Collective Mining Encounters Strong Porphyry Mineralization, Mobilizes Second Rig

Collective Mining Ltd. (TSX: CNL, OTCQX: CNLMF, FWB: GG1) announced yesterday that a second rig has been mobilized to the Trap target due to strong visual mineralization observed in follow up drilling currently underway. Trap is one of a series of porphyry targets within the company’s Guayabales Project located in Caldas Colombia. The company’s 2024 exploration plan includes up to 40,000 meters of diamond drilling with three rigs currently operating and a fourth rig anticipated to start drilling by the middle of February 2024.

Trap Highlights: see Figures 1-4 below

• The company recently announced the discovery of a gold rich porphyry system at Trap which is located approximately 3.5 kilometers to the northeast of the flagship Apollo system. The Trap target covers a large surface area measuring approximately 2 kilometers by 2 kilometers with assay results previously announced on January 18, 2024 for the initial three drill holes as follows:
  • 102.2 meters @ 1.53 g/t AuEq (TRC-1)
  • 646.0 meters @ 0.81 g/t AuEq (TRC-2, bottomed in mineralization) including;
    •  301.5 meters @ 1.01 g/t AuEq from 19.5 meters depth
  • 159.75 meters @ 1.04 g/t AuEq (TRC-3)

• Geological inspection of the initial three discovery holes plus interpretation of precious and base metal assay data suggests that the csericite,chloride,sulphide
• Collective has only drill tested the upper levels of a porphyry system consisting of overprinting early and late-stage porphyry veins associated with a pervasive phyllic (sericite – chlorite – sulphide) alteration assemblage. On January 19, 2024 a follow up drill hole was initiated from Pad 2 to test the mineralized system at depth and is currently coring in a southeast direction at approximately 745 meters in length.

• Visual observation of the current drill hole is showing a noticeable increase in total sulphide content and alteration in comparison to the prior holes with three overprinting styles of mineralization being observed as follows:
  • Porphyry quartz veins containing pyrite and minor chalcopyrite
  • Late crosscutting sheeted carbonate base metal (“CBM”) veinlets enriched in sphalerite and galena
  • Dark polymetallic sheeted veinlets

• Sufficiently encouraged by the deeper drill hole visuals, Collective is mobilizing a second drill to Trap with drilling anticipated to commence in the coming days. Additional assay results from Trap are expected in Q1 2024.

David Reading, Special Advisor to the Company commented: “The current drill hole at Trap is very exciting as it highlights the presence of stockwork and sheeted porphyry veins which relates to pulses of mineralized fluids typical of large systems. Additionally, based on core inspection of this hole, there is a noticeable increase in total sulphide content relative to the discovery holes previously announced by the Company.”

Richard Tosdal, Special Advisor to the Company added: “The current drill hole appears to start at the margin of a porphyry system and then enters porphyry quartz diorite with sheeted quartz veins surrounded by pervasive phyllic alteration assemblages composed of sericite (probably muscovite), chlorite and sulphides typical of the upper parts of porphyry copper-gold systems.”

Figure 1: Core Photos Highlights From the Current Drill Hole Underway at Trap

Figure 2: Plan View of the Trap Target and Visual Results From the Hole Currently Underway

Figure 3: Drill Core Tray Photo Highlighting Overprinting Styles of Porphyry Mineralization

Figure 4: Plan View of the Guayabales Project Highlighting the Trap Target Area