Collective Mining drills 1.31 g/t AuEq over 136.45 metres at Guayabales, Colombia

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Collective Mining Ltd. [TSX-CNL; OTCQX-CNLMF] reported assay results for two diamond holes drilled into the Plutus Northern corridor, which is one of a series of targets at the Guayabales project in Caldas, Colombia. The Plutus Northern corridor forms part of the larger Plutus porphyry centre and is located approximately 1,000 metres east of the Apollo porphyry system.

Ari Sussman, executive chairman, commented: “Making a new discovery in only the second hole drilled in the Plutus Northern corridor as part of the 2023 exploration program is a testament to both the tenacity of our operating team on the ground and the robust geology of the intrusion complex at the Guayabales project.

“We remain steadfast in our goal of being aggressive with drilling to unlock as much value as we can in what we firmly believe is an emerging mining district. The area in which we operate has all the earmarks of evolving into a series of important and strategic deposits for Colombia and we are honoured to help push this initiative forward for our stakeholders and shareholders.”

Plutus measures approximately 1,000 metres by 720 metres as outlined by a magnetic high which is coincident with copper and molybdenum soil anomalies measuring greater than 300 ppm and 20 ppm respectively. The Plutus Northern Corridor, situated within the northern portion of Plutus, hosts brecciated porphyry and overprinting CBM vein mineralization within a NE-SW trending corridor. It is worth noting that the Apollo porphyry system, as well as the area currently being drilled for the first time by the company at the ME target, are also located in the same magnetic transition zone.

This press release outlines results from two holes designed to test below new recently defined outcropping targets within the Plutus Northern Corridor.

PNC-2 was drilled southwest from a new pad, PPad 1, to a maximum downhole depth of 579.40 metres (450 meters vertical due to topography). At 369.35 metres downhole, the hole entered a new zone of mineralization located below a recently identified outcrop and cut 136.45 metres of continuous hydrothermal breccia with overprinting CBM veinlets. This new mineralized zone hosts a sulphide cement matrix of chalcopyrite (up to 0.3%), pyrite (up to 1.5%), sphalerite (up to 0.6%), galena (up to 0.5%) and pyrrhotite (up to 0.7%) with assay results as follows: 35.10 metres at 0.41 g/t AuEq (gold equivalent) from 65.30 metres downhole (consisting of 0.20 g/t gold, 2 g/t silver and 0.10% copper) in mineralized porphyry; 185.80 metres at 0.81 g/t AuEq from 143.20 metres downhole (consisting of 0.59 g/t gold, 13 g/t silver and 0.02% copper) in hydrothermal breccia; 136.45 metres at 1.31 g/t AuEq from 369.35 metres downhole (consisting of 0.97 g/t gold, 20 g/t silver and 0.04% copper) in hydrothermal breccia including 42.95 metres at 2.39 g/t AuEq from 462.35 metres downhole in breccia with overprinting sheeted CBM veinlets.

PNC-1 was drilled south-southwest from PPad 1 to a maximum downhole depth of 594.95 metres (490 metres vertical due to topography) and encountered diorites and quartz diorite porphyry rocks with secondary biotite alteration and veinlets of quartz, magnetite, chalcopyrite, and molybdenum with assay results as follows: 22.45 metres at 0.32 g/t AuEq from surface (consisting of 0.19 g/t gold, 1 g/t silver and 0.04% copper); 85.05 metres at 0.31 g/t AuEq from 53.00 metres downhole (consisting of 0.18 g/t gold, 1 g/t silver and 0.06% copper); 39.35 metres at 0.35 g/t AuEq from 169.75 metres downhole (consisting of 0.11 g/t gold, 4 g/t silver and 0.09% copper); 24.40 metres at 0.35 g/t AuEq from 254.90 metres downhole (consisting of 0.11 g/t gold, 5 g/t silver and 0.07% copper); 31.35 metres at 0.53 g/t AuEq from 312.10 metres downhole (consisting of 0.25 g/t gold, 6 g/t silver and 0.09% copper).

Based on drilling, the known mineralized dimensions of the Plutus Northern Corridor measures 285 metres in strike by 250 metres width by 375 metres vertical and remains open in most directions for expansion.

The 2023 Phase II drilling program is advancing on schedule with assay results reported for 41 holes and an additional 14 holes awaiting assay results from the lab.

Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

Management, insiders and close family and friends own nearly 45% of the outstanding shares of the company.

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