Collective Mining drills 2.10 g/t AuEq over 557.85 metres at Guayabales, Colombia

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Collective Mining Ltd. [CNL-TSXV; CNLMF-OTCQX] reported assay results for three new diamond holes drilled from the Apollo porphyry system in the Guayabales project located in Caldas, Colombia.

Apollo already hosts a high-grade, bulk-tonnage copper-silver-gold porphyry system and six newly generated targets surrounding it.

Ari Sussman, executive chairman, commented: “Discovery of an outcropping zone of sheeted CBM veins situated above and contiguous to the main brecciated porphyry where it begins plunging to depth has important implications for the volume and areal extent of shallow mineralization at the Apollo system. We are now in the final phase of planning for a series of step-out holes to the north-northwest in order to expand the size of the shallow mineralized footprint of the system. In addition, I am happy to say that drilling is now under way at the Plutus porphyry target. The company continues to execute on its aggressive exploration approach to unlock value at the Guayabales project.”

This press release outlines results from three step-out holes; APC-60, APC-61 and APC-62. APC-60 was drilled to test an upper zone of sheeted CBM veining and the main brecciated porphyry body locating directly below. APC-61 was a hole drilled to test continuity of shallow and outcropping mineralization in the southern portion of the Apollo porphyry system while hole APC-62 was drilled to outline high grade mineralization along the eastern Contact Zone between the main brecciated porphyry body and the enveloping, mineralized quartz diorite. Results for these holes are summarized below.

APC-60 was drilled northeastwards from Pad 9 to a maximum downhole depth of 599.45 metres (551 metres vertical due to topography). An upper zone of mineralized, sheeted, CBM veining was intersected at 42.60m and continued downhole for an intersection length of 107.55 metres.

The following assay results are highlighted: 557.85 metres of 2.10 g/t AuEq (gold equivalent) from 41.60 metres downhole (consisting of 0.74 g/t gold, 59 g/t silver and 0.33% copper), including 241.80 metres of 3.25 g/t AuEq from 149.40 metres downhole in porphyry mineralization; 21.40 metres of 4.41 g/t AuEq from 409.30 metres downhole in mineralized porphyry with CBM overprint; and 6.45 metres of 1.33 g/t AuEq from 593.00 metres (bottomed in mineralization).

The upper zone of mineralization in APC-60 is located above and outside of the main brecciated porphyry body and was previously intercepted in APC-53 as well as visually in holes APC-63, APC-64 and APC-65 (assays pending). The sheeted CBM vein zone is outcropping with an east-west strike of over 125 metres by more than 150 metres vertically and remains open to the north, the east and at depth for further expansion. The company plans to continue stepping out to the north in hopes of expanding the total area of near surface mineralization.

APC-61 was drilled steeply to the southwest from Pad 6 to a final downhole depth of 223.60 metres (188 metres vertical due to topography) and was designed to test the mineralization and bulk tonnage extension close to surface within a gap in the current block model. The drill hole intercepted 217.55 metres of continuous mineralization commencing from surface.

The hole was terminated after entering a post mineral dyke with assay results as follows: 217.55 metres of 2.35 g/t AuEq from surface (consisting of 0.97 g/t gold, 51 g/t silver and 0.41% copper), including 38.50 metres of 1.72 g/t AuEq from surface in oxidation and transition zone; 17.65 metres of 5.76 g/t AuEq from 130.55 metres downhole in a high-grade zone of brecciated porphyry; and 27.50 metres of 3.65 g/t AuEq from 160.05 metres downhole in a high-grade zone of brecciated porphyry.

APC-62 was drilled to the southwest from Pad 10 to a final downhole depth of 333.15 metres (295 metres vertical due to topography) and was designed to test for potential high-grade, gold-silver-copper mineralization commencing from surface along the eastern Contact Zone of the brecciated porphyry. A post mineral dyke separates the two intercepts of brecciated porphyry mineralization with assay results as follows: 161.30 metres of 2.71 g/t AuEq from surface (consisting of 1.13 g/t gold, 61 g/t silver and 0.45% copper), including 33.60 metres of 4.91 g/t AuEq from 26.45 metres downhole in porphyry mineralization; 34.00 metres of 2.92 g/t AuEq from 203.60 metres (consisting of 1.87 g/t gold, 28 g/t silver and 0.42% copper).

The 2023 Phase II drilling program is advancing on schedule with assay results reported for 32 holes and an additional nine holes awaiting assay results from the lab. Since the announcement of the discovery hole at Apollo in June 2022, a total of 63 drill holes (approximately 27,291 metres) have been completed and assayed.

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 target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system.

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

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