Collective Mining Expands its Box Target Area with New High-Grade Samples; Drilling Continues

Collective Mining Ltd. (TSX: CNL, OTCQX: CNLMF, FSE: GG1), a Canada-based mining company with operations in Caldas, Colombia announced today that new high-grade assay results from surface outcrop samples have expanded the Box Target and that visual inspection of recently completed drill holes point to the potential for a large-scale system in the area at depth. The company has five drill rigs operating at the Guayabales Project as part of its fully funded 40,000 metres drill program for 2024.  Drill rigs are currently 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 results expected in short order.

David Reading, Special Advisor to Collective commented: “Surface exploration work at the Box Target continues to confirm a very similar geological and geochemical footprint to the Apollo system. Visual observation from the three holes drilled in the northern portion of Box are promising and highlight multiple styles of mineralization, which are typical of the upper levels of a porphyry system and are proving useful in assisting our team to vector towards the center of the system. The discovery of brecciated porphyry outcrops in the south, some 400 metres higher in elevation, is also very encouraging and we hope to be drill testing that area soon. Reconnaissance exploration at Box is in its infancy, and to date, we have only drill tested a small portion of the total area at very shallow levels. The Box porphyry centre is only 1.5 kilometres west of the Apollo system and we believe that both systems form part of a much larger cluster of porphyry bodies.”

Highlights (see Table 1 and Figures 1-2)

• Further surface exploration work at Box has discovered new well mineralized, brecciated porphyry outcrops resulting in an expansion of the target area by 300 metres to the south. The Box target area now measures approximately 1.3 kilometers by 0.8 kilometers by 0.4 kilometers vertically and remains open in all directions and at depth (see Figure 1).

• In the south, two new outcrop areas of brecciated porphyry with overprinting CBM veins have been identified and host the same type of consistent high-grade gold and silver mineralization as the north zone with values up to 12.02 g/t gold equivalent (11.06 g/t gold, 106 g/t silver and 0.02% copper). See Table 1 for further details.

• Three reconnaissance drill holes have been completed to date in the northern portion of the Box target and highlight multiple mineralization styles including porphyry vein stockwork, brecciated porphyry and CBM vein systems. All styles of mineralization encountered are associated with sericite alteration typical of the upper portions of a porphyry system indicating that deeper drilling is required. Assays results expected in the near term.

• Two drill rigs are operating at Box with immediate plans to steepen the next drill holes in order test below the multiple mineralized outcrops. Additionally, new drill pads are being constructed in the central and southern areas of Box with drilling of these areas expected to commence shortly.

Table 1: New Rock Chip and Channel Sample Results from The Box Target

*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) utilizing metal prices of Cu – US$3.95/lb, Ag – US$25/oz, Mo – US$ 20/lb, and Au – US$1,850/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions for metals are based on metallurgical results announced on October 17, 2023, and April 11, 2024.

Figure 1: Plan View of The Box Target as Defined by Soil Anomalies, Rock Chip Samples and Surface Geology Mapping with New Assay Results

Plan View of The Box Target as Defined by Soil Anomalies, Rock Chip Samples and Surface Geology Mapping with New Assay Results

Figure 2: Plan View of the Guayabales Project Highlighting the Box Target Area

Plan View of the Guayabales Project Highlighting the Box Target Area

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.

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