Collective Mining updates Guayabales and San Antonio projects, Colombia
Collective Mining Ltd. [NYSE: CNL; TSX: CNL] provided an exploration update and announce that visual inspection of new drill core from step-out drilling at the Guayabales Project’s Ramp Zone (located at the bottom of the Apollo system) and the San Antonio Project’s Pound target indicates that potentially significant mineralization has been intersected.
The company has ten diamond drill rigs operating and remains on track to complete its recently revised forecast of approximately 60,000 metres of drilling in 2025. The Guayabales and San Antonio Projects are located approximately 3 km apart on either side of the Pan American Highway in Caldas, Colombia and benefit from significant nearby infrastructure including hydropower access, skilled labor and roads.
As a result of the recently closed financing, the company is in a strong financial position with approximately US$145 million in its treasury and will be able to carry out all activities to advance its business plan, at least until the end of 2027.
Ari Sussman, Executive Chairman commented: “This is the first time in my career that I have been involved in an exploration program which appears to be intersecting potentially exciting mineralization at two projects simultaneously. Visual inspection of new hole APC143-D1 into the Ramp Zone is particularly pleasing as this is the deepest hole drilled to date at the Apollo system and helps to validate our theory that only the top of the Ramp Zone system has been drilled. The Ramp Zone is a reduced intrusion-related system and as such, has the potential to extend for 1,000 metres or more vertically. If correct, we may have only intersected the tip of the iceberg of the Ramp Zone thus far.
“Although its early days for the Pound target at the San Antonio Project, it is exciting to find visual mineralization for the first time beginning at a shallow depth in hole SAC-24. We look forward to receiving assay results in the short term and are happy that two additional deep capacity rigs have been secured so we can expedite the drilling in 2026 at both the Ramp Zone and the San Antonio Project.”
Exploration Highlights: Guayabales Project: Six rigs are operating at the Guayabales Project. One rig is being mobilized to conduct expansion drilling at the outcropping zone of high-grade tungsten, gold, silver and copper; two rigs are conducting infill drilling of the Apollo system at elevations ranging between 1,500MASL to 1,000MASL and two deep capacity rigs are focused on expanding both the strike and vertical dimensions of the high-grade Ramp Zone at depth.
Of note is the recently completed drill hole APC143-D1, which cut potentially significant Ramp Zone style mineralization at the deepest elevation (~1,370m depth) drilled to date within the Apollo system. Assay results for holes drilled into the Ramp Zone are expected in the next 4-6 weeks.
The sixth and final rig operating at the Guayabales Project is expected to start drilling this week at Target X, where the company recently announced a new greenfield silver discovery highlighted by hole XTC-1 which cut multiple silver-rich sets of veins including a best intercept of 12.85 metres at 503 g/t AgEq. The company believes that potential exists at Target X to find a bulk style mineralized system deeper and along strike from the discovery hole, which remains open in all directions.
Two additional deep capacity rigs capable of testing the Ramp Zone have been contracted and are expected to begin operating at site in early Q1, 2026 which would bringing the total number of deep capacity rigs to four.
San Antonio Project: Exploration at the Pound target, the first of three targets to be tested at the San Antonio Project, continues to expand in dimensions with four drill rigs now operating in this area. As drilling continues at the Pound target, a potentially large mineralized system is taking shape and can best be described as a shallow porphyry-related, intermediate sulphidation, sheeted veinlet system sitting above a gold-copper porphyry system.
The Pound target covers more than 500 metres of strike length and has been drill-tested for more than 1,000 metres from surface. The system remains open in all directions for expansion.
In particular, recently completed drill hole SAC-24, which is a follow up hole to previously reported hole SAC-18 (172.40 metres at 1.88 g/t gold equivalent − 1.40 g/t Au, 0.16% Cu, 17 g/t Ag, 68 ppm Mo – and bottomed in strong mineralization.
The hole bottomed in mineralization as the company decided that it makes more sense to wait for assay results from this hole before making the decision to continue to deeper depths. Assay results for drill holes completed at the San Antonio Project are expected in November 2025.
In continuance of its exploration strategy at the San Antonio Project, the company plans to move one of its rigs shortly to the COP target, where large and coincidental magnetic inversion and chargeability anomalies align with favorable geochemistry from surface soil sampling.
Approximately 140,000 metres of diamond drilling has been completed to date at the Guayabales Project, including 100,000 metres at Apollo. For the San Antonio Project, approximately 13,000 metres of diamond drilling has been completed to date, including 9,500 metres at the Pound target. Numerous drill holes from both projects are outstanding and will be reported once received and compiled by the Company.
The company has options to acquire 100% interest in two projects located directly within an established mining camp with ten fully permitted and operating mines.
Management, insiders, a strategic investor and close family and friends own 45.3% of the outstanding shares of the company.