Collective Mining makes new porphyry discovery at Guayabales, Colombia

Collective Mining Ltd. [TSX-CNL; OTCQX-CNLMF; FWB- GG1] announced the discovery of a significant new gold system named “Olympus Deeps” at the company’s Guayabales project in Caldas, Colombia.  Today’s result from Olympus Deeps is interpreted to be the initial intercept into a gold related brecciated porphyry intrusion system located approximately 500 metres to the north of the company’s flagship Apollo porphyry system.

The Olympus target is similar to the multi-million-ounce Marmato mine located 2.5 km to the southeast, which spans more than a vertical kilometre and is characterized by an upper-level sheeted vein system with a porphyry at depth. Assay results for four drill holes are presented here including the Olympus Deeps discovery hole and two holes at Apollo which cut long intercepts of high-grade mineralization and extend the footprint of the system to the northeast.

Ari Sussman, Executive Chairman commented: “Hard work by our team and remarkable geology has resulted in the Company announcing a third major porphyry discovery in the past eighteen months. The latter two discoveries at Trap and Olympus Deeps are separated by approximately 3.5 km of prospective ground with exploration now underway to cover this highly prospective area and generate new targets for drilling. The Guayabales project stands out as one of the best exploration growth projects globally and we are excited that drilling has now resumed at the Apollo and Trap targets and will commence by the middle of February at the Olympus target.”

Highlights: Directional drill hole APC88-D1, drilled from Pad 14 located outside and to the south-east of the Apollo system cut two significant intercepts over its 958.35 metres length before being abandoned due to a complicated fault while still in mineralization.

The initial down hole intercept crossed through and locally expanded the Apollo system by cutting a long interval of high-grade gold-silver-copper mineralization as follows: 497.35 metres of 1.80 g/t AuEq (gold equivalent) from 85.30 metres depth, including 200.80 metres of 3.19 g/t AuEq from 85.30 metres downhole.

After exiting Apollo and passing through a poorly mineralized zone, drill hole APC88-D1 entered a new gold rich brecciated porphyry intrusion at depth below the Olympus target area (north of Apollo) for the final 202.35 metres of the hole before being lost while still in mineralization due to a fault with assay results as follows: 202.35 metres of 2.16 g/t AuEq from 756.00 metres down hole including 15.60 metres of 20.34 g/t AuEq from 809.00 metres downhole.

As a result of the Olympus Deeps discovery, the Olympus target area has grown significantly and now measures approximately 600 metres to the east-west by 400 metres to the north-south by more than 1,000 metres vertical and remains open in all directions for expansion.

With the discovery of a gold-rich porphyry intrusion at depth, the Olympus target is now analogous to the multi-million-ounce Marmato mine located 2.5 km to the southeast as both are characterized by a shallow sheeted CBM vein system with a gold rich porphyry intrusion at depth. As a reminder, shallow drilling by the company at the Olympus target in early 2022 intersected bulk tonnage precious metal rich sheeted veins with intercepts, including 301.90 metres of 1.11 g/t gold equivalent; 216.70 metres of 1.08 g/t AuEq.

Drill hole APC88-D2, drilled from Pad 14 to the northeast through Apollo, cut a significant zone of high-grade gold-silver-copper mineralization. Importantly, this hole extended the brecciated porphyry body to the northeast with assay results as follows: 548.90 metres of 1.91 g/t AuEq from 68.10 metres downhole, including 133.90 metres of 4.87 g/t AuEq from 154.70 metres downhole and 18.20 metres of 1.23 g/t AuEq from 737.00 metres downhole.

Collective Mining 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 porphyry system. The company’s near-term objective is to drill the shallow portions of the Apollo system, continue to expand the overall dimensions of the system, which remains open in most directions and test newly generated grassroots targets.

Management, insiders and close family and friends own nearly 45% of the outstanding shares of the company and as a result, are fully aligned with shareholders.