Collective Mining Reports 95% Gold, 92% Silver, 85% Copper and 70% Tungsten Recovery Rates at Apollo; Maiden Resource Estimate Targeted for September 2026
TSX: CNL | NYSE: CNL
Overview
Collective Mining Ltd. announced metallurgical test work results from approximately the top 1,000 meters of the Apollo system at the Guayabales Project in Caldas, Colombia, according to the company. The program, conducted using conventional gravity concentration, flotation and cyanidation methods, demonstrated recoveries of gold, silver, copper and tungsten-bearing scheelite, the company stated.
The company also said it has accelerated its internal timeline to apply for a license for the project and, as a result, now expects to release its maiden mineral resource estimate on Apollo in September 2026.
Key Highlights
- A master composite representative of approximately the top 1,000 meters of the Apollo system returned recoveries of 95% gold, 92% silver and 85% copper, according to the company.
- Head grades for the master composite were 1.4 g/t gold, 20 g/t silver and 0.08% copper, according to the company.
- Metallurgical test work on Apollo's high-grade tungsten zone demonstrated tungsten recovery rates of up to 74% and achieved a concentrate with over 60% tungsten; subsequent bulk-sample testing achieved concentrate purity of 95% scheelite, the company said.
- In certain tests, more than 50% of the total gold reported to gravity concentrates, producing concentrates containing several ounces of gold per tonne, according to the company.
- Samples containing more than 0.15% copper returned recovery rates at or above 90%, while samples containing less than 0.15% copper returned recoveries averaging approximately 80%, the company stated.
- Preliminary metallurgical test results on material from the Apollo System's high-grade Ramp Zone at depth have recovered up to 96% of the gold and silver recoveries in excess of 80% using conventional processing techniques, according to the company, with full results from a comprehensive program expected in H1-2027.
- More than 130 individual drill core samples across 36 intervals, each weighing between 5 and 10 kilograms, were collected from representative locations across the top 1,000 meters of the Apollo System to create the master composite, according to the company.
Strategic/Operational Context
Ari Sussman, Executive Chairman, commented: "We are blessed to have such a straight-forward polymetallic deposit from a metallurgical standpoint with all metals being recovered at high-rates using standard processing methods. The Company is geared up for an exciting balance of 2026, with our maiden mineral resource estimate expected in September and numerous drill holes designed to expand Apollo (including the Ramp Zone) that appear to have intersected potentially significant mineralization."
According to the company, locked cycle testing of the master composite was conducted by ALS in Kamloops, British Columbia, Canada. The company said the next phase of work is designed to further define metallurgical performance across a range of grades, material types and mineralized domains within Apollo, including the Ramp Zone and the Shallow Halo Zone (formerly known as the Northern Apollo Oxidized area), as well as other areas of the system, to advance development and optimization of potential processing flowsheets. The company said tailings filtration and thickening tests as well as grind sizing studies are also envisioned as part of this program.
Resources and Financials
- Master Composite Au Head Grade: 1.4 g/t
- Master Composite Ag Head Grade: 20 g/t
- Master Composite Cu Head Grade: 0.08%
- Master Composite Au Recovery: 95%
- Master Composite Ag Recovery: 92%
- Master Composite Cu Recovery: 85%
- Tungsten recovery: up to 74%, concentrate grading greater than 60% tungsten
- Bulk-sample tungsten concentrate purity: 95% scheelite
- Ramp Zone preliminary gold recovery: up to 96%
- Ramp Zone preliminary silver recovery: in excess of 80%
What to Watch Next
- The company's maiden mineral resource estimate on Apollo is targeted for September 2026, according to the company.
- Full results from the comprehensive Ramp Zone metallurgical program are expected in H1-2027, according to the company.
- Additional variability and optimization testing across Apollo, including the Ramp Zone and Shallow Halo Zone, is planned as part of ongoing metallurgical work, the company stated.
About Collective Mining Ltd.
Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $1.4 billion in enterprise value, Collective is a gold, silver, copper and tungsten exploration company with projects in Caldas, Colombia. The Company's two projects are located directly within an established mining camp with ten fully permitted and operating mines.
The Company's flagship project, Guayabales, is anchored by Apollo, a large-scale, bulk-tonnage and high-grade gold-silver-copper-tungsten system. The Company's objectives at the Guayabales Project are to expand the newly discovered high-grade Ramp Zone along strike and to depth, drill test the new outcropping Shallow Halo Zone (formerly known as the Northern Apollo Oxidized area), drill the recently granted license covering the northwestern extension of the Trap target, and drill a series of greenfield generated targets across the property.
Management, insiders, a strategic investor and close family and friends own 45.2% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on both the Nasdaq and TSX under the trading symbol "CNL".
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