Collective drills 2.43 g/t AuEq over 180.6 metres at Guayabales, Colombia

Collective Mining Ltd. [CNL-TSXV; CNLMF-OTCQX] reported assay results from two additional holes completed at the Apollo target on the Guayabales project, located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is one of eight porphyry-related targets situated within a 3 by 4-km cluster area generated by the company through grassroots exploration at the project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig drilling from underground at the Olympus target.

“These latest drill intercepts demonstrate the remarkably continuous nature of this mineralized breccia and overprinting CBM vein system which is now expanding with every drill hole that we complete. With multiple overprinting events depositing mineralization into the system, the Apollo main breccia has all the right markers to evolve into a large-scale discovery. We will remain aggressive with drilling for the balance of 2022,” commented Ari Sussman, Executive Chairman.

Five diamond drill holes with accompanying assay results have now been announced at Apollo and resulted in expansion of this main breccia and overprinting vein system with dimensions of up to 300 metres along strike by 100 metres across by 400 metres vertical. The target remains open in all directions and has the potential to evolve into a significant high-grade, bulk tonnage mineralized system.

Drill holes APC-3 and APC-5 were drilled in opposite directions from two separate drill pads (pads 2 and 3) to the northeast and southwest respectively to test continuity of the mineralized breccia previously intersected in holes APC-1, APC-1W and APC-2 and to test the early working model of the geometry of the main breccia.

Highlights include drill hole APC-3 that returned 180.60 metres at 2.43 g/t AuEq (gold equivalent) from 303.40 metres down hole (200 metres vertical), including 21.10 metres at 3.47 g/t AuEq from 304.9 metres down hole, and 46.60 metres at 5.13 g/t AuEq from 363.1 metres down hole.

APC-3 is the first hole drilled from a newly constructed pad (Pad 3) located approximately 400 metres to the south of Pad 1 (Holes APC-1 and 1W) and 300 metres to the southwest of Pad 2 (Hole APC-2 and APC-5).

APC-5 returned 268.00 metres at 1.50 g/t AuEq from 210.5 metres down hole (135 metres vertical) including 16.35 metres at 2.55 g/t AuEq from 210.3 metres down hole, 19.20 metres at 3.03 g/t AuEq from 252.6 metres down hole, and 22.25 metres at 2.92 g/t AuEq from 456.6 metres down hole.

APC-5 was drilled from Pad 2 to the SW with a steeper inclination and a 200-metre vertical difference from the previous intercept reported in APC-2.

Mineralization is remarkably continuous along the axis of both intercepts and is hosted within an angular breccia with a sulphide matrix consisting of chalcopyrite, pyrite and pyrrhotite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system.

A further four holes (APC-4, APC-6, APC-7 and APC-8) have now been completed with APC-9, APC-10 and APC-11 now being drilled.

APC-6 and APC-8 were designed to test the main breccia target at Apollo and both holes intersected more than 265 metres of potentially favourable mineralization.

APC-4 and APC-7 were NOT designed to test the main breccia target but rather two grassroot concept targets at Apollo. Both holes intersected potentially favorable mineralization with APC-4 cutting a 10-20-metre-thick zone of carbonate base metal veins with visible gold observed in one vein and APC-7 cutting 3 mineralized zones of favorable angular breccia down-hole between 20-40 metres thick.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new grassroots main breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.

The company entered into an agreement with Proven and Probable to provide investor relations services, subject to approval by the TSX Venture Exchange. The agreement with PP has a term of one year, for which they will be paid an annual fee of USD $72,000. PP currently owns 3,250 common shares of Collective.

Collective Mining holds an option to earn up to a 100% interest in two projects in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined.