Collective slides on Apollo’s 4.1M-oz gold resource
Original announcement by northernminer on
- Company
- Collective Mining
- Ticker
- CNL
- Exchange
- Unavailable
- Region
- Colombia
- Primary commodity
- Gold
- Secondary commodities
- Silver, Copper, Tungsten
- Document categories
- Resource update, Metallurgy
- Extracted
- 2026-09-09 18:48:16 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
Collective Mining has outlined a maiden gold resource of 4.1 million ounces at its Apollo deposit in Colombia. The resource includes 37 million indicated tonnes and 48.2 million inferred tonnes, with high-grade potential noted in the Ramp zone.
Reasoning: The announcement of a 4.1M-oz gold maiden resource is a major milestone, though the high Inferred component and negative market reaction temper the sentiment.
Positive factors
- Maiden resource establishment
- Significant gold-equivalent scale
- High-grade Ramp zone identified
- Strong metallurgical recoveries
Negative factors
- High proportion of Inferred resource
- Share price reaction was negative
- Significant portion of deposit remains undrilled
Facts used in scoring: 12
Classification and evidence
Maiden Resourceneutral
First formal MRE for the project — establishes baseline but typically exploration-stage with high Inferred component.
Why it applies: The company outlined a first resource containing 4.1 million oz. of gold.
Evidence · text
“outlined a first resource containing 4.1 million oz. of gold”
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Gold recovery of 95% is in the exceptional band.
Evidence · text
“recoveries of 95% for gold”
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 4 distinct composites were tested
Extracted facts
Stored fact records: 12. Some facts used in scoring do not have a stored record.
Resource Estimates (8)
indicatedApollo · goldTonnes: 37000000Grade: 1.38Grade Unit: g/tContained Metal: 1640000Contained Unit: ozView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- indicated
- Tonnes
- 37000000
- Grade
- 1.38
- Grade Unit
- g/t
- Contained Metal
- 1640000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Significant indicated resource component for a maiden estimate.
Positive factors
- Large indicated tonnage
Evidence · text
“37 million indicated tonnes grading 1.38 grams gold per tonne... for 1.64 million oz. gold”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedApollo · silverTonnes: 37000000Grade: 24.4Grade Unit: g/tContained Metal: 29000000Contained Unit: ozView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- indicated
- Tonnes
- 37000000
- Grade
- 24.4
- Grade Unit
- g/t
- Contained Metal
- 29000000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Substantial silver credits reported within the indicated resource.
Positive factors
- Significant silver byproduct
Evidence · text
“24.4 grams silver per tonne... for 29 million oz. silver”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedApollo · copperTonnes: 37000000Grade: 0.14Grade Unit: %Contained Metal: 115000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- copper
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- indicated
- Tonnes
- 37000000
- Grade
- 0.14
- Grade Unit
- %
- Contained Metal
- 115000000
- Contained Unit
- lb
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Copper reported as a secondary metal.
Evidence · text
“0.14% copper... for 115 million lb. copper”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
indicatedApollo · tungstenTonnes: 37000000Grade: 0.011Grade Unit: %Contained Metal: 3887Contained Unit: tonnesView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- tungsten
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- indicated
- Tonnes
- 37000000
- Grade
- 0.011
- Grade Unit
- %
- Contained Metal
- 3887
- Contained Unit
- tonnes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Trace tungsten trioxide reported.
Evidence · text
“0.011% tungsten trioxide for... 3,887 tonnes of tungsten trioxide”
Tags used in scoring
Indicated Resourcepositive
Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves.
Why it applies: category is "indicated"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredApollo · goldTonnes: 48200000Grade: 1.6Grade Unit: g/tContained Metal: 2470000Contained Unit: ozView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- inferred
- Tonnes
- 48200000
- Grade
- 1.6
- Grade Unit
- g/t
- Contained Metal
- 2470000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Large volume of inferred resource adds scale but limits confidence.
Positive factors
- Large inferred tonnage
Negative factors
- High proportion of inferred resource
Evidence · text
“Inferred resources add 48.2 million tonnes at 1.6 grams gold... for 2.47 million oz. gold”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredApollo · silverTonnes: 48200000Grade: 8.39Grade Unit: g/tContained Metal: 13000000Contained Unit: ozView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- inferred
- Tonnes
- 48200000
- Grade
- 8.39
- Grade Unit
- g/t
- Contained Metal
- 13000000
- Contained Unit
- oz
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Silver byproduct in inferred category.
Evidence · text
“8.39 grams silver... for 13 million oz. silver”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredApollo · copperTonnes: 48200000Grade: 0.03Grade Unit: %Contained Metal: 32000000Contained Unit: lbView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- copper
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- inferred
- Tonnes
- 48200000
- Grade
- 0.03
- Grade Unit
- %
- Contained Metal
- 32000000
- Contained Unit
- lb
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Copper byproduct in inferred category.
Evidence · text
“0.03% copper... for 32 million lb. copper”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
inferredApollo · tungstenTonnes: 48200000Grade: 0.002Grade Unit: %Contained Metal: 1081Contained Unit: tonnesView all detailsHide details
Identity
- Project
- Apollo
- Commodity
- tungsten
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Resource Data
- Category
- inferred
- Tonnes
- 48200000
- Grade
- 0.002
- Grade Unit
- %
- Contained Metal
- 1081
- Contained Unit
- tonnes
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: Trace tungsten trioxide reported.
Evidence · text
“0.002% tungsten trioxide for 1,081 tonnes tungsten trioxide”
Tags used in scoring
Inferred Resourcenegative
Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone.
Why it applies: category is "inferred"
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
No QP/CP Disclosurenegative
No Qualified Person or Competent Person named — lower credibility for the estimate. A QP/CP should be a member of a recognized professional association with relevant experience.
Why it applies: no Qualified or Competent Person is named anywhere in the release
PEA-Supportingneutral
Resource estimate prepared to support a Preliminary Economic Assessment — early-stage study.
Why it applies: the release names the study this estimate supports
DFS-Supportingneutral
Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence.
Why it applies: the release names the study this estimate supports
Metallurgical Results (4)
Fact 1Apollo · goldRecovery: 95 %View all detailsHide details
Identity
- Project
- Apollo
- Commodity
- gold
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Test Work
- Sample
- gold recovery using conventional processing methods
Recovery
- Recovery
- 95 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: 95% gold recovery is exceptional for conventional processing.
Positive factors
- High recovery
Evidence · text
“metallurgical testing returned recoveries of 95% for gold”
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 95% is at or above the exceptional band (95%)
Fact 2Apollo · silverRecovery: 92 %View all detailsHide details
Identity
- Project
- Apollo
- Commodity
- silver
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Test Work
- Sample
- silver recovery using conventional processing methods
Recovery
- Recovery
- 92 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: 92% silver recovery is strong.
Positive factors
- Strong recovery
Evidence · text
“92% for silver”
Tags used in scoring
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 92% is at or above the exceptional band (90%)
Fact 3Apollo · copperRecovery: 85 %View all detailsHide details
Identity
- Project
- Apollo
- Commodity
- copper
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Test Work
- Sample
- copper recovery using conventional processing methods
Recovery
- Recovery
- 85 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: 85% copper recovery is solid for conventional methods.
Positive factors
- Moderate to strong recovery
Evidence · text
“85% for copper”
Fact 4Apollo · tungstenRecovery: 70 %View all detailsHide details
Identity
- Project
- Apollo
- Commodity
- tungsten
- Region
- colombia
- Reported Region
- Colombia
- Ticker
- CNL
Test Work
- Sample
- tungsten recovery using conventional processing methods
Recovery
- Recovery
- 70 %
- Recovery Basis
- actual_test
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-09T00:00:00.000Z
Reasoning: 70% tungsten recovery is somewhat low compared to precious metals.
Negative factors
- Relatively low recovery
Evidence · text
“70% for tungsten”
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.