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.

See also: Collective Mining and SENA’s Joint Training Initiative Has Helped More than 280 Women Join the Workforce

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