Collective Mining drills 40.5 metres at 4.01 g/t AuEq at Guayabales project, Colombia.

Collective Mining Ltd. [TSX, NYSE: CNL; FSE: GG1] released the final assay results from the 2024 drill program at the Trap and Plutus targets. At the Trap target, drilling has confirmed and expanded the high-grade area northward within the Trap Main zone (TMZ) and has discovered a new high-grade vein system in the south of the target area. At the Plutus target, reconnaissance drilling continued to cut shallow levels of a mineralized porphyry system. Trap and Plutus are located within the company’s multitarget Guayabales project, Caldas, Colombia.

The company currently has five drill rigs operating as part of its fully financed 60,000-metre drill program for 2025. Two additional rigs have been contracted with drilling anticipated to ensue in late January and February, respectively.

Ari Sussman, executive chairman, commented: “Trap continues to demonstrate that there is a lot of metal in the system, including the discovery of a new high-grade gold-rich vein system. Detailed analysis of Trap suggests that both the TMZ and Blackjack zones should be drilled along strike to the northwest in 2025 as drilling strongly suggests that the metal bearing fluids intensify in this direction and could be pointing towards a mineralized porphyry feeder system. Drilling has just resumed and we look forward to expanding Trap this year.”

Highlights – Trap target, Trap Main zone (TMZ): New diamond drill results from the TMZ continue to highlight continuity of mineralization over 700 metres (m) of strike length (open), with mineralization beginning at surface and drilled to a maximum depth of 916 metres (open). Two distinct styles of overprinting mineralization have been outlined at Trap with porphyry related D veins intermixed with late-stage polymetallic veins systems. Highlight assay results for the TMZ are as follows.

Drill hole TRC-30 was steeply drilled from TPad2 to the south and intersected 40.50 metres at 4.01 g/t AuEq within 200.85 metres at 1.06 g/t gold equivalent from 4.55 metres depth.

The hole was unfortunately lost while in strong mineralization due to a problem with the stability of the drill pad. As a result, future drilling is strongly warranted in this area.

Assay results from directional hole TRC28-D1, drilled to the southwest from TPad8, cut the projection of the TMZ in an area with no prior drilling with assay results as follows: 41.10 metres at 2.13 g/t AuEq within 137.05 metres at 1.16 g/t gold equivalent from 280.10 metres downhole.

The 2025 drill program at Trap will be focused on expanding the system to the northwest, where recent reinterpretation of drill hole and surface geochemistry data strongly suggest a possible porphyry feeder source might exist in this direction.

Blackjack zone: Mother hole TRC-28D was drilled steeply to the southwest from TPad8 and successfully cut two mineralized intervals in the Blackjack zone with assay results as follows: 21.35 metres at 1.14 g/t AuEq from 39.10 metres; 11.55 metres at 3.89 g/t AuEq from 283.50 metres.

Drill hole TRC-18 intersected the Blackjack zone from TPad4 and cut a broad intercept of mineralization as follows: 48.15 metres at 1.25 g/t AuEq from 110.45 metres.

New high-grade gold vein system discovery: Drilling in the far southern portion of the Trap system inadvertently discovered a discreet high-grade gold vein system with at least 400 metres of strike length potential and open, with assay results as follows: 1.30 metres at 49.30 g/t gold from 18.15 metres (TRC-25); 2.80 metres at 234.15 g/t gold from 122.00 metres (TRC-26), including 0.8 metre at 816 g/t gold.

Additional fieldwork will take place in Q1 2025 on this new discovery ahead of a potential future drilling program.

Drilling to the south of the San Francisco fault failed to intersect either the TMZ or Blackjack zone (but did discover the new high-grade gold vein system). Follow-up mapping and surface geochemistry has uncovered that the fault likely offset both zones to the west with further work under way to better understand the geology in the area.

Plutus target: The final radial drill holes from the 2024 program continue to confirm porphyry-style mineralization characterized by molybdenum, pyrite, chalcopyrite and quartz veinlet stockwork. Additionally, the mineralization is associated with potassic alteration and overprinted by late-stage CBM veins with assay results are as follows: 39.70 metres at 0.31 g/t AuERq from 72.30 metres (PSC-5); 74.55 metres at 0.60 g/t AuEq from 43.05 metres (PSC-6); 126.10 metres at 0.44 g/t AuEq from 43.00 metres (PSC-7); 160.40 metres at 0.38 g/t AuEq from 36.00 metres (PSC-8).

Results from the Plutus radial drilling program are now completed and indicate that the upper part of the porphyry system has been intersected, with mineralization potentially extending to depth in the northwest. Further geological assessments will be undertaken once all trace element data has been received with follow-up drilling to take place in 2025 as warranted.

Collective Mining has options to acquire 100% interests in two projects located directly within an established mining camp with 10 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 expand the Apollo system by stepping out along strike and testing the newly discovered high-grade Apollo Ramp zone, expand the Trap system, and drill a series of newly generated targets, including Tower and X.

Management, insiders, a strategic investor, and close family and friends own 44.5% of the outstanding shares of the company.