Collective Mining Significantly Expands Apollo Northwards by Connecting Mineralization with Olympus into One Large System with Results Including 256.35 Metres @ 1.23 g/t AuEq
Collective Mining (NYSE: CNL) (TSX: CNL) has announced significant expansion of its Apollo system at the Guayabales Project in Colombia. The company has connected the Olympus and Apollo systems into one large system, now collectively known as Apollo. Key highlights include:
1. Discovery of shallow mineralized brecciated porphyry fingers 400 meters north of the current Apollo model.
2. Expanded Apollo system now measures approximately 1,000 meters by 800 meters and remains open for growth.
3. Notable drill results include 256.35 metres @ 1.23 g/t gold equivalent from 30.60 metres (APC98-D2).
4. The revised Apollo model covers a volume up to 600 metres of strike by 395 metres of width by 1,130 metres vertical.
5. Five drill rigs are currently operating at the Guayabales Project, with over 50% of the planned 40,000-meter program for 2024 completed.
Collective Mining (NYSE: CNL) (TSX: CNL) ha annunciato una significativa espansione del suo sistema Apollo presso il progetto Guayabales in Colombia. L'azienda ha connesso i sistemi Olympus e Apollo in un unico grande sistema, ora conosciuto collettivamente come Apollo. I punti salienti includono:
1. Scoperta di porfidi brecciati mineralizzati poco profondi a 400 metri a nord del modello attuale di Apollo.
2. Il sistema Apollo espanso misura ora circa 1.000 metri per 800 metri ed è ancora aperto alla crescita.
3. Risultati di perforazione notevoli includono 256,35 metri a 1,23 g/t equivalente oro da 30,60 metri (APC98-D2).
4. Il modello Apollo rivisitato copre un volume fino a 600 metri di lunghezza per 395 metri di larghezza per 1.130 metri in verticale.
5. Cinque trivelle stanno attualmente operando presso il progetto Guayabales, con oltre il 50% del programma di 40.000 metri pianificato per il 2024 già completato.
Collective Mining (NYSE: CNL) (TSX: CNL) ha anunciado una expansión significativa de su sistema Apollo en el Proyecto Guayabales en Colombia. La compañía ha conectado los sistemas Olympus y Apollo en un gran sistema único, conocido colectivamente como Apollo. Los aspectos más destacados incluyen:
1. Descubrimiento de dedos de pórfido mineralizado en zonas superficiales a 400 metros al norte del modelo actual de Apollo.
2. El sistema Apollo ampliado ahora mide aproximadamente 1.000 metros por 800 metros y sigue abierto a crecimiento.
3. Resultados de perforación destacados incluyen 256,35 metros a 1,23 g/t equivalente en oro desde 30,60 metros (APC98-D2).
4. El modelo revisado de Apollo cubre un volumen de hasta 600 metros de extensión por 395 metros de ancho por 1.130 metros de profundidad.
5. Actualmente se están operando cinco plataformas de perforación en el Proyecto Guayabales, habiéndose completado más del 50% del programa planificado de 40.000 metros para 2024.
Collective Mining (NYSE: CNL) (TSX: CNL)가 콜롬비아 과야바레스 프로젝트에서 아폴로 시스템의 대규모 확장을 발표했습니다. 이 회사는 올림푸스와 아폴로 시스템을 하나의 대형 시스템으로 연결하여 이제 통틀어 아폴로로 알려져 있습니다. 주요 하이라이트는 다음과 같습니다:
1. 현재 아폴로 모델에서 북쪽으로 400미터 떨어진 곳에서 얕은 광물화된 브레치 스포르피리 발견.
2. 확장된 아폴로 시스템은 현재 약 1,000미터 x 800미터로 측정되며 성장의 여지가 남아 있습니다.
3. 주목할 만한 시추 결과는 256.35미터 @ 1.23 g/t 금 등가물에서 30.60미터 (APC98-D2)입니다.
4. 수정된 아폴로 모델은 600미터의 스트라이크, 395미터의 폭, 1,130미터의 수직 부피를 포함합니다.
5. 현재 과야바레스 프로젝트에서 다섯 개의 시추 장비가 운영 중이며, 2024년 계획된 40,000미터 프로그램의 50% 이상이 완료되었습니다.
Collective Mining (NYSE: CNL) (TSX: CNL) a annoncé une expansion significative de son système Apollo au projet Guayabales en Colombie. L'entreprise a relié les systèmes Olympus et Apollo en un grand système unique, désormais connu collectivement sous le nom d'Apollo. Les points saillants incluent :
1. Découverte de doigts de porphyre bréchique minéralisés en surface à 400 mètres au nord du modèle actuel d'Apollo.
2. Le système Apollo élargi mesure désormais environ 1.000 mètres par 800 mètres et reste ouvert à la croissance.
3. Des résultats de forage notables incluent 256,35 mètres @ 1,23 g/t d'équivalent or à partir de 30,60 mètres (APC98-D2).
4. Le modèle Apollo révisé couvre un volume allant jusqu'à 600 mètres d'étendue par 395 mètres de largeur et 1.130 mètres de profondeur.
5. Cinq foreuses sont actuellement en activité sur le projet Guayabales, avec plus de 50 % du programme de 40 000 mètres prévu pour 2024 déjà réalisé.
Collective Mining (NYSE: CNL) (TSX: CNL) hat eine erhebliche Erweiterung seines Apollo-Systems im Guayabales-Projekt in Kolumbien angekündigt. Das Unternehmen hat die Systeme Olympus und Apollo zu einem großen System zusammengeführt, das jetzt gemeinsam als Apollo bekannt ist. Wichtige Höhepunkte sind:
1. Entdeckung von flachen mineralisierten brekziierten Porphyrfingern 400 Meter nördlich des aktuellen Apollo-Modells.
2. Das erweiterte Apollo-System misst jetzt etwa 1.000 Meter mal 800 Meter und ist weiterhin wachstumsfähig.
3. Bemerkenswerte Bohrergebnisse umfassen 256,35 Meter @ 1,23 g/t Goldäquivalent aus 30,60 Metern (APC98-D2).
4. Das überarbeitete Apollo-Modell deckt ein Volumen von bis zu 600 Metern Strich, 395 Metern Breite und 1.130 Metern vertikal ab.
5. Fünf Bohranlagen sind derzeit im Guayabales-Projekt im Einsatz, wobei über 50 % des geplanten Programms von 40.000 Metern für 2024 bereits abgeschlossen sind.
- Expansion of Apollo system by connecting with Olympus, creating a larger mineralized area
- Discovery of shallow mineralized brecciated porphyry fingers 400 meters north of current Apollo model
- Significant drill results, including 256.35 metres @ 1.23 g/t gold equivalent from 30.60 metres
- Increased potential for mineral endowment growth and development opportunities
- Over 50% completion of the planned 40,000-meter drilling program for 2024
- Some exploratory holes (APC-94, APC-96, OLD-1, OLD-2) intersected only low-grade mineralization or missed the main mineralized zones
Insights
The expansion of Apollo through connecting with Olympus represents a significant development for Collective Mining. This consolidation into a single, larger system enhances the project's potential scale and economic viability. Key points include:
- The expanded Apollo system now measures 1,000 metres by 800 metres, with mineralization open for further growth.
- Multiple shallow mineralized zones were discovered, starting from just 25 metres below surface, which could positively impact future mining economics.
- High-grade intercepts such as
256.35 metres @1.23 g/t AuEq demonstrate robust mineralization. - The system's vertical extent now reaches 1,130 metres, indicating substantial depth potential.
This expansion significantly increases the resource potential and could lead to a re-evaluation of the project's overall value. Investors should monitor future drill results for continued expansion and definition of high-grade zones within this enlarged system.
The expansion of Apollo presents several financial implications for Collective Mining:
- Increased resource potential could lead to a higher valuation of the company's assets.
- The shallow nature of some mineralization (25 metres below surface) may result in lower future mining costs.
- With
40,000 meters of drilling planned and50% completed, the company appears well-funded for near-term exploration. - The potential for a large-scale precious metal rich camp suggests long-term production upside.
However, investors should note that significant capital will likely be required to advance this project towards production. The company's ability to finance future development and its cash position will be important factors to monitor.
The geological implications of this discovery are substantial:
- The connection of Olympus and Apollo into one system suggests a larger mineralizing event than previously thought.
- Multiple mineralization styles (stockwork, brecciated porphyries and CBM veins) indicate a complex and potentially long-lived hydrothermal system.
- The presence of gold, silver, copper and tungsten points to a polymetallic system, which could enhance overall project economics.
- Open mineralization in most directions suggests further expansion potential.
The combination of shallow and deep mineralization, along with high-grade zones within a larger envelope, is characteristic of world-class porphyry-epithermal systems. Continued exploration should focus on delineating high-grade zones and understanding the system's overall geometry for optimal resource definition.
Ari Sussman, Executive Chairman commented: "Confirming that Olympus and Apollo are in fact one much larger combined system (Apollo) is pleasing and opens the door for expanded future exciting scenarios in terms of mineral endowment growth and development opportunities. We have two rigs focused on Apollo presently and will now look to expand the system northwards past its known limits while continuing to focus on defining and growing higher grade subzones within the existing block model. I remain steadfastly confident that aggressive exploration efforts at the Guayabales Project will evolve into a large-scale precious metal rich camp that will scale both in terms of future metal endowment and production profile."
Highlights (see Table 1 and Figures 1-4)
- Drill holes PZC-3, mother hole APC98-D and its series of subset directional drill holes, collared from OPad5 approximately 400 metres laterally to the north of the current Apollo model and within the Olympus target area, intersected multiple shallow mineralized brecciated porphyry fingers commencing from approximately 25 metres below surface and continuing southwards to the northern edge of the previously defined Apollo system. This is the first time that shallow brecciated porphyry mineralization has been discovered outside of the outcropping portion of the Apollo model some 400 metres to the southwest.
- As a result of discovering that mineralization is connected between Olympus and Apollo, the area covering both systems has now been integrated into a single large and expanded Apollo system measuring approximately 1,000 metres by 800 metres and open for further growth. Gold dominant plus silver, copper and tungsten metal systems in this large area, are hosted in three superimposed mineralization styles which include stockwork and brecciated porphyries plus overprinting and multi-directional trending, late-stage precious metal rich sheeted porphyry veinlets ("CBM Veins").
- New assay result highlights from holes connecting Olympus and Apollo (now known collectively as Apollo) from OPad5 include:
- 220.60 metres @ 1.07 g/t gold equivalent from 145.30 metres (APC98-D1) including:
- 32.20 metres @ 1.86 g/t gold equivalent from 195.35 metres
- 256.35 metres @ 1.23 g/t gold equivalent from 30.60 metres (APC98-D2) including:
- 7.90 metres @ 1.76 g/t gold equivalent from 117.10 metres and,
- 11.90 metres @ 3.11 g/t gold equivalent from 163.00 metres and,
- 101.65 metres @ 1.95 g/t gold equivalent from 185.30 metres
- 50.10 metres @ 1.20 g/t gold equivalent from 95.95 metres (PZC-3) including:
- 11.05 metres @ 2.06 g/t gold equivalent from 95.95 metres
- 220.60 metres @ 1.07 g/t gold equivalent from 145.30 metres (APC98-D1) including:
- The revised Apollo model, covering the portion of the mineralization that has been wire-framed, now covers a significantly expanded volume measuring up to 600 metres of strike by 395 metres of width by 1,130 metres vertical and remains open for expansion in most directions. Mineralization at Apollo daylights at surface (i.e. 271 metres @ 3.43 g/t AuEq from 0 metres depth in APC-43; see press release dated April 11, 2023) and has been drilled up to 1,130 metres below surface (i.e. 202 metres @ 2.16 g/t AuEq at 1,130 metres depth in APC88-D1; see press release dated January 30, 2024). The internal model only encompasses the southern portion of the newly discovered and integrated system with plans now in place to aggressively expand Apollo in a northerly direction while continuing to target high-grade subzones within the wireframed portion of the system.
Table 1: Assays Results for Drill Holes in this Release:
Hole # | From (m) | To (m) | Length (m) | Au g/t | Ag g/t | Cu % | AuEq g/t* |
APC-94 | 0.00 | 35.00 | 35.00 | 0.45 | 7.00 | 0.02 | 0.55 |
and | 142.65 | 143.30 | 0.65 | 5.61 | 63.00 | 0.05 | 6.27 |
and | 282.85 | 283.90 | 1.05 | 2.16 | 95.00 | 0.09 | 3.35 |
and | 342.15 | 342.85 | 0.70 | 3.77 | 1.00 | 0.00 | 3.69 |
and | 354.65 | 355.70 | 1.05 | 5.21 | 2.00 | 0.01 | 5.12 |
and | 444.40 | 445.40 | 1.00 | 7.03 | 10.00 | 0.03 | 7.00 |
and | 481.10 | 501.80 | 20.70 | 0.14 | 9.00 | 0.11 | 0.43 |
APC-96 | 58.20 | 59.25 | 1.05 | 1.88 | 6.00 | 0.01 | 1.92 |
and | 292.90 | 294.10 | 1.20 | 4.18 | 3.00 | 0.01 | 4.11 |
and | 430.80 | 432.00 | 1.20 | 2.00 | 5.00 | 0.00 | 2.04 |
APC-98D | 31.20 | 47.00 | 15.80 | 0.03 | 29.00 | 0.03 | 0.42 |
and | 106.00 | 125.20 | 19.20 | 0.71 | 17.00 | 0.04 | 0.95 |
and | 162.90 | 169.85 | 6.95 | 2.17 | 4.00 | 0.02 | 2.18 |
and | 212.70 | 254.30 | 41.60 | 0.88 | 10.00 | 0.02 | 1.00 |
APC98-D1 | 5.95 | 11.15 | 5.20 | 0.83 | 15.00 | 0.03 | 1.04 |
and | 28.50 | 42.75 | 14.25 | 1.05 | 8.00 | 0.01 | 1.13 |
and | 82.45 | 102.20 | 19.75 | 0.82 | 15.00 | 0.04 | 1.04 |
and | 145.30 | 365.90 | 220.60 | 0.89 | 11.00 | 0.04 | 1.07 |
Incl. | 146.85 | 162.55 | 15.70 | 2.53 | 21.00 | 0.01 | 2.72 |
& incl. | 195.35 | 227.55 | 32.20 | 1.54 | 19.00 | 0.06 | 1.86 |
& incl. | 249.15 | 276.90 | 27.75 | 1.70 | 14.00 | 0.05 | 1.88 |
APC98-D2 | 30.60 | 286.95 | 256.35 | 1.03 | 13.00 | 0.03 | 1.23 |
Incl. | 30.60 | 73.60 | 43.00 | 0.75 | 22.00 | 0.04 | 1.06 |
& incl. | 117.10 | 125.00 | 7.90 | 1.70 | 9.00 | 0.01 | 1.76 |
& incl. | 163.00 | 174.90 | 11.90 | 2.89 | 23.00 | 0.02 | 3.11 |
& incl. | 185.30 | 286.95 | 101.65 | 1.67 | 17.00 | 0.05 | 1.95 |
PZC-3 | 95.95 | 146.05 | 50.10 | 0.83 | 22.00 | 0.10 | 1.20 |
Incl. | 95.95 | 107.00 | 11.05 | 1.77 | 20.00 | 0.07 | 2.06 |
& incl. | 125.90 | 146.05 | 20.15 | 0.98 | 35.00 | 0.15 | 1.57 |
OLD-1 | 118.55 | 119.55 | 1.00 | 5.34 | 5.00 | 0.02 | 5.27 |
and | 293.25 | 294.10 | 0.85 | 4.12 | 5.00 | 0.02 | 4.09 |
and | 308.00 | 319.05 | 11.05 | 1.41 | 13.00 | 0.01 | 1.56 |
and | 340.00 | 349.30 | 9.30 | 0.85 | 13.00 | 0.02 | 1.01 |
and | 497.45 | 498.00 | 0.55 | 6.91 | 11.00 | 0.02 | 6.92 |
and | 591.15 | 613.75 | 22.60 | 1.61 | 6.00 | 0.03 | 1.67 |
Incl. | 598.45 | 613.75 | 15.30 | 2.03 | 5.00 | 0.03 | 2.07 |
and | 640.00 | 647.20 | 7.20 | 1.24 | 11.00 | 0.03 | 1.44 |
and | 691.40 | 699.70 | 8.30 | 2.07 | 14.00 | 0.04 | 2.24 |
and | 911.65 | 942.15 | 30.50 | 0.94 | 5.00 | 0.02 | 1.01 |
Incl. | 912.25 | 918.90 | 6.65 | 1.81 | 13.00 | 0.03 | 1.96 |
and | 1011.45 | 1018.25 | 6.80 | 1.31 | 4.00 | 0.02 | 1.35 |
and | 1189.70 | 1192.80 | 3.10 | 1.12 | 1.00 | 0.00 | 1.11 |
OLD-2 | 21.70 | 23.50 | 1.80 | 5.40 | 24.00 | 0.04 | 5.58 |
and | 317.20 | 319.55 | 2.35 | 1.54 | 136.00 | 0.04 | 3.19 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.014 x 0.88) + (Cu (%) x 1.47 x 0.90) + (Mo (%) x 7.41 x 0.85) + (WO3 (%) x 5.47 x 0.72) utilizing metal prices of Cu – |
Exploratory hole APC-94 was drilled due east from Pad14 on the eastern side of the model for Apollo and intersected only the low-grade and peripheral halo zone hosting some individual, sporadic and moderate grade veinlets. APC-96 was drilled at a too shallow of an angle from OPad5 to the south and as a result drilled above the interpreted mineralized zone in this area.
Hole OLD-1 was drilled from OPad5 and was unfortunately drilled too far to the north of the mineralized trend and as a result only intercepted mineralization on the outer margin and/or outside the zone. However, the hole did cut multiple zones of modest mineralization over significant distance with the shallowest intercept beginning at 118.55 metres down hole and the deepest at 1,192.80 metres downhole. Hole OLD-2 was drilled at a shallow angle to test a small in soil precious metal anomaly and failed to intersect any significant mineralization other than two individual CBM veins.
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
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 or X targets or Plutus targets.
Management, insiders, a strategic investor and close family and friends own nearly
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
Information Contact:
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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 commencement of trading on the NYSE American, the ceasing of trading on the OTCQX, 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 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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