CNL.TO · 2024-05-27 12:00:00

Collective Mining Expands Apollo by up to 150 Metres to the Northwest by Drilling 513.70 Metres at 2.20 g/t AuEq and 825.70 Metres at 1.11 g/t AuEq

Drill Results

Collective Mining Expands Apollo by up to 150

Metres to the Northwest by Drilling 513.70

Metres at 2.20 g/t AuEq and 825.70 Metres at

1.11 g/t AuEq

TORONTO

May 27, 2024

/CNW/ -

Collective Mining Ltd.

(TSX: CNL) (OTCQX: CNLMF) (FSE:

GG1) ("Collective" or the "Company") is pleased to announce assay results for three drill holes into

the Apollo Porphyry System ("Apollo") at the Guayabales Project in Caldas,

Colombia

. The

Company presently has five drill rigs operating at the project as part of its fully funded 40,000

metres drill program for 2024. Presently, drill rigs are operating at the Apollo, Box, Olympus and

Trap targets. Drill cores from multiple holes are currently being assayed at ALS Laboratory in

Lima,

Peru

with further results expected in short order.

Ari Sussman

, Executive Chairman commented: "Our 2024 exploration program continues to yield

positive surprises with Apollo now materially expanding and widening to the northwest. Drilling over

the balance of the year at Apollo will remain aggressive as we continue to push the limits of the

system while simultaneously targeting high-grade sub-zones within the known mineralization

envelope. Elsewhere on the Guayabales Project, we have completed the first two shallow drill holes

at the Box target with core logging indicating there is a very large hydrothermal fluid system in place

with deeper drilling required from the next set of holes (now underway). At the Trap target, we have

refined the geological model and now interpret that mineralization is related to a wide deformation

zone on the west side of a northwest trending fault. The current hole underway (TRC-11) was

planned on this basis and visually has cut significant mineralization over 175 metres in length and

counting (still drilling). Lastly, at the Olympus target, steeply dipping veins have been intersected at a

shallow elevation and if assays are favourable, would connect Apollo with Olympus in the northeast

corner of Apollo. We remain committed to our goal of outlining a series of closely spaced porphyry

and porphyry related systems capable of producing at more than 400,000 gold equivalent ounces on

an annual basis."

Please click here

to watch a video of

David Reading

, Special Advisor to the Company and a QP

under NI 43-101 providing a detailed overview of drill hole APC-95.

Highlights (see Tables 1-2 and Figures 1-4)

Drill hole APC-95 was drilled northerly from Pad 14 and encountered outstanding continuous

mineralization while expanding the Apollo System ("Apollo") locally to the north by 50 metres.

On a gram X metre basis, APC-95 is the sixth highest-grade intercept at Apollo yielding 1,128

g/t AuEq. Additionally, APC-95 is the eleventh gram X metre intercept at more than 1,000 g/t

AuEq drilled to date at Apollo (see Table 2). Assay results for APC-95 are as follow:

513.70 metres @ 2.20 g/t gold equivalent from 207.20 metres including:

116.95 metres @ 4.88 g/t gold equivalent from 295.40 metres

Drill hole APC-97, which was drilled to the northwest from Pad 14, cut the second longest

intercept drilled to date at Apollo (825.70 metres) while materially expanding the dimensions of

the Apollo system to the northwest by 150 metres and encountering high-grade near the bottom

of the hole. Apollo remains completely open in this direction for further growth with future step-

out holes planned in this regard. Assay results for APC-97 are as follows:

825.70 metres @ 1.11 g/t gold equivalent from 192.00 metres including:

105.25 metres @ 2.02 g/t gold equivalent from 205.30 metres,

and;

74.90 metres @ 2.06 g/t gold equivalent from 479.10 metres,

and;

54.55 metres @ 1.97 g/t gold equivalent from 825.05 metres,

and;

18.05 metres @ 2.46 g/t gold equivalent from 909.30 metres

Partial results for the shallow portion of drill hole APC-93 were previously released where the

Company drilled a long and continuous high-grade intercept through Apollo (see press release

dated

March 12, 2024

). Final results for hole APC-93 are now in hand with the Company

intersecting Olympus Deep mineralization approximately 125 meters east of discovery hole

APC88-D1 (202.35 metres @ 2.16 g/t AuEq; see press release dated

January 30, 2024

) with

results as follows:

560.05 metres @ 1.83 g/t gold equivalent from 127.25 metres (Apollo; previously

released)

34.90 metres @ 1.10 g/t gold equivalent from 788.10 metres (Olympus)

42.00

metres @ 0.79 g/t gold equivalent from 898.00 metres (Olympus)

66.50

metres @ 1.18 g/t gold equivalent from 1,036.75 metres (Olympus) including:

16.75

metres @ 2.48 g/t gold equivalent from 1,049.15 metres.

Table 1: Assays Results for Drill Holes APC-93, APC-95 and APC-97

Hole #

From

(m)

Length

(m)

g/t

ppm

AuEq

g/t*

APC-93

127.25

687.30

560.05

1.18

0.13

1.83**

and

788.10

823.00

34.90

0.98

0.03

1.10

and

898.00

940.00

42.00

0.72

0.02

0.79

and

1,036.75

1,103.25

66.50

1.12

0.02

1.18

incl

1,049.15

1,065.90

16.75

2.40

0.02

2.48

APC-95

5.75

23.75

18.00

0.96

0.03

1.18

and

92.65

103.65

11.00

1.01

0.03

1.09

and

207.20

720.90

513.70

1.50

0.18

2.20

incl

295.40

412.35

116.95

3.73

0.26

4.88

APC-97

192.00

1,017.70

825.70

0.83

0.09

1.11

incl

205.30

310.55

105.25

0.78

0.48

2.02

& incl

479.10

554.00

74.90

1.81

0.05

2.06

& incl

825.05

879.60

54.55

1.91

0.02

1.97

& incl

909.30

927.35

18.05

2.37

0.03

2.46

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.014 x 0.88) + (Cu (%) x 1.47 x 0.90) + (Mo (%) x 7.41 x 0.85) + (WO3 (%) x 5.47 x 0.72) utilizing metal prices

of Cu – US$3.95/lb, Ag – US$25/oz, Mo - US$20/lb , WO3 - US$32,500/t and Au – US$1,850/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 72% for WO3 and 90%

for Cu. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, and April 11, 2024. Recovery molybdenum is speculative as

limited metallurgical work has been completed to date on this metal. True widths are unknown, and grades are uncut.

**Previously announced on March 12, 2024.

The robustness of the Guayabales Project is exemplified by drill results at the Apollo system which

show extraordinarily consistent and continuous high-grade mineralization beginning at surface and

continuing to depths of more than 1,000 metres. All of the intercepts drilled to date which average at

least 1,000 g/t AuEq on a gram x metre basis are summarized in the following table.

Table 2: Apollo Drill Holes at More Than 1,000 g/t Gold Equivalent on a Gram X Metre Basis

Ranking

Hole ID

From

(m)

To (m)

Length

(m)

Grade

(g/t AuEq)*

Gram x

Metres

Press Release Date

APC-72

2.00

521.10

519.10

2.74

1,424.29

October 30, 2023

APC-55

0.00

792.25

1.71

1,352.93

June 27, 2023

APC-64

33.40

484.80

451.40

2.67

1,205.24

September 7, 2023

APC-35

7.00

366.15

359.15

3.32

1,192.38

March 15, 2023

APC-60

41.60

599.45

557.85

2.10

1,171.49

August 15, 2023

APC-95

207.20

720.90

513.70

2.20

1,128.17

New (May 27, 2024)

APC88-D2

68.10

617.00

548.90

1.91

1,049.54

January 30, 2024

APC-93

127.25

687.30

560.05

1.83

1,026.08

March 12, 2024

APC-53

232.95

562.70

329.75

3.10

1,022.23

June 13, 2023

APC-65

0.00

503.25

2.00

1,006.52

September 26, 2023

APC-63

0.00

593.65

1.69

1,003.27

September 7, 2023

*See individual press releases on aforementioned dates for AuEq calculations.

Figure 1: Plan View of the Apollo and Olympus Targets With an Overlay of Drill Holes Announced in

This Release (CNW Group/Collective Mining Ltd.)

Figure 2: Drill Core Tray Photo Highlighting APC-95 (CNW Group/Collective Mining Ltd.)

Figure 3: Drill Core Tray Photo Highlighting APC-97 (CNW Group/Collective Mining Ltd.)

Figure 4: Plan View of the Guayabales Project Highlighting the Apollo Target Area (CNW

Group/Collective Mining Ltd.)

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. The

Company is listed on the TSX under the trading symbol "CNL", on the OTCQX under the trading

symbol "CNLMF" and on the FSE under the trading symbol "GG1".

Qualified Person (QP) 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.

Information Contact:

Follow Executive Chairman

Ari Sussman

(

@Ariski

)

on X

Follow Collective Mining (

@CollectiveMini1

) on X,

(Collective Mining)

on LinkedIn, and

(@collectivemining)

on Instagram

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking information" within the meaning of the applicable

Canadian securities legislation. All statements, other than statements of historical fact, are forward-

looking information and are based on expectations, estimates and projections as at the date of this

news release. Any statement that involves discussion with respect to predictions, expectations,

beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not

always using phrases such as "plans", "expects", "is expected", "budget", "scheduled", "estimates",

"forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such

words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or

"will" be taken, occur or be achieved) are not statements of historical fact and may be forward-

looking information. In this news release, forward-looking information relate, among other things, to:

anticipated advancement of mineral properties or programs; future operations; future recovery metal

recovery rates; future growth potential of Collective; and future development plans.

These forward-looking statements, and any assumptions upon which they are based, are made in

good faith and reflect our current judgment regarding the direction of our business. Management

believes that these assumptions are reasonable. Forward-looking information involves known and

unknown risks, uncertainties and other factors which may cause the actual results, performance or

achievements of the Company to be materially different from any future results, performance or

achievements expressed or implied by the forward-looking information. Such factors include, among

others: risks related to the speculative nature of the Company's business; the Company's formative

stage of development; the Company's financial position; possible variations in mineralization, grade

or recovery rates; actual results of current exploration activities; conclusions of future economic

evaluations; fluctuations in general macroeconomic conditions; fluctuations in securities markets;

fluctuations in spot and forward prices of gold, precious and base metals or certain other

commodities; fluctuations in currency markets; change in national and local government, legislation,

taxation, controls regulations and political or economic developments; risks and hazards associated

with the business of mineral exploration, development and mining (including environmental hazards,

industrial accidents, unusual or unexpected formation pressures, cave-ins and flooding); inability to

obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that

may impose restrictions on mining; employee relations; relationships with and claims by local

communities and indigenous populations; availability of increasing costs associated with mining inputs

and labour; the speculative nature of mineral exploration and development (including the risks of

obtaining necessary licenses, permits and approvals from government authorities); and title to

properties, as well as those risk factors discussed or referred to in the annual information form of

the Company dated

April 7, 2022

. Forward-looking information contained herein are made as of the

date of this news release and the Company disclaims any obligation to update any forward-looking

statements, whether as a result of new information, future events or results, except as may be

required by applicable securities laws. There can be no assurance that forward-looking information

will prove to be accurate, as actual results and future events could differ materially from those

anticipated in such statements and there may be other factors that cause results not to be

anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-

looking information.

SOURCE

Collective Mining Ltd.

View original content to download multimedia:

http://www.newswire.ca/en/releases/archive/May2024/27/c6407.html

%SEDAR: 00045946E

For further information:

Investors and Media, Paul Begin, Chief Financial Officer,

[email protected], +1 (416) 451-2727

CO: Collective Mining Ltd.

CNW 16:01e 27-MAY-24

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