Collective Mining Drills 183.70 Metres at 3.01 g/t Gold Equivalent Commencing from 37.30 Metres Downhole at the Apollo System

Rhea-AI Summary

Collective Mining (NYSE:CNL) has announced significant high-grade drilling results from its Apollo system at the Guayabales Project in Colombia. The highlight intercept includes 183.70 metres at 3.01 g/t gold equivalent starting from 37.30 metres downhole, containing 0.86 g/t gold, 44 g/t silver, 0.83% copper, and 0.14% WO3.

The company is executing a fully funded 70,000-metre drill program for 2025 with eleven rigs in operation. A second large-capacity drill rig has arrived to test the Ramp Zone and will begin operations within two weeks. To date, 133,000 metres of diamond drilling has been completed at Guayabales Project, including 93,000 metres at Apollo, with twenty-five drill holes currently awaiting assay results.

The shallow drill program at Apollo is nearing completion with approximately six holes remaining, having expanded the mineralized area by about 5% with an average drill hole spacing of 35 metres from surface to 150 metres depth.

Positive

• High-grade intercepts including 183.70m @ 3.01 g/t gold equivalent from near surface
• Shallow drilling program expanded mineralized area by 5%
• Fully funded 70,000-metre drill program with eleven rigs operating
• Second large capacity rig arriving to expand Ramp Zone testing
• Strong assay results showing multiple minerals (gold, silver, copper, tungsten)

Negative

• Knife target removed from inventory after unsuccessful drill results
• Significant backlog of drill holes at laboratory in Peru

Insights

Mining Geologist

Collective Mining's high-grade drill results at Apollo strengthen resource potential and advance the project toward development.

The recent drill results from Collective Mining's Apollo system represent a significant enhancement to the project's resource potential. The highlighted intercept of 183.70 metres at 3.01% gold equivalent starting from just 37.30 metres downhole demonstrates substantial near-surface mineralization, which is crucial for favorable economics in any future mining scenario. The polymetallic nature of the deposit (gold, silver, copper, and tungsten) provides potential for robust economics through multiple revenue streams.

Particularly impressive is hole APC-136 with 37.15 metres at 7.05% gold equivalent, containing high-grade tungsten (0.73% WO₃) alongside precious metals. These tungsten values are extraordinarily high by global standards, potentially positioning the project as a significant source of this strategic metal used in specialized steel production, electronics, and defense applications.

The company's systematic approach to drilling is yielding dividends, with the shallow program expanding the mineralized volume by approximately 5% while simultaneously filling gaps in their block model. Achieving a 35-metre drill spacing is approaching the density required for measured and indicated resource classification, suggesting the company is methodically advancing toward resource definition.

The arrival of a second deep capacity rig specifically targeting the Ramp Zone shows a strategic focus on potentially expanding high-grade mineralization at depth. The consideration of adding a third deep capacity rig further indicates management's confidence in the Ramp Zone's potential to significantly enhance the overall deposit. With 25 pending assays and an accelerating pace of results, we should expect a steady flow of data that will further refine understanding of this substantial mineralized system.

Financial Analyst

Collective Mining's impressive drill results strengthen their asset value with high-grade, near-surface polymetallic mineralization.

Collective Mining's latest drill results showcase exceptional mineral grades at shallow depths - a key value driver for junior miners. The polymetallic nature of these intercepts, containing gold, silver, copper, and tungsten, provides significant economic advantages through diversified revenue potential and possible production flexibility. The gold equivalent grades reaching 7.05% over substantial widths are particularly noteworthy as they significantly exceed typical economic thresholds for underground mining operations.

The company's fully-funded 70,000-metre drilling program for 2025 demonstrates strong financial positioning, eliminating immediate dilution concerns for shareholders. With eleven drill rigs currently operating, Collective is executing an aggressive exploration strategy that should accelerate resource definition and potential project advancement.

The strategic focus on both shallow mineralization and the high-grade Ramp Zone indicates a two-pronged approach: establishing a near-term development scenario while simultaneously pursuing deeper high-grade zones that could substantially enhance the overall project economics. This balance between immediate resource development and blue-sky potential represents sophisticated project management.

The increased drilling efficiency and clearing of laboratory backlogs suggests an acceleration of news flow, which typically improves market visibility and potential rerating opportunities for exploration companies. While the Knife target's removal from their greenfield inventory represents a minor setback, the company's primary focus on Apollo continues to yield excellent results. The expanding resource volume, increased drill density approaching resource classification standards, and consistent high-grade intercepts all point toward significant progress in de-risking this asset.

• High-grade gold, copper, silver and tungsten assay results have been received for four holes from its ongoing shallow drilling program designed to outline and expand the near surface zone of mineralization at the Apollo system with highlighted results as follows:
  
  
  • 183.70 metres @ 3.01 g/t gold equivalent (0.86 g/t gold, 44 g/t silver, 0.83% copper and 0.14% WO₃) from 37.30 metres downhole (APC-134)
    
    
  • 37.15 metres @ 7.05 g/t gold equivalent (2.19 g/t gold, 89 g/t silver, 0.92% copper, and 0.73% WO₃) from 118.10 downhole (APC-136)
    
    
• The second large capacity diamond drill rig to test the Ramp Zone has arrived on site and is expected to begin operating within the next two weeks.

TORONTO, Aug. 20, 2025 /PRNewswire/ - Collective Mining Ltd. (NYSE: CNL) (TSX: CNL) ("Collective" or the "Company") is pleased to announce assay results for four diamond drill holes designed to better outline and expand the shallow portion of gold-silver-copper-tungsten mineralization at the Apollo system ("Apollo").  Apollo, which begins at surface, is strongly mineralized over 1,200 vertical metres, is open at depth and is the most advanced discovery made to date within the Company's multi-target, Guayabales Project in Caldas, Colombia.

The Company currently has eleven drill rigs operating as part of its fully funded 70,000 metre drill program for 2025 with eight rigs operating at the Guayabales Project and three rigs turning at the San Antonio Project. Drilling at the Guayabales Project is focused on multiple objectives which include defining shallow mineralization, expanding and identifying new high-grade sub-zones, expanding the high-grade Ramp Zone at depth and testing new targets. Two deep capacity drill rigs are now at Apollo with the first rig now drilling a mother hole after successfully extending a previous step-out hole which failed to reach its intended depth when targeting the Ramp Zone (assays results pending). A second deep capacity rig has recently arrived at site and is expected to begin drilling a second mother hole to test the high-grade Ramp Zone discovery within the next two weeks.

Approximately 133,000 metres of diamond drilling has been completed to date at the Guayabales Project, including 93,000 metres at Apollo. There are currently twenty-five drill holes in the lab with assay results for most of these holes expected in the near term.

Ari Sussman, Executive Chairman commented: "As the shallow drill program at Apollo approaches its conclusion, we continue to improve upon the internal block model by intersecting extraordinary grades of gold, silver, copper and tungsten. We are also pleased that the second large capacity rig to test the Ramp Zone below Apollo has arrived on site and will begin operating shortly. We expect to begin intersecting the Ramp Zone next month with a series of directional holes with a goal of expanding the zone up to 300 meters along strike and below current drilling.  Additionally, we are evaluating bringing a third deep capacity rig for the Ramp Zone in order further expand the Ramp drilling program."

Details (see Table 1 and Figures 1-2)

• Four drill holes drilled from Pad 25 intersected high-grade gold, silver, copper and tungsten mineralization from at or near surface with results as follows:
  
  
  • 111.05 metres @ 1.79 g/t gold equivalent from 50.05 metres downhole (APC-132)
    
    
  • 183.7 metres @ 3.01 g/t gold equivalent from 37.30 metres downhole (APC-134) including:
    
    
    • 31.85 metres @ 4.12 g/t gold equivalent from 98.70 metres downhole
      
      
  • 64.80 metres @ 3.32 g/t gold equivalent from 25.70 metres downhole and 49.40 metres @ 2.44 g/t gold equivalent from 124.60 metres downhole (APC-135)
    
    
  • 31.40 metres @ 3.55 g/t gold equivalent from 28.70 metres downhole and 37.15 metres @ 7.05 g/t gold equivalent (APC-136)
    
    
• The drill program targeting the shallowest portion of Apollo is nearing completion with approximately six drill holes remaining. Drill intercepts from the shallow program have expanded the volume of the shallow mineralized area by approximately five percent and have filled multiple gaps within the internal block model. Once the shallow drilling program has been completed, the average drill hole spacing will be 35 metres from surface to a vertical depth of 150 metres.

Table 1: Assays Results for Drill Holes APC-132, APC-134, APC-135 and APC-136

Hole #	From (m)	To (m)	Length (m)	Au g/t	Ag g/t	Cu %	WO3 %	AuEq g/t*
APC-132	50.05	161.10	111.05	0.63	23	0.46	0.08	1.79
APC-134	37.30	221.00	183.70	0.86	44	0.83	0.14	3.01
Incl.	98.70	130.55	31.85	0.95	51	0.99	0.34	4.12
APC-135	25.70	90.50	64.80	2.39	17	0.13	0.18	3.32
and	124.60	174.00	49.40	0.94	66	0.45	0.02	2.44
APC-136	28.70	60.10	31.40	2.41	24	0.33	0.13	3.55
and	118.10	155.25	37.15	2.19	89	0.92	0.73	7.05

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) + (WO₃ (%) x 4.84 x 0.72) utilizing metal prices of Au – US$2,200/oz, Ag – US$33/oz, Cu – US$4.62/lb and WO₃ – US$15.51/lb and recovery rates of 97% for Au, 85% for Ag, 95% for Cu and 72% for WO₃. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, April 11, 2024, and October 3, 2024. True widths are between 60%-100% of the total length and grades are uncut.

The Company has received assay results for two diamond drill holes completed at the Knife target and did not intersect any significant mineralization. As a result, the Knife target has been removed from the Company's inventory of greenfield drill targets at the Guayabales Project.

The significant backlog of drill holes at the laboratory in Peru is being rectified and accordingly the Company expects to be releasing assay results at an accelerated rate for the foreseeable future.

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 $2 billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. 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.

The Company's flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten Apollo system. The Company's objectives are to improve the overall grade of the Apollo system by systematically drill testing newly modeled potentially high-grade sub-zones, expand the newly discovered high-grade Ramp Zone along strike and to depth and drill a series of greenfield generated targets on the property. 

Additionally, the Company has launched its largest drilling campaign in history at the San Antonio Project as it hunts for new discoveries and looks to expand upon the newly discovered porphyry system at the Pound target. The San Antonio Project is located between two to five kilometers east-northeast of the Guayabales Project and could potentially share infrastructure given their close proximity to each other.

Management, insiders, a strategic investor and close family and friends own 44.5% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on both the NYSE American and TSX under the trading symbol "CNL".

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

Samples were cut by Company personnel at Collective Mining's core facility in Caldas, Colombia. Diamond drill core was sawed and then sampled in maximum 2 metres intervals, stopping at geological boundaries. Drill hole core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole.

Core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) on X

Follow Collective Mining (@CollectiveMini1) on X, (Collective Mining) on LinkedIn, and (@collectivemining) on Instagram

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 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 24, 2025. 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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SOURCE Collective Mining Ltd.

FAQ

What were the key drilling results from Collective Mining's (CNL) Apollo system?

The key result was 183.70 metres at 3.01 g/t gold equivalent from 37.30 metres downhole, containing 0.86 g/t gold, 44 g/t silver, 0.83% copper, and 0.14% WO3.

How many drill rigs does Collective Mining currently have operating in 2025?

Collective Mining has eleven drill rigs operating: eight at the Guayabales Project and three at the San Antonio Project.

What is the status of CNL's shallow drilling program at Apollo?

The shallow drilling program is nearing completion with approximately six drill holes remaining, having expanded the mineralized area by 5% with an average hole spacing of 35 metres.

How much drilling has been completed at Collective Mining's Guayabales Project?

Approximately 133,000 metres of diamond drilling has been completed at the Guayabales Project, including 93,000 metres at the Apollo system.

What are Collective Mining's plans for the Ramp Zone drilling?

A second large capacity rig has arrived and will begin drilling within two weeks, with plans to expand the zone up to 300 meters along strike. The company is also considering adding a third deep capacity rig.