Collective Mining Ltd. (TSX: CNL) (OTCQX: CNLMF) (FSE: GG1) is pleased to report assay results for four holes drilled at the Trap Target, which is part of the Guayabales project located in Caldas, Colombia. The Company has just added a fifth diamond drill rig as part of its 40,000-metre drill program for 2024 with drilling currently taking place at the Trap, Apollo, Olympus and Box (two rigs) targets respectively.

The assay results reported herein from Trap are from the initial follow-up drilling to the original discovery holes announced on January 18, 2024, where the Company found a new precious metal rich porphyry system located 3.5 kilometres to the northeast of its flagship Apollo system with previous intercepts including 646 metres @ 0.81 g/t AuEq from 19.5 metres depth.

Trap is a precious metal dominant porphyry system hosted in an early quartz diorite body, which is overprinted by at least two styles of late-stage porphyry related sheeted carbonate base metal veinlets. To date, all drill core within the mineralized zone at Trap has been strongly bleached by white porphyry related phyllic alteration (muscovite) potentially indicating that drilling has only encountered the top of the porphyry system and stronger mineralization might occur at depth or in a different proximal location. The mineralized system, which approaches surface in the northern most drilled point to date, is oriented in a west-northwest direction, plunging to the southeast, and is dipping to the northeast at a steep angle.

Trap covers a large surface area geochemically, measuring approximately 2 kilometres by 2 kilometres. Drill testing to date has been executed from three drill pads and has intersected mineralization in multiple directions. Including the results of this release, the mineralized envelope now covers an area measuring up to 600 metres along strike, 250 metres across and 915 metres vertical (previously 340 metres x 170 metres x 687 metres vertical). Trap remains open in all directions except to the east.

Ari Sussman, Executive Chairman commented: “By using both down-hole acoustic televiewer and ASD Terraspec technologies, we have been able to confirm a west-northwest trend to the mineralization and that the phyllic alteration flooding the drill core is porphyry-related muscovite. Based on this information, drill hole TRC-7A was oriented to drill at an orthogonal angle to the Trap system resulting in an outstanding bulk intercept of mineralization. It is still early days for Trap and based on core interpretation, we do not believe that we have found the center of the early porphyry intrusion phase. We will remain aggressive with step-out drilling and in this regard, a new drill pad is planned in a location situated well south of current drilling.”

Highlights (see Table 1 and Figures 1-4)

• Hole TRC-7A was drilled from TPad-3 to the southwest and was designed to cross Trap at an orthogonal angle to the mineralization. The drill hole intersected a broad zone of remarkably continuous mineralization with assays results as follows:
  • 632.25 metres @ 1.10 g/t gold equivalent from 172.65 metres including:
    • 51.50 metres @ 2.73 g/t gold equivalent from 311.30 metres, and;
    • 46.35 metres @ 2.41 g/t gold equivalent from 393.00 metres

• Drill hole TRC-7A is the best intercept drilled by the Company to date at Trap averaging 695 g/t gold equivalent on a gram X metre basis. Hole TRC-7A is a redrill of originally planned hole TRC-7, which ran into mechanical issues near the collar and had to be abandoned.
• Drill hole TRC-6 was drilled from TPad-2 and was designed to test the continuity of the system at depth and to the southeast. Two broad zones of mineralization where intersected with assay results are follows:
  • 206.95 metres @ 1.02 g/t gold equivalent from 98.40 metres, and;
  • 115.65 metres @ 1.00 g/t gold equivalent from 623.35 metres

• TRC-5 was drilled from TPad-2 to the south and cut three zones of mineralization in a favorable early porphyry quartz diorite host unit. Unfortunately, the intercept is not continuous due to the presence of remnant pendants of poorly mineralized country rock. Assays results for TRC-5 are as follows:
  • 232.35 metres @ 0.60 g/t gold equivalent from 31.25 metres, and;
  • 55.10 metres @ 1.09 g/t gold equivalent from 333.30 metres, and;
  • 51.95 metres @ 0.61 g/t gold equivalent from 456.40 metres

Follow up surface mapping and sampling carried out to the west and northwest of TPad-2 have confirmed the presence of the favorable early quartz diorite porphyry unit, indicating the system is open for additional mineralization in these directions.

• TRC-4 was drilled due east from TPad-3 and confirmed the eastern boundary of the mineralization in this direction. A narrow zone of CBM veins were intersected from 253.15 metres downhole averaging 1.35 g/t AuEq over 7.90 metres. No further work is warranted in this area.

Table 1: Assays Results for TRC-4, TRC-5, TRC-6 and TRC-7A

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective is a copper, silver, gold and tungsten 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.

The Company’s flagship project, Guayabales, is anchored by the Apollo system, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold-tungsten Apollo porphyry system. The Company’s 2024 objective is to expand the Apollo system, prove that the recent discoveries at the Olympus and Trap targets evolve into large scale systems and make a new discovery at either the Box, Tower or X targets.

Management, insiders, a strategic investor and close family and friends own nearly 50% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

Qualified Person and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock, soils and core samples have been prepared and analyzed at ALS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Figure 1: Long Section of the Guayabales Project Targets Highlighting Trap (CNW Group/Collective Mining Ltd.)

Figure 2: Plan View of the Trap Target and Drill Holes Announced in this Release (CNW Group/Collective Mining Ltd.)

Figure 3: Cross Section Highlighting Holes TRC-7A and TRC-6 (CNW Group/Collective Mining Ltd.)

Figure 4A: Drill Core Tray Photo Highlighting TRC-7A (CNW Group/Collective Mining Ltd.)

Figure 4B: Drill Core Tray Photo Highlighting TRC-7A (CNW Group/Collective Mining Ltd.)