CNL.TO · 2024-04-19 12:00:00

Collective Mining Exploration Update: Trap Drilling Underway and Short Hole Drill Program at Apollo Delivers High-Grade Intercepts o Drilling is now underway at the Guayabales Project’s Trap porphyry target (“Trap”) with the

Drill Results Exploration Programs

Collective Mining Exploration Update: Trap Drilling Underway and Short

Hole Drill Program at Apollo Delivers High-Grade Intercepts

o Drilling is now underway at the Guayabales Project’s Trap porphyry target (“Trap”) with the

objective of following up on the 2022 discovery hole TRC -1, which intersected 102.20

metres of gold- silver-copper mineralization averaging @ 1.53 g/t gold equivalent.

o Trap is located approximately three kilometres to the northeast of the Company’s flagship

Apollo porphyry system (“Apollo”) and is significantly larger than Apollo in dimensions

measuring approximately 2 kilometres by 2 kilometres in area .

o The mineralization styles and geochemical signatures encountered at Trap are very similar

to those observed at the Apollo system, namely porphyry vein and alteration systems being

overprinted by subsequent carbonate base metal (“CBM”) sheeted vein systems.

o High-grade assay results have been received from a short hole drill program at Apollo. The

aim of the program was designed to provide important data for block modelling by infilling

the shallowest portion of the dip of the system as it moves under cover , with results

including :

o 130.45 metres @ 2.17 g/t gold equivalent from 119.90 metres downhole in APC-80.

o 98.75 metres @ 2.71 g/t gold equivalent from 132.35 metres downhole in APC-82.

o Drilling in the south ern part of Apollo into the porphyry halo located outside of the high -

grade brecciated porphyry system has cut shallow, lower grade mineralization while

extending the maximum known dimensions of the brecciated porphyry to 560 metres

(previously 520 metres) . The system remains open to the west, north and at depth . Assay

results includ e:

o 109.15 metres @ 0.46 g/t gold equivalent from 7 metres downhole in APC -75.

o Drilling continues at the Guayabales project with four rigs currently in operation and a

backlog of assay results expected in short order . Assay r esults outstanding include a

series of direction al drill holes at Apollo as well as initial results from the ME target area.

Ari Sussman, Executive Chairman commente d: “Trap is an extremely exciting target, one which

we did not appreciate appropriately when the discovery hole was drilled in mid -2022 as our

geological knowledge of the Guayabales project was only in its infancy . After careful review , it is

now clear that t he 2022 Trap discovery hole is hosted in a long and continuous zone of quartz

diorite porphyry with overprinting styles of mineralization similar to those observed at Apollo. Trap

possesses all the characteristics of a potentially large porphyry system, and we look forward to

seeing what transpires from our drilling program now underway.”

Toronto, Ontario, November 22, 2023 - Collective Mining Ltd. (TSX: CNL, OTCQX:

CNLMF) (“Collective” or the “Company”) is pleased to announce t hat is has commenced drilling

at the Trap target (“Trap”) and assay results for seven holes drilled in the Apollo porphyry system

(“Apollo ). Apollo and Trap are both targets within t he Company’s flagship Guayabales project

located in Caldas, Colombia. Presently, there are four diamond drill rigs operating at the

Guayabales project as part of the Company’s planned 42,000 metre drilling program for 2023.

Details (See Table 1-4 and Figures 1-2)

This press release outlines details of the Trap target and results from seven holes drilled within and

peripheral to the Apollo system.

Trap Target

The Company announces that drilling is now underway at the Trap target in the northern portion of the

Guayabales project. Trap is located approximately three kilometres to the northeast of the Apollo

Porphyry system in the largest porphyry intrusion centre outlined to date at the Guayabales project.

On September 27, 2022, grass roots reconnaissance drilling at Trap resulted in a porphyry discovery

with drill hole TRC-1 assaying 102.20 metres @ 1.53 g/t gold equivalent (Table 1) including:

• 16.10 metres @ 2.63 g/t gold equivalent from 250.20 metres downhole related to a copper-

gold-silver porphyry style mineralization (Table 2).

• 14.70 metres @ 2.00 g/t gold equivalent from 289.00 metres downhole related to gold-

silver rich CBM style mineralization (Table 3).

Mineralization styles and metal geochemistry at Trap is very similar to the Apollo porphyry system in

terms of gold, silver, and copper (see Tables 2 and Table 3). Hole TRC-1 intersected porphyry style

mineralization (see Table 2, downhole depths from 250.2 metres to 26 6.30 metres) with secondary

biotite, hydrothermal magnetite (up to 0.5%) in veinlets, albite, chlorite, chalcopyrite (up to 1.0 % and

replacing the magnetite) and pyrite (up to 1.3%). Below this at 289.00 metres downhole, the hole

entered into a polymetallic, CBM mineralization phase enveloped by strong sericite alteration. The

sheeted carbonate veins host gold, silver, lead and zinc with sulphides including sphalerite (up to

0.5%), galena (up to 0.2%), pyrite (up to 2.0%), copper oxides, quartz, and carbonates.

Table 1: Assay Results for TRC-1 (announced September 27, 2022)

Hole # From

(m)

Length

(m)

(g/t)

(%)

AuEq

(g/t*)

TRC-1 233.80 336.00 102.20 1.26 12 0.09 0.003 1.53

Incl 259.10 269.00 9.90 3.00 25 0.25 0.007 3.65

and incl 294.50 303.70 9.20 1.82 31 0.07 0.003 2.27

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag (g/t9 x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) utilizing metal prices of Cu –

US$4.00/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag and Cu. Recovery rate assumptions are

speculative as no metallurgical work has been completed to date. True widths are unknown, and grades are uncut. (See press release

dated September 27, 2022)

Table 2: Individual Assay Results f rom Within Trap Hole TRC-1 Highlighting Porphyry Style

Mineralization (Low Values of Zinc and Lead mineralization)

Hole # From

(m)

Length

(m)

(g/t)

(%)

TRC-1 250.20 250.80 0.60 0.61 37 0.15 0.01 0.03

250.80 251.40 0.60 1.95 37 0.34 0.01 -

251.40 252.10 0.70 1.64 50 0.30 0.01 -

252.10 252.80 0.70 1.46 33 0.30 0.01 -

252.80 253.50 0.70 1.41 25 0.25 0.01 -

253.50 254.20 0.70 2.27 21 0.29 0.01 -

254.20 255.00 0.80 0.18 3 0.04 - -

255.00 255.80 0.80 0.28 2 0.04 0.01 -

255.80 256.60 0.80 0.25 8 0.03 0.02 -

256.60 257.20 0.60 0.40 12 0.03 0.05 0.01

257.20 257.80 0.60 0.40 12 0.05 0.08 -

257.80 258.40 0.60 0.51 11 0.02 0.01 -

258.40 259.10 0.70 0.84 21 0.05 0.01 -

259.10 259.80 0.70 1.33 24 0.13 0.01 -

Hole # From

(m)

Length

(m)

(g/t)

(%)

259.80 260.40 0.60 1.15 13 0.11 0.01 -

260.40 261.00 0.60 1.60 26 0.13 0.03 0.01

261.00 261.60 0.60 1.37 14 0.12 0.01 -

261.60 262.30 0.70 0.99 12 0.10 0.01 -

262.30 263.00 0.70 11.12 62 0.47 0.01 -

263.00 263.70 0.70 3.39 21 0.16 0.07 -

263.70 264.30 0.60 2.21 36 0.19 0.24 0.01

264.30 265.00 0.70 2.25 24 0.21 0.02 -

265.00 265.65 0.65 4.06 79 0.38 0.11 -

265.65 266.30 0.65 7.70 39 0.50 0.02 -

Table 3: Assay Results for Within Trap Hole TRC-1 Highlighting Later Stage CBM Style Vein

Overprinting Mineralization (Zinc and Lead Enriched Mineralization)

Hole # From

(m)

Length

(m)

(g/t)

(%)

TRC-1 289.00 289.80 0.80 1.14 4 0.22 0.01 -

289.80 290.40 0.60 1.62 4 0.21 0.04 -

290.40 291.00 0.60 1.19 19 0.06 0.61 0.01

291.00 291.70 0.70 1.44 17 0.26 0.08 -

291.70 292.50 0.80 1.03 20 0.17 0.07 -

292.50 293.20 0.70 0.90 20 0.05 0.05 0.01

293.20 293.90 0.70 0.72 8 0.01 0.16 0.07

293.90 294.50 0.60 1.41 29 0.08 0.84 -

294.50 295.20 0.70 2.11 37 0.11 1.53 0.01

295.20 295.80 0.60 3.13 37 0.10 0.22 0.01

Hole # From

(m)

Length

(m)

(g/t)

(%)

295.80 296.40 0.60 1.36 30 0.03 0.02 0.03

296.40 297.00 0.60 1.16 21 0.04 0.08 0.10

297.00 297.60 0.60 0.90 14 0.07 0.03 0.02

297.60 298.20 0.60 1.29 69 0.16 0.52 0.16

298.20 299.00 0.80 2.82 21 0.07 0.04 0.03

299.00 299.70 0.70 0.95 16 0.07 0.06 0.04

299.70 300.60 0.90 1.36 17 0.04 0.04 0.01

300.60 301.20 0.60 1.32 5 0.01 0.01 -

301.20 301.70 0.50 1.48 10 0.01 0.06 0.05

301.70 302.20 0.50 1.80 49 0.06 0.40 0.26

302.20 303.00 0.80 3.79 81 0.08 0.54 0.40

303.00 303.70 0.70 1.34 18 0.11 0.09 0.01

Apollo Drilling

Three holes were drilled from Pad 12 in order to better outline the shallowest portion of the dip of the

system for block modelling. H igh-grade and shallow brecciated porphyry mineralization w as

intersected in holes APC-80, APC-82 and APC-84 (see Table 4) and was fringed to the north by lower

grade and peripheral mineralization. These three holes have added grade and volume at shallow

levels to the Apollo system with assay results as follows:

o 130.45 metres @ 2.17 g/t gold equivalent from 119.90 metres downhole in APC-80.

o 98.75 metres @ 2.71 g/t gold equivalent from 132.35 metres downhole in APC-82.

o 53.70 metres @ 0.67 g/t gold equivalent from 120.00 metres downhole in APC-84.

Additionally, from Pad 3, drillhole APC-75, APC-77 and APC-79 (see Table 4) were fanned in southerly

directions to test for the potential of the low -grade halo of mineralization surrounding the main

brecciated high-grade Apollo system . These holes were drilled so that the Company can begin to

assess the potential of the low-grade halo and its potential to positively impact future mining scenarios

as well as determining the eastern boundary of the Apollo intrusion. Assay results are as follows:

o 109.15 metres @ 0.46 g/t gold equivalent from 7.00 metres downhole in APC-75.

o 36.10 metres @ 0.36 g/t gold equivalent from 52.40 metres downhole in APC-77.

As a result of drill holes APC -75 and APC-77, the maximum known strike of the Apollo system has

been extended by 40 metres and now measures 560 metres in length.

Finally, a seventh hole, APC-76 was drilled to the west from Pad 5 with the objective of intersecting a

deep zone of the brecciated porphyry. Unfortunately, the hole was abandoned at a shallow depth

before reaching the target zone when it entered a fault zone and encountered mechanical problems.

Table 4: Assay Results for Apollo Drilling

Hole # From

(m)

Length

(m)

(g/t)

(%)

WO3

(%)

AuEq

(g/t*)

APC-75 7.00 116.15 109.15 0.27 6 0.05 0.002 0.01 0.46

Incl 109.75 116.15 6.40 3.42 9 0.04 0.003 - 3.54

and 302.25 337.05 34.80 0.23 21 0.06 0.005 - 0.66

Incl 333.40 335.10 1.70 3.87 351 0.07 0.003 - 9.21

APC-76 Hole abandoned due to technical issues

APC-77 52.40 88.50 36.10 0.08 10 0.07 0.003 - 0.36

APC-79 no significant interval; drilled outside the Apollo intrusion

APC-80 119.90 250.35 130.45 1.30 33 0.19 0.001 0.03 2.17

incl 139.00 155.30 16.30 2.72 23 0.05 0.002 0.01 3.11

and incl 159.05 173.10 14.05 0.87 55 0.16 0.002 0.26 2.76

and incl 213.50 250.35 36.85 2.57 16 0.13 0.001 - 2.95

APC-82 70.00 105.80 35.80 0.46 8 0.01 - - 0.58

and 132.35 231.10 98.75 1.27 52 0.39 - 0.03 2.71

incl 152.20 175.05 22.85 1.27 22 0.06 - 0.02 1.69

and incl 175.05 204.65 29.60 1.81 82 0.75 0.001 0.09 4.43

and incl 204.65 231.10 26.45 1.42 79 0.54 0.001 0.01 3.42

APC-84 120.00 173.70 53.70 0.51 10 0.02 0.001 - 0.67

Incl 147.50 166.20 18.70 1.05 15 0.02 0.001 - 1.29

and 257.60 269.25 11.65 0.93 5 0.03 0.002 0.01 1.08

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag (g/t) x 0.016 x 0.88) + (Cu (%) x 1.79 x 0.90)+ (Mo (%)*11.62 x

0.85) + (WO3 (%)*6.54 x 0.50) utilizing metal prices of Cu – US$3.85/lb, Ag – US$24/oz Mo - US$25/lb, WO3 - US$31,000/t

and Au – US$1,475/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, 50% for WO3 and 90% for Cu. Recovery

rate assumptions for gold are based on metallurgical results announced on October 17, 2023. Recovery rates for copper,

molybdenum, tungsten and silver are speculative as limited metallurgical work has been completed to date on these metals.

True widths are unknown, and grades are uncut.

Exploration Drill Program and Assay Update

Diamond drilling at the Guayabales project now totals 123 drill holes (approximately 48,751 meters)

completed and assayed. The 2023 Phase II drilling program is advancing on schedule with assay

results reported for 52 holes and an additional ten holes awaiting assay results from the lab.

The Company now has four diamond drill rigs operating within the Guayabales project area with the

following objectives for the remainder of 2023:

1. Expanding the Apollo porphyry system both laterally and vertically. The Company is currently

advancing with directional drilling utilizing two rigs aimed at expanding the Apollo system at

depth, to the west and north.

2. Drill test the Trap target in the northern portion on the Guayabales project. Three widely

spaced reconnaissance holes were completed at Trap in 2022 with the discovery hole, TRC-

1 assaying 102.2 metres @ 1.53 g/t gold equivalent and containing similar mineralizatio n to

the Apollo porphyry system. Follow up drilling is now underway and initial assay results are

expected in due course.

Figure 1: Plan View of Targets Generated at the Guayabales Project, Highlighting the Trap

Target Where Drilling has Now Commenced

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