Drilling At The Main Breccia Discovery

TORONTO - Collective Mining Ltd. reported on the two step-out holes and one shallow hole drilled into the Main Breccia discovery at the Apollo target, which is part of the Guayabales project located in Caldas, Colombia. The Main Breccia discovery is a high-grade, bulk tonnage copper-silver-gold porphyry-related system, which owes its excellent metal endowment to multiple phases of mineralization which includes older copper-silver-gold porphyry mineralization and younger, overprinting, precious metal rich sheeted carbonate base metal vein systems. Assay results for twenty-five diamond drill holes have now been announced at Apollo with results for a further six holes expected in the near term.

APC-22 is a step out hole drilled to the north-northeast from Pad 3 to a maximum depth of 734.8 meters and intercepted three mineralized zones. The two shallow zones are located directly beneath surface outcrops with the initial 47.25 meter intercept commencing at 89.25 meters downhole (60 meters vertical), and a second zone starting at 167 meters downhole with 16.80 meters of mineralization (100 meters vertical). Mineralization in these shallow zones is hosted within the matrix of angular quartz diorite breccia with sulphides consisting of chalcopyrite (1%-2.5%), pyrrhotite (1%) and pyrite (1%-1.5%). Finally, the third zone, which starts at 308.80 meters downhole (276 meters vertical) hit 424.10 meters of continuous mineralization until the end of the drillhole at 734.80 meters in length (650 meters vertical). This long and continuous zone of mineralization consists of chalcopyrite (0.5%) and pyrite (1%-2%) in the breccia matrix which is in turn overprinted by multiple zones of sheeted carbonate base metal ("CBM") vein material, which are predominantly sphalerite rich with minor galena.

The hole bottomed in mineralization due to the limitations of the drill rig with assay results as follows: 47.25 meters @ 5.45 g/t gold equivalent consisting of 4.65 g/t Au, 22 g/t Ag, 0.39% Cu and 30 ppm Mo from 89.25 meters downhole (60 meters vertical depth); 16.80 meters @ 4.56 g/t gold equivalent consisting of 2.59 g/t Au, 79 g/t Ag, 0.50% Cu and 20 ppm Mo from 167.0 meters downhole (100 meters vertical depth); 426.0 meters @ 1.51 gold equivalent consisting of 1.05 g/t Au, 23 g/t Ag, 0.08% Cu and 10 ppm Mo from 308.80 meters downhole (276 meters vertical depth) and includes; 64.85 meters @ 3.67 g/t gold equivalent, 25.8 meters @ 2.59 g/t gold equivalent and 15.55 meters @ 2.04 g/t gold equivalent.

Hole APC-23 was drilled south from pad 5 to a maximum downhole length of 454.9 meters. This step- out hole aimed to test for an eastern extension to the Main Breccia system. The hole intercepted mineralization over 71.7 meters beginning at 311.4 meters downhole. Mineralization in this eastern area occurs in both angular (higher grade) and fluid breccia (lower grade) morphologies and is associated with sulphide cement containing both pyrite and pyrrhotite with some overprinting CBM veins with assay results as follows: 71.70 meters @ 1.01 g/t gold equivalent, including 17.3 meters grading 1.69 g/t gold equivalent.

Hole APC-24 was a shallow hole drilled south-southwest from Pad 4 to test for western extensions to the main breccia. The hole drilled to a maximum downhole length of 349.9 meters and only intersected mineralized crackle breccia from 101 meters (85 meters vertical depth). Gold and silver mineralization relates to matrix sulphides including pyrite (1%) and pyrrhotite (0.5%) with overprinting CBM veinlets containing sphalerite and some galena. The crackle breccia locates peripherally and above the Main Breccia system. Steeper drilling is thus required in this area to intersect the Main Breccia body. Nevertheless, mineralization was observed in the crackle breccia and returned the following results: 50.60 meters @ 1.28 g/t gold equivalent from 101 meters downhole depth (85 meters vertical) including 10.15 meters @ 2.25 g/t gold equivalent.

In 2022, a total of 14,975 meters (31 holes) were drilled at the Apollo target. To date assay results have been released for 25 holes with results for the holes that remain outstanding expected in early 2023.

The Company's 2023 drill program will begin in the coming days and will focus on targeting the high-grade sub-zones within the Main Breccia system while simultaneously expanding the potential size of the system. Additionally, the Company will remain aggressive in testing new targets at Apollo including the newly generated copper and molybdenum porphyry target located 150 meters south of the Main Breccia system.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 1,000 meters X 1,200 meters area. The Apollo target area hosts the Company's Main Breccia discovery plus a vein system located above and on the eastern flank of the Main Breccia discovery. Multiple additional untested breccia, porphyry and vein targets have been generated with drilling to begin testing these targets in Q1, 2023. The overall Apollo target area also remains open for further expansion.