Collective Mining intersects 1.4 g/t AuEq over 601.65 metres at Guayabales, Colombia

Collective Mining Ltd. [CNL-TSXV; CNLMF-OTCQX] reported assay results from a further three holes drilled into the Main breccia system at the Apollo target, which is part of the 100%-optioned Guayabales project located in Caldas, Colombia.

The Main Breccia is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, low and intermediate sulphidation, precious metal rich sheeted carbonate base metal vein systems.

Step-out drill hole APC-28, which was drilled to the west from the eastern side of the Main Breccia system at Apollo cut the longest intercept to date as follows: 601.65 metres at 1.4 g/t gold equivalent (AuEq), including 259.95 metres at 2.15 g/t AuEq.

As a result of APC-28, the maximum width and vertical dimensions of the Main Breccia system have increased to 395 metres (previously 350 metres) and 915 metres (previously 825 metres), respectively.

Drill hole APC-28 bottomed while still in mineralization indicating that the Main Breccia system remains open for expansion to the west and at depth (as well as to the east and north based on previously announced assay results).

Hole APC-30 was drilled southwards on the western side of the deposit and intercepted the Main Breccia system over a broad interval as follows: 318.65 metres at 1.10 g/t AuEq, including 81.4 metres at 2.22 g/t gold equivalent.

Four holes have now been completed into the Main Breccia system as part of the 2023 Phase II drill program at the Guayabales project. All four holes appear to have intercepted the Main Breccia system with mineralization beginning from surface. Assay results for these holes are expected in the near term.

Ari Sussman, Executive Chairman commented: “The Main Breccia system at Apollo continues to yield positive surprises. The company drilled three long holes in 2022, APC-17, APC-22 and APC-28, with each hole expanding the size of the deposit and bottoming while still in mineralization. In addition, 2023 drilling is off to an excellent start with the initial four holes testing the Main Breccia system all intersecting mineralization beginning at surface. Our aim for 2023 is to define the newly discovered high-grade and near surface mineralization while continuing to be aggressive with expansion drilling. Without question, we have discovered a large copper-silver-gold deposit in a mining friendly jurisdiction of Colombia which will play a vital role in the country’s aggressive decarbonization goals.”

Assay results for all 32 diamond drill holes from the Phase I drilling program for 2022 have now been announced at Apollo. The Phase II drilling program for 2023 is advancing on schedule with assay results for the first holes expected in the near term.

APC-28 was a step-out hole drilled steeply to the west from Pad 2 to a maximum depth of 956.35 metres (915 metres vertical) and was designed to test western and depth extensions to the Main Breccia system. The hole intersected the longest interval drilled to date within the system, commencing at 354.70 metres down hole (335 vertical) and averaging: 601.65 metres at 1.4 g/t AuEq and including internal intervals of 259.95 metres at 2.15 g/t AuEq and 59.7 metres at 2.23 g/t AuEq.

APC-30 was drilled southwards from Pad 4 to a total length of 589 metres downhole and intersected mineralized breccia from 267.60 metres downhole (240 metres vertical), averaging: 318.85 metres at 1.10 g/t AuEq, including 60.8 metres at 1.64 g/t AuEq (including 0.4% copper), and 81.4 metres at 2.22 g/t AuEq.

Reconnaissance hole APC-27 was drilled due east away from the Main Breccia system to test outcropping mineralization at surface. From 300.40 metres downhole (210 metres vertical depth) the company intersected a new zone of continuous low-grade mineralization with assay results of 72.9 metres grading 0.44 g/t AuEq.

The company’s Phase II 2023 program is well underway with three rigs focused on drilling near surface, high grade mineralization below mineralized outcrops in the southern and central areas of the Main Breccia system from newly constructed pads 6 and 7.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area. The Apollo target area hosts the company’s Main Breccia system and multiple additional untested breccia, porphyry and vein targets. The overall Apollo target area also remains open for further expansion.