Collective Mining Announces a New High-Grade Discovery at Apollo by Drilling 57.65 Metres at 8.18 g/t AuEq Including 18.85 Metres @ 20.21 g/t AuEq
To watch a video of
The Company currently has five diamond drill rigs in operation within the
Highlights (see Table 1-2 and Figures 1-6)
Drill Hole APC99-D5
Diamond drill hole APC99-D5, which was drilled southwest from Pad16 (See Figure 1) to test for continuity and extend Apollo at depth, intersected significant mineralization as follows:
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517.35 metres @ 1.97 g/t gold equivalent from 351.55 metres in the Apollo system, including:
- 31.30 metres @ 3.43 g/t gold equivalent from 353.60 metres
- 24.60 metres @ 2.68 g/t gold equivalent from 575.10 metres
- 30.60 metres @ 3.99 g/t gold equivalent from 729.25 metres
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57.65 metres @ 8.18 g/t gold equivalent from 811.25 metres (New high-grade discovery named the
Ramp Zone )
APC99-D5 on a grade accumulation bases averaged 1,021 grams x metres and is the twelfth and deepest intercept to date at Apollo with grade accumulation at over 1,000 grams x metres.
The New High-Grade Ramp Zone Discovery (at the Bottom of Drill Hole APC99-D5)
The final 57.65 metres of drill hole APC99-D5 cut a new style of mineralization in the deepest drill hole to date at Apollo with results as follows:
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57.65 metres @ 8.18 g/t gold equivalent from 811.25 metres including:
- 18.85 metres @ 20.21 g/t gold equivalent
- The high-grade
Ramp Zone discovery was made at a depth of 1,150 metres below surface and is located approximately 480 metres laterally to the southwest from drill hole APC88-D1, which intersected 15.60 metres @ 20.34 g/t gold equivalent and was the prior deepest interval at Apollo (see press release datedJanuary 30, 2024 ). No drilling at this deeper elevation between or below holes APC99-D5 and APC88-D1 has taken place indicating the high-gradeRamp Zone might have significant lateral extent as well as being open in all directions for expansion including at depth. Lateral step-out drilling is presently underway to expand this new discovery with assay results potentially available towards the end of Q4, 2024. -
The Company named this new discovery the "
Ramp Zone " because it is located close in elevation to the conceptual underground haulage tunnel for a future mine at theGuayabales Project (see Figure 4). Due to the proximity, it is possible that the high-grade mineralization encountered in holes APC99-D5 and earlier in hole APC88-D1 may be mined early in the mine life of a future underground mining scenario for the project (subject to completing a successful NI 43-101 compliant economic study and mine plan).
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57.65 metres @ 8.18 g/t gold equivalent from 811.25 metres including:
Although at significantly higher grades, the
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The Ramp Zone locates, coincidentally, at the same elevation level as the top of the Marmato Deeps deposit at approximately 1,000 metres above sea level (see Figure 3) and hosts similar bismuth and tellurium bearing sulphide minerals. The Marmato mine is located only 1.75 kilometres southeast of Apollo and hosts Measured and Indicated Resources of 5.99 million ounces at 3.03 g/t gold (61.5 million tonnes) and Inferred Resources of 2.79 million ounces at 2.43 g/t gold (35.6 million tonnes). -
The Ramp Zone mineralogy and geochemistry, which consists of pyrite bearing veins and veinlets containing bismuth, tellurium and copper bearing sulphides, is similar to precious metal deposits classified as belonging to those referred to as Reduced Intrusion Related Gold Systems ("RIRGS"). In the case of theRamp Zone discovery, the Company's geological advisors have referred to this high-grade discovery as a Partially Reduced Intrusion Related Au-Ag-Cu System ("PRIRS") due to the additional presence of copper bearing chalcopyrite along with the more typical bismuth and tellurium bearing sulphides seen in RIRGS deposits. Potential geological comparable PRIRS deposits to Apollo include the Telfer, Havieron and Winu deposits inAustralia .
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The Ramp Zone is open for further expansion along strike and at depth (Figure 3). The Company is currently drilling a new mother hole from Pad 16 designed to optimally drill test theRamp Zone in all directions.
Table 1: Assays Results for Drill Hole APC99-D5
Hole # |
From |
To |
Length |
Au |
Ag |
Cu |
Zn |
AuEq |
APC99-D5 |
241.45 |
250.80 |
9.35 |
1.91 |
11 |
0.01 |
0.03 |
2.02 |
and |
351.55 |
868.90 |
517.35 |
1.84 |
10 |
0.03 |
0.06 |
1.97 |
Incl. |
353.60 |
384.90 |
31.30 |
3.24 |
16 |
0.05 |
0.04 |
3.43 |
& incl |
575.10 |
599.70 |
24.60 |
2.49 |
12 |
0.04 |
0.16 |
2.68 |
& incl |
729.25 |
759.85 |
30.60 |
3.89 |
9 |
0.03 |
0.17 |
3.99 |
RAMP ZONE |
||||||||
& incl |
811.25 |
868.90 |
57.65 |
7.83 |
33 |
0.09 |
0.12 |
8.18 |
Incl. |
819.10 |
837.95 |
18.85 |
19.39 |
83 |
0.21 |
0.16 |
20.21 |
*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 – |
Table 2: Assays Results for the New High-Grade Subzone Within the Ramp Zone Discovery
From (m) |
To (m) |
Length (m) |
Au g/t |
Ag g/t |
Cu % |
Bi ppm |
Te ppm |
819.10 |
819.90 |
0.80 |
11.60 |
83 |
0.07 |
116.50 |
5.56 |
819.90 |
820.80 |
0.90 |
35.60 |
168 |
0.13 |
248.00 |
10.80 |
820.80 |
821.80 |
1.00 |
6.98 |
25 |
0.02 |
33.10 |
1.50 |
821.80 |
822.85 |
1.05 |
3.36 |
18 |
0.04 |
20.90 |
1.17 |
822.85 |
824.00 |
1.15 |
4.21 |
15 |
0.03 |
13.60 |
0.74 |
824.00 |
825.00 |
1.00 |
2.75 |
7 |
0.01 |
6.83 |
0.41 |
825.00 |
826.10 |
1.10 |
3.59 |
28 |
0.13 |
10.20 |
0.56 |
826.10 |
827.10 |
1.00 |
53.70 |
342 |
0.92 |
316.00 |
10.50 |
827.10 |
828.10 |
1.00 |
59.70 |
288 |
0.94 |
205.00 |
9.54 |
828.10 |
829.15 |
1.05 |
40.20 |
100 |
0.19 |
77.70 |
2.81 |
829.15 |
830.15 |
1.00 |
5.73 |
44 |
0.12 |
33.70 |
0.94 |
830.15 |
831.25 |
1.10 |
24.80 |
72 |
0.18 |
44.80 |
2.22 |
831.25 |
832.10 |
0.85 |
25.00 |
87 |
0.22 |
81.10 |
3.13 |
832.10 |
833.20 |
1.10 |
15.60 |
64 |
0.16 |
48.80 |
2.21 |
833.20 |
834.20 |
1.00 |
12.50 |
70 |
0.25 |
34.00 |
1.46 |
834.20 |
835.20 |
1.00 |
24.60 |
91 |
0.29 |
47.20 |
3.76 |
835.20 |
836.20 |
1.00 |
20.60 |
34 |
0.09 |
18.75 |
1.02 |
836.20 |
837.10 |
0.90 |
1.91 |
11 |
0.04 |
6.31 |
0.27 |
837.10 |
837.95 |
0.85 |
18.40 |
46 |
0.11 |
34.60 |
1.49 |
Weighted Average |
|
18.85 |
19.39 |
83 |
0.21 |
|
|
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
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 2024 objective is to expand the Apollo system, step out along strike to expand the recently discovered Trap system and make a new discovery at either the Tower, X or Plutus targets.
Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the NYSE under the trading symbol "CNL", on the TSX under the trading symbol "CNL", on the FSE under the trading symbol "GG1".
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.
Technical Information
Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in
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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 final listing mechanics and 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
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