cut a total of over 240 meters of good mineralization within the main breccia. Analytical results for boreholes APC-11 through APC-14 are expected in the near future.
  • Visual observations at the shallower depths of borehole APC-14 show a significant increase in chalcopyrite, leading to potentially higher copper grades than found elsewhere in the main breccia find. Additionally, our belief that the porphyry source of the primary breccia find is due south is now increasing. As a result, preliminary drill holes are now being finalized to test the southern porphyry target.
  • The discovery of the northern outcrop of the main breccia combined with sighting observations at borehole APC-14 has extended the strike length of the system by 35 meters to the southwest. As a result, the main breccia finding is now 100 meters wide, 500 meters vertical and 385 meters wide, and remains open in most directions for further extension. As for the eastern outcrop, it is outside the current working model and requires exploratory drilling to determine its shape and how it connects with the main breccia.

TORONTO, September 22, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (‘Assemblage’ or ‘Company’), by outcrop mapping and visual observation from shallow diamond drill hole APC-14, the discovery of the primary breccia at the Apollo target (‘Apollo’) is the critical area of ​​sunlight at the surface. We are pleased to announce that we have confirmed that you are bathing in Located to the north and east of Drilling Pad 3 in the southern part of the discovery. Apollo is one of eight targets associated with grassroots-generated porphyry at the Guayabales project in Caldas, Colombia. The primary breccia discovery at Apollo is a high-grade, massive-tonnage copper-gold-silver porphyry-related breccia target with a previously published intercept containing a hole. APC-2 crossed with 207.15 m @ 2.68 g/t AuEq When APC-8, crossed at 265.75 meters @ 2.44 g/t gold equivalent (See press releases dated August 10th and September 13th)th Respectively). There are currently three of his diamond drill rigs in operation at the Apollo target as part of his 20,000+ meter drilling program, which will be fully funded in 2022.

“Confirmation of the Apollo main breccia discovery extending to the surface enhances the future potential of the project. The fact that we see a significant increase is exciting that porphyry sources are nearby and likely underlie robust, yet untested, high-grade copper deposits. Soil anomaly located to the south As a result, our team has been busy planning exploration drill holes to test porphyry sources and additional details will be provided shortly.

Details (See Figures 1-3)

The company recently completed geological mapping of a new outcrop exposure created by a truck designed to service drilling rigs at Apollo’s Pad 3. This work confirmed the exposure of mineralized breccia at the surface as part of the primary breccia discovery first announced by the company on June 22, 2022. The image was recorded from the recently completed diamond hole APC-14, drilled under part of the northern outcrop. It intersects with mineralized breccia starting 50 meters below the surface vertically. Highlights the following observations:

  • During the past two weeks, surface exploration teams have identified various outcrops containing mineralized breccia located north of Pad 3. Geological observations in all outcrop areas highlight mineralized cornice breccias containing iron oxides and sulfides within the matrix between clusters with partial sericite overprinting. change. Two historical samples taken from very limited exposures of breccia outcrops within this region contain 0.6 g/t gold, 18 g/t silver, 0.1% copper and 4.1 g/t silver, respectively. t gold, returned 29.3 g/t silver. Recently excavated surface exposures have been systematically sampled and analytical results are pending.
  • Visual observations from the recently completed diamond hole APC-14, drilled north from Pad 3, underline part of the northern outcrop region and highlight the presence of angled breccias hosting pyrite. , emphasized the mineralization of chalcopyrite during dissemination. breccia matrix. The hole interrupted mineralized breccia in a second zone starting at 197 meters and ending at about 391 meters downhole from about 84 meters downhole (50 meters vertical) to 132 meters. Analysis of this and other holes is expected in the near future.
  • The Apollo target area, as defined to date by limited surface outcrops, rock sampling of CBM veins, available breccia outcroppings, and copper and molybdenum soil geochemistry, is an 800 m X 700 m square. Covers an area of ​​meters. This Apollo target area hosts our new grassroots primary breccia discovery measuring up to 385 meters with a strike length of 100 meters wide and 500 meters vertical based on recent drilling results. The primary breccia finding remains open in most directions, and drill holes continue to confirm and expand the finding. Within the wider targets are additional, as-yet-untested breccia, porphyry, and vein targets that could facilitate further expansion on Apollo.

Figure 1: Floor plan of the Guayabales project with Apollo targets highlighted Available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9d2b3619-a363-4b63-a4d3-7b091533f234

Figure 2: Top view of the main breccia found at the Apollo target.Newly discovered areas of main breccia outcrops at the surface and analyzes from previously published drill holes highlighted in green Available at https://www.globenewswire.com/NewsRoom/AttachmentNg/41d44be4-0e1f-41f0-8587-84461c4e917a

Figure 3: Photographs of various surface exposures of breccia found north and east of Drill Pad 3. Available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b220267-7bd9-4d39-8f0d-8e6a08d62a6b

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, 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 207.15 meters at 2.68 g/t AuEq at the Apollo target. , 180.6 meters at 2.43 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. shall not be obliged to update or correct them for any reason.

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.


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Collective Mining Finds Outcrop on Surface of Main Breccia, Apollo Discovery, Canadian Business Journal

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