TORONTO, Dec. 4, 2024
/PRNewswire/ - Collective Mining Ltd. (NYSE: CNL) (TSX: CNL)
("Collective" or the "Company") is pleased to announce that
it has discovered an extension to the Apollo system ("Apollo") on
the northeastern flank at depth and as a result opens the
possibility for major expansion growth along the northern side of
the system. The Apollo system is the flagship discovery within the
Company's multi-target Guayabales Project in Caldas,
Colombia. The Company currently
has five drill rigs operating as part of its fully funded and
on-schedule 40,000-meter drilling program for 2024. A fully funded
60,000-meter drill program is planned for 2025, which will be the
largest drilling campaign in the history of the Company.
Approximately 101,000 metres of diamond drilling has been
completed to date at the Guayabales Project, including 67,000
metres at Apollo. There are currently 25 drill holes awaiting
assaying with results for the majority of these holes expected
prior to year-end 2024.
Ari Sussman, Executive Chairman
commented: "Apollo continues to expand and deliver excellent
results. Drill hole APC100-D1 confirms that the small surface
outcrops and shallowly drilled fingers of poorly mineralized
breccia at surface can transition into broad and high-grade
mineralized zones at depth. Looking forward, our initial follow up
hole to the Ramp Zone discovery (APC103-D1 from Pad 16) has
recently entered the projection of the zone to the east of
discovery hole APC99-D5 (57 metres @ 8.18 g/t AuEq; see press
release dated October 22, 2024).
Also, drilling from Pad 17 (APC104-D1 and APC104-D2) to
orthogonally test for potential high-grade subzones within Apollo
has cut wide zones of strong visible sulphide mineralization.
Assay results for these holes are expected over the next two to six
weeks."
Highlights (see Table 1 and Figures 1-4)
- Directional hole APC100-D1, drilled due south
from OPad 6, cut 150 meters of mineralization outside yet
contiguous to the northeastern known boundary of Apollo with assays
results as follows:
- 150.50 metres @ 1.74 g/t gold equivalent from 189.20
metres including:
- 42.00 metres @ 4.02 g/t gold equivalent from 236.65
metres
- The assay result for APC100-D1 confirms the Company's
geological hypothesis, namely that shallow fingers and surface
outcrops of poorly mineralized or unmineralized breccia in the
Apollo system transition into coherent, broad and strongly
mineralized zones at depth (for example, refer to drill holes
APC98-D1 and APC98-D2 in the press release dated August 19, 2024, in relation to APC100-D1). As a
result, the entire northern area of Apollo and particularly the
north and northeast portion where outcrops of unmineralized breccia
have been mapped at surface offers major expansion potential for
Apollo at depth (See Figure 2).
- Directional holes APC98-D3 and APC98-D5, drilled to the
southwest from mother hole APC-98D (collared from OPad 5), serve to
further confirm the geological hypothesis outlined above by cutting
multiple new narrow zones of mineralized breccia fingers on the
northern flank of the Apollo system at much shallower elevations
than the APC100-D1 intercept before entering and infilling a poorly
drilled area of the Apollo system. The following assay results are
highlighted:
- 211.10 metres @ 1.29 g/t gold equivalent from 209.65
metres (APC98-D3),
including:
- 24.10 metres @ 3.43 g/t gold equivalent from 335.55
metres
- 16.55 metres @ 2.39 g/t gold equivalent from 404.20
metres
- 164.15 metres @ 1.23 g/t gold equivalent from 257.45
metres (APC98-D5),
including:
- 24.50 metres @ 2.34 g/t gold equivalent from 310.30
metres
- 19.00 metres @ 2.18 g/t gold equivalent from 351.45
metres
- Three rigs are currently drilling at Apollo with holes from Pad
16 and Pad 18 targeting the recently discovered high-grade Ramp
Zone and one rig at Pad 17 testing the potential of newly modeled
high-grade subzones at shallower elevations.
Table 1: Assays Results for Drill Holes APC98-D3, APC98-D4,
APC98-D5 and APC100-D1
Hole
#
|
From
(m)
|
To
(m)
|
Length
(m)
|
Au
g/t
|
Ag
g/t
|
Cu
%
|
Zn
%
|
AuEq
g/t**
|
APC98-D3
|
1.50
|
5.10
|
3.60
|
1.29
|
15
|
0.02
|
0.25
|
1.57
|
and
|
56.00
|
94.15
|
38.15
|
1.07
|
14
|
0.02
|
0.18
|
1.31
|
Incl
|
77.15
|
94.15
|
17.00
|
1.90
|
22
|
0.03
|
0.34
|
2.29
|
and
|
145.70
|
153.10
|
7.40
|
1.10
|
18
|
0.02
|
0.04
|
1.34
|
and
|
209.65
|
420.75
|
211.10
|
0.97
|
19
|
0.06
|
0.08
|
1.29
|
Incl
|
335.55
|
359.65
|
24.10
|
2.95
|
29
|
0.08
|
0.27
|
3.43
|
& incl.
|
404.20
|
420.75
|
16.55
|
2.08
|
20
|
0.07
|
0.06
|
2.39
|
APC98-D4*
|
1.70
|
23.50
|
21.80
|
0.89
|
10
|
0.02
|
0.08
|
1.05
|
APC98-D5
|
31.20
|
47.10
|
15.90
|
0.89
|
9
|
0.02
|
0.09
|
1.03
|
and
|
198.00
|
213.00
|
15.00
|
1.15
|
10
|
0.01
|
0.08
|
1.28
|
and
|
257.45
|
421.60
|
164.15
|
1.01
|
14
|
0.04
|
0.08
|
1.23
|
Incl
|
310.30
|
334.80
|
24.50
|
1.89
|
26
|
0.08
|
0.15
|
2.34
|
& incl.
|
351.45
|
370.45
|
19.00
|
1.87
|
19
|
0.04
|
0.17
|
2.18
|
APC100-D1
|
189.20
|
339.70
|
150.50
|
1.46
|
18
|
0.06
|
0.03
|
1.74
|
Incl
|
236.65
|
278.65
|
42.00
|
3.60
|
31
|
0.09
|
0.05
|
4.02
|
*Drillhole APC98-D4
was terminated in mineralization due to a technical issue with the
diamond drill rig.
|
**AuEq (g/t) is
calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.015 x
0.85) + (Cu (%) x 1.44 x 0.95) + (Zn (%) x 0.43 x 0.85) utilizing
metal prices of Ag – US$30/oz, Zn – US$1.25/lb, Cu –
US$4.2/lb and Au – US$2,000/oz and recovery rates of 97% for Au,
85% for Ag, 95% for Cu and 85% for Zn. Recovery rate assumptions
for metals are based on metallurgical results announced on October
17, 2023, April 11, 2024, and October 3, 2024. The recovery rate
assumption for zinc is speculative as limited metallurgical work
has been completed to date. True widths are unknown, and grades are
uncut.
|
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 Continental Gold
Inc. to Zijin Mining for approximately $2
billion in enterprise value, Collective is a copper, silver,
gold and tungsten exploration company with projects in Caldas,
Colombia. The Company has options
to acquire 100% interests in two projects located directly within
an established mining camp with ten fully permitted and operating
mines.
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 system. The Company's
objectives are to expand the Apollo system by stepping out along
strike and testing the newly discovered high-grade Apollo Ramp Zone, expand the Trap system and
drill a series of newly generated targets including Tower and
X.
Management, insiders, and strategic investor Agnico Eagles Mines
Limited own approximately 44.5% of the outstanding shares of the
Company and as a result, are fully aligned with shareholders. The
Company is listed on the NYSE and the TSX under the trading symbol
"CNL".
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. Mr. Reading has an MSc in Economic
Geology and is a Fellow of the Institute of Materials, Minerals and
Mining and of the Society of Economic Geology (SEG).
Technical Information
Rock, soils and core samples have been prepared and analyzed at
ALS laboratory facilities in Medellin,
Colombia and Lima, Peru.
Blanks, duplicates, and certified reference standards are inserted
into the sample stream to monitor laboratory performance. Crush
rejects and pulps are kept and stored in a secured storage facility
for future assay verification. No capping has been applied to
sample composites. The Company utilizes a rigorous,
industry-standard QA/QC program.
Information Contact:
Follow Executive Chairman
Ari Sussman
(@Ariski73) on X
Follow Collective Mining (@CollectiveMini1) on
X, (Collective Mining) on LinkedIn, and
(@collectivemining) on Instagram
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" and
"forward-looking information" within the meaning of applicable
securities legislation (collectively, "forward-looking
statements"). All statements, other than statements of historical
fact, are forward-looking statements and are based on expectations,
estimates and projections as at the date of this news release. Any
statement that involves discussion with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions,
future events or performance (often, but not always using phrases
such as "plans", "expects", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates", or "believes"
or variations (including negative variations) of such words and
phrases, or state that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved)
are not statements of historical fact and may be forward-looking
statements. In this news release, forward-looking statements
relate, among other things, to: the anticipated advancement of
mineral properties or programs; future operations; future recovery
metal recovery rates; future growth potential of Collective; and
future development plans.
These forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current
judgment regarding future events including the direction of our
business. Management believes that these assumptions are
reasonable. Forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among others: risks related to
the speculative nature of the Company's business; the Company's
formative stage of development; the Company's financial position;
possible variations in mineralization, grade or recovery rates;
actual results of current exploration activities; conclusions of
future economic evaluations; fluctuations in general macroeconomic
conditions; fluctuations in securities markets; fluctuations in
spot and forward prices of gold, precious and base metals or
certain other commodities; fluctuations in currency markets; change
in national and local government, legislation, taxation, controls
regulations and political or economic developments; risks and
hazards associated with the business of mineral exploration,
development and mining (including environmental hazards, industrial
accidents, unusual or unexpected formation pressures, cave-ins and
flooding); inability to obtain adequate insurance to cover risks
and hazards; the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities and indigenous populations;
availability of increasing costs associated with mining inputs and
labour; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); and title to
properties, as well as those risk factors discussed or referred to
in the annual information form of the Company dated March 27, 2024. Forward-looking statements
contained herein are made as of the date of this news release and
the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or results, except as may be required by applicable securities
laws. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements
and there may be other factors that cause results not to be
anticipated, estimated or intended. Accordingly, readers should not
place undue reliance on forward-looking statements.
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SOURCE Collective Mining Ltd.