Mr. Ari Sussman reports

COLLECTIVE MINING INTERSECTS 557.85 METRES @ 2.10 G/T GOLD EQUIVALENT WITH THE HOLE BOTTOMING IN STRONG MINERALIZATION AT THE GUAYABALES PROJECT'S APOLLO PORPHYRY SYSTEM

Collective Mining Ltd. has released 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. The porphyry system at Apollo owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal-rich, carbonate base metal veins (intermediate-sulphidation porphyry veins) within a magmatic, hydrothermal intermineral breccia and diorite porphyry bodies currently measuring 455 metres by 395 metres by 915 metres and open for expansion.

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 stepout 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."

Details

This press release outlines results from three stepout 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 located 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 northeastward 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 42.60 m and continued down hole for an intersection length of 107.55 metres. From 149.40 metres, the hole then passed into the main brecciated porphyry body and cut 241.80 metres of high-grade copper-silver mineralization with a matrix sulphide composition of 2 per cent chalcopyrite, 1.8 per cent pyrite and up to 0.8 per cent pyrrhotite. The hole continued in brecciated porphyry mineralization until a final depth of 599.45 metres where it bottomed in mineralization. A zone of high-grade, overprinting CBM mineralization hosting sphalerite and galena of up to 1.5 per cent was encountered from 409.30 metres down hole for 21.40 metres. The following assay results are highlighted:

• 557.85 metres at 2.10 grams per tonne gold equivalent from 41.60 metres down hole (consisting of 0.74 g/t gold, 59 g/t silver and 0.33 per cent copper), including:
  • 241.80 metres at 3.25 g/t gold equivalent from 149.40 metres down hole in porphyry mineralization;
  • 21.40 metres at 4.41 g/t gold equivalent from 409.30 metres down hole in mineralized porphyry with CBM overprint;
  • 6.45 metres at 1.33 g/t gold equivalent from 593 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 discovery of this zone highlights important exploration opportunities for the expansion of the volume and surface area of shallow and outcropping mineralization in the Apollo porphyry system. 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 first 38.50 metres down hole are in oxide and transition zone with mineralization hosted within iron oxides formed from the weathering of sulphide material. Below the oxidation zone, the intercept passed into fresh rock consisting of brecciated porphyry with a matrix cement consisting of chalcopyrite (1.5 per cent), pyrite (2 per cent), pyrrhotite (0.7 per cent) and sphalerite (2 per cent). The hole was terminated after entering a postmineral dike with assay results as follows:

• 217.55 metres at 2.35 g/t gold equivalent from surface (consisting of 0.97 g/t gold, 51 g/t silver and 0.41 per cent copper), including:
  • 38.50 metres at 1.72 g/t gold equivalent from surface in oxidation and transition zone;
  • 17.65 metres at 5.76 g/t gold equivalent from 130.55 metres down hole in a high-grade zone of brecciated porphyry;
  • 27.50 metres at 3.65 g/t gold equivalent from 160.05 metres down hole 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. The hole started in oxide and transition zone mineralization and then passed into fresh rock of brecciated porphyry containing a sulphide cement matrix of chalcopyrite (0.5 per cent to 1 per cent), pyrite (up to 2 per cent), pyrrhotite and sphalerite traces. The hole encountered a 34-metre-long high-grade zone at 203.6 metres down hole related to a second zone of brecciated porphyry with a strong cement matrix of chalcopyrite (1 per cent) and pyrite (2 per cent). A postmineral dike separates the two intercepts of brecciated porphyry mineralization with assay results as follows:

• 161.30 metres at 2.71 g/t gold equivalent from surface (consisting of 1.13 g/t gold, 61 g/t silver and 0.45 per cent copper), including:
  • 33.60 metres at 4.91 g/t gold equivalent from 26.45 metres down hole in porphyry mineralization;
  • 34 metres at 2.92 g/t gold equivalent from 203.60 metres (consisting of 1.87 g/t gold, 28 g/t silver and 0.42 per cent copper).

Apollo drill program and assay update

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.

With four diamond drill rigs now operating at site, the company is focused on:

1. Expanding the Apollo porphyry system, including depth extensions and high-grade subzones;
2. Further drill testing to expand the newly discovered, east-west-trending, shallow and outcropping, sheeted CBM vein zone;
3. Testing the remaining three of six newly generated targets surrounding the Apollo porphyry system. Three targets have been drill tested to date with results still pending for target 2 and target 3;
4. Testing Plutus, a new large-scale porphyry target located approximately 500 metres east of Apollo;
5. Generating new exploration targets for future drilling.

The Apollo area, as defined to date by surface mapping, rock sampling, and copper and molybdenum soil geochemistry, covers a 1,000 m by 1,200 m area and represents a large and unusually high-grade copper-silver-gold porphyry system. Mineralization styles include early-stage porphyry veins, intermineral brecciated porphyry mineralization and multiple zones of late-stage, sheeted, carbonate base metal veins with high gold and silver grades. The Apollo area is still expanding as the company's geologists have found multiple additional outcrop areas with porphyry veining, breccia and late-stage, sheeted, carbonate base metal veins (see press release dated April 18, 2023).

About Collective Mining Ltd.

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2-billion in enterprise value, Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The company has options to acquire 100-per-cent interests in two projects located directly within an established mining camp with 10 fully permitted and operating mines.

Qualified person (QP) and National Instrument 43-101 disclosure

David J. Reading is the designated qualified person for this news release within the meaning of National Instrument 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 SGS 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 quality assurance/quality control program.

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