Collective Mining Begins Drilling at Plutus Target in Caldas, Colombia

Toronto-based Collective Mining Ltd. (NYSE: CNL, TSX: CNL) has initiated a drilling program at the Plutus Target, part of the company’s Guayabales Project in Caldas, Colombia. This marks the beginning of exploration aimed at uncovering a copper and gold-rich porphyry system in the southern region of Plutus. The drilling at Plutus is one component of Collective Mining’s broader 2024 exploration agenda, which includes a 40,000-meter drilling program across multiple targets within the Guayabales Project.

The Plutus Target, situated approximately 1,000 meters east of the Apollo system, covers an area of 1,000 by 750 meters and remains open in all directions. The focus of the current drilling effort is on the southern portion of Plutus, where a copper-gold porphyry target has been identified. This target is characterized by soil and rock anomalies indicating copper, gold, and molybdenum mineralization.

The drilling at Plutus South will involve six short drill holes designed to delineate the geometry of the early porphyry unit. Following the analysis of initial assay results, further drilling will aim to determine the potential for an economically viable deposit.

In addition to the ongoing work at Plutus, Collective Mining has completed a reconnaissance drill program at the Box Target, located 1.5 kilometers west of Apollo. This initial exploration has revealed gold and silver mineralization over an area measuring 1,000 by 500 meters. The results suggest the presence of a well-mineralized system, warranting deeper drilling to further assess its potential.

Highlighted assay results from the Box Target include:

• 18.55 meters at 1.09 g/t gold equivalent from 186.65 meters (Hole BOXC-1)
• 11.55 meters at 3.79 g/t gold equivalent from 168.35 meters (Hole BOXC-5)
• 33.30 meters at 1.52 g/t gold equivalent from 73.40 meters (Hole BOXC-7)

These initial findings indicate that the drilling has intersected the upper, cooler portion of the mineralized system at Box. Further exploration will be necessary to determine the extent and economic viability of the mineralization.

Collective Mining’s 2024 exploration strategy focuses on expanding the Apollo system, evaluating the Trap system, and pursuing new discoveries at the Tower, X, and Plutus targets. The company, which has a history of developing and selling mineral projects, including the $2 billion sale of Continental Gold Inc. to Zijin Mining, continues to explore opportunities in Colombia’s established mining regions.

The ongoing work at Guayabales underscores the company’s commitment to advancing its portfolio of copper, gold, and silver assets in the region. The results of the current drilling programs will be closely watched as Collective Mining progresses towards its goal of identifying economically viable mineral deposits within its project areas.