Collective Mining (TSX: CNL) has published a maiden mineral resource estimate for Apollo, the most advanced discovery on its Guayabales project in Colombia, totalling 5.41 million gold-equivalent ounces across two categories.
The estimate draws on a drill database closed five months earlier, on March 31. Highlights from the results include:
- Indicated resources of 37.0 million tonnes grading 2.17 g/t gold equivalent (1.38 g/t gold, 24.4 g/t silver, 0.14% copper and 0.011% tungsten trioxide)
- Containing 2.58 million gold equivalent ounces (1.64 million ounces gold, 29.0 million ounces silver, 114.2 million pounds copper, and 9.0 million pounds tungsten trioxide)
- Inferred resources of 48.2 million tonnes grading 1.83 g/t gold equivalent (1.60 g/t gold, 8.39 g/t silver, 0.03% copper and 0.002% tungsten trioxide)
- containing 2.83 million gold equivalent ounces (2.47 million ounces gold, 13.0 million ounces silver, 31.9 million pounds copper, and 2.1 million pounds tungsten trioxide)
Of the indicated tonnage, 22.5 million tonnes sits inside a constraining pit shell at a strip ratio of 3.4-to-1. The remainder is underground, including the Ramp Zone below 1,000 metres elevation, where indicated material grades 4.52 g/t gold and a further 6.04 million inferred tonnes grade 5.20 g/t gold.
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Apollo is an intrusion related gold-silver-copper-tungsten system hosted in a hydrothermal breccia and adjacent late Miocene diorite and quartz diorite porphyries, overprinted by later carbonate-base metal veins. The system has a surface footprint of roughly 1,000 metres by 800 metres and has been intersected over more than 1,450 vertical metres from surface. It lies about 1.75 kilometres northwest of Aris Mining’s Marmato mine.
The model is built on 265 holes and some 114,520 metres of drilling, using prices of US$3,000/oz gold, US$60/oz silver, US$5.25/lb copper and US$93.31/lb tungsten trioxide, alongside recoveries of 95%, 92%, 85% and 70% respectively.
A further 40,000 metres completed since the database cut-off is not captured in the figures. Thirteen rigs are currently turning across Guayabales on expansion and infill work at Apollo, Trap, Orion and Victory.
“Importantly, this is the largest new mineral resource stage discovery in Colombia since we discovered Buriticá for Continental Gold more than a decade ago,” said executive chairman Ari Sussman. “Similar to Buriticá, where the resource grew over time with continued drilling, I see substantial opportunity to expand Apollo through our ongoing aggressive drill program.”
Collective is targeting the start of underground exploration adit construction in the fourth quarter, underground drilling at Trap East in early 2027, an environmental licence application in the second half of 2027, and an updated Apollo resource in the first quarter of 2028.
Collective Mining last traded at $21.48 on the TSX.
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