CNL.TO · 2021-11-15 12:00:00

Collective Mining Expands its New Grassroots Discovery at Donut with Broad Drill Intercepts

Drill Results

Including 163 Metres @ 1.3 g/t Gold Equivalent from Surface

Toronto, Ontario, November 15, 2021 – Collective Mining Ltd. (T SXV: CNL) (“Collective” or the

“Company”) is pleased to announce that fo llow up drilling on the recent gr assroots discovery at the

Donut target (“Donut”) has inter cepted long and continuous zone s of mineralization from

surface. Donut is the first of five outcropping and grassroot targets generated by the Company to be

drill tested at the Guayabales pro ject, Colombia. The Company p resently has two diamond drill rigs

on site as part of its maiden 10,000 metre drill program with a third rig to be added in early Q1, 2022.

Highlights (Table 1 and Figures 1 to 3)

 Broad and continuous gold (“Au”) and silver (“Ag”) mineralizat ion hosted predominately in

breccia has been intersected from surface in diamond drill hole s DOC-3 and DOC-4 at the

Donut target as follows:

o Drilled to the north, DOC-3 intercepted 163 metres at 1.3 g/t gold equivalent from

surface including 2 metres at 83.2 g/t gold and 37 g/t silver f rom 155.6 metres

depth; and

o Drilled steeply to the southwest, DOC-4 intercepted 260 metres at 0.6 g/t gold

equivalent from surface including 69 metres @ 0.9 g/t gold and 8 g/t silver from

183 metres depth (DOC-4).

 DOC-5, which was drilled to t he southeast, intersected a narro wer interval of mineralized

breccia before passing through a fault. Upon exiting the fault at 81 metres down-hole, late

phase (lower grade) porphyry style mineralization was encountered over a significant interval

as follows:

o 275 metres at 0.2 g/t gold, 5 g /t silver, 0.07% copper from surface.

Although this intercept likely c onstrains the SE boundary of th e breccia mineralization, it

importantly confirms that a porphyry system exists in the Donut target area. To better pinpoint

a potential location for a concealed well-mineralized porphyry, a deep penetrating IP survey is

planned for the area and once completed, will be followed up with additional diamond drilling.

 Donut is located at the NW end of a SW trending zone of outcro pping breccia mineralization

which, to date, has been traced to the SW for 550 metres along strike and remains open

for further expansion to the SW.

 Drilling has just been completed for holes DOC-6 through DOC-1 0 with samples currently in

the lab for analysis. Additional assay results are expected in Q4, 2021.

"Potassic altered diorite porph yry overprinted by phyllic assem blages and sulfide cemented breccia

dominate Donut drill holes. Banded quartz-magnetite veins cutti ng diorite porphyry at depth and as

common clasts in breccia at shallower levels indicates excellent potential to discover a large porphyry

system nearby the existing new breccia discovery at Donut,” commented Dick Tosdal, Special Advisor

to Collective Mining and world-renowned expert on porphyry systems.

“We are absolutely thrilled with the results of the first five drill holes into Donut, which is a complete

virgin grassroots discovery. Importantly, the results mark an important step in our vision of once again

untapping the enormous geological potential of Colombia by discovering the next large-scale deposit

in the country,” stated Ari Sussman, Executive Chairman. “The first ever drill hole is now advancing in

the Box target and later this month, we will begin drilling our maiden hole into the Olympus target.”

Table 1: Diamond Drilling Results at the Donut Target

Hole ID From

(m)

Intercept

Interval (m)

(g/t)

(%)

AuEq (g/t)

DOC-3 0 163 163 1.2 11 - - 1.3

Incl. 156 157 2 83.2 37 - -

DOC-4 0 260 260 0.5 9 - - 0.6

Incl. 183 246 63 0.9 8 - -

and 193 195 2 10.0 19 - -

DOC-5 13.5 288 275 0.2 5 0.07 0.004 0.4

Incl. 13.5 81 68 0.4 13 - -

* AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/ t x 0.016 x 0.90) + (Cu (%) x 1.83 x 0.92) + (Mo (%) x 4.57 x 0 .92),

utilizing metal prices of Cu - US$4.00/lb, Mo - US$10.00/lb, Ag - $24/oz and Au - US$1,500/oz and recovery rates of 95% for Au, 90%

for Ag, 92% for Cu and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.

** A 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are

uncut.

Geological Details of the Donut Target

Underground mapping of artisanal workings covering a 100-metre x 100-metre area has exposed

mineralized and oxidized porphyriti c diorite in contact with hy drothermal breccia. The porphyry and

the breccia display evidence of stockwork and sheeted, quartz-s ulphide veinlets as well as later

overprinting polymetallic veins. A total of one hundred and sev enty-six two-metre channel samples

were taken underground and returned an average of 2.1 g/t gold and 21.2 g/t silver (based on applying

a statistical top-cut to three high-grade samples). Collective’ s initial drilling has been focused on drill

testing this mineralization at depth and in an array of different directions.

Review of the diamond drill core highlights a hydrothermal breccia with a sulphide matrix and hosting

clasts of mineralized porphyry c ontaining A and B veins and dis seminated pyrite, chalcopyrite, and

molybdenum. Breccia mineralization is associated with strong phyllic alteration (principally illite-sericite

with some chlorite and epidote) whereas the diorite bodies inte rsected in the cores show potassic

alteration (Biotite and K felds par). The overprinting polymetal lic veinlets contain quartz and pyrite

associated with high grade gold values, sphalerite and occasional galena. Borehole DOC-5, drilled to

the southeast, intersected miner alized breccia in a faulted con tact with a potassic altered, porphyry

body hosting disseminated chalcopyrite and molybdenum plus sulphide A veins and quartz-magnetite

B veins.

In summary, mineralization at Donut is polyphase related to porphyry, hydrothermal breccia, and later

polymetallic veining. At least three mineralization events are seen in the drill cor e. The presence of

porphyry clasts in the breccia and the mineralized porphyry int rusive intersected in DOC-5 highlight

the potential for a large, mineralized porphyry body in the near vicinity.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Q ualified Person for this new s 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 Fello w of the Institute of Materia ls, Minerals and Mining and of the

Society of Economic Geology (SEG).

Technical Information

Rock samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia

and Lima, Peru. Blanks, duplicates, and certified reference sta ndards are inserted into the sample

stream to monitor laboratory per formance. Crush rejects and pul ps 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.

About Collective Mining Ltd.

Collective Mining is an explorat ion and development company foc used on identifying and exploring

prospective mineral projects in South America. Founded by the t eam that developed and sold

Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the

Company is to repeat its past success in Colombia by making a significant new mineral discovery and

advancing the projection to pro duction. Management, insiders an d close family and friends own

approximately 40% of the outstandi ng shares of the Company and as a result are fully aligned with

shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located

in Colombia. As a result of an aggressive exploration program o n both the Guayabales and San

Antonio projects a total of eight major targets have been defin ed. The Company is fortuitous to have

made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.3 g/t

AuEq and 710 metres @ 0.53 AuEq at the Guayabales and San Anton io projects, respectively. ( See

press releases dated October 18th and 27th for AuEq calculation.)

Contact Information

Collective Mining Ltd.

Steve Gold, Vice President, Corporate Development and Investor Relations

Tel. (416) 648-4065

To schedule a one-on-one meeting with management please use the following link:

https://calendly.com/collectivemining/30min?month=2021-11

FORWARD-LOOKING STATEMENTS

This news release contains certa in forward-looking statements, including, but not limited to,

statements about the drill programs, including timing of results, and Collective’s future and intentions.

Wherever possible, words such as “may”, “will”, “should”, “coul d”, “expect”, “plan”, “intend”,

“anticipate”, “believe”, “estimate”, “predict” or “potential” o r the negative or other variations of these

words, or similar words or phr ases, have been used to identify these forward-looking statements.

These statements reflect managemen t’s current beliefs and are b ased on information currently

available to management as at the date hereof.   

Forward-looking statements involv e significant risk, uncertaint ies, and assumptions. Many factors

could cause actual r esults, performance, or achievements to dif fer materially from the results

discussed or implied in the forward-looking statements. These f actors should be

considered carefully, and readers should not place undue reliance on the forward-looking statements.

Although the forward-looking st atements contained in this news release are based upon what

management believes to be reasonable assumptions, Collective ca nnot assure readers that actual

results will be consistent with these forward-looking statements. These forward-looking statements

are made as of the date of this news release, and Collective assumes no obligation to update or revise

them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulati on Services Provider (as that term is defined in the policies of the

TSXV) accepts responsibility for the adequacy or accuracy of this news release.  

Figure 1: Plan View of the Guayabales Project and the Donut Target

Figure 2: Plan View of the Donut Target Area

Figures 3: Drill Core Photos

DOC-3 DOC-4 DOC-5

Left: Hydrothermal breccia with pyrite and sulfides in the matrix and a strong phyllic alteration.

Centre: Hydrothermal breccia with strong phyllic alteration with late polymetallic veining overprint.

Right: Mineralized porphyry hosting disseminated chalcopyrite and molybdenum plus A and B porphyry veinlets.

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