Drilling At The Newly Discovered Contact Zone

TORONTO - Collective Mining Ltd. reported on an additional three drill holes as well as visual observations for two long drill holes which tested the depth potential of the Apollo porphyry system at the Guayabales project located in Caldas, Colombia. Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulfidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia and diorite porphyry bodies currently measuring 435 meters x 395 meters x 915 meters and open for expansion.

The 2023 Phase II drilling program is advancing on schedule with eighteen holes completed and results announced. A further eleven holes have been drilled and await assay results from the lab. The objectives of the 2023 program are to define high-grade mineralization, the dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 49 drill holes (approximately 21,487 meters) have been completed and assayed.

APC-45 and APC-48 were drilled in southerly and south westerly directions from Pad 7 while APC-47 was drilled to the east from Pad 4. APC-45 was designed to test the Contact Zone (where the inter-mineral breccia ends at a contact with quartz diorite porphyry) at shallow levels in the southern portion of the deposit. APC-48 was designed to test the mineralization potential in the porphyry host rock to the south of the Apollo system while APC-47 was designed to test a large void in the block model for the Apollo system. Additionally, visual observations are provided for two long holes, APC-49 and APC-55, which were drilled to the northwest and northeast respectively from Pad 6.

APC-45 was drilled steeply (-85°) in a southerly direction from Pad 7 to a maximum downhole depth of 238.4 meters and was designed to test the Contact Zone between breccia and porphyry host units as well as the high-grade copper mineralization previously encountered at shallow levels in this area. The mineralized interval of oxidation (saprolite) commenced from surface to 17.05 meters and was then followed by a transition zone to 39.55 meters down hole. The transition zone hosts iron oxides formed from the oxidation of the original sulfides hosted within the matrix of the breccia and within veins. Below the zone of oxidation, the intercept passed into fresh rock consisting of mineralized quartz diorite breccia with a sulphide matrix composition of 1.5% chalcopyrite, pyrite up to 5% and pyrrhotite (up to 3.0%). Continuous mineralization was encountered until 162.20 meters (160 meters vertical). A high-grade zone of carbonate base metal veins ("CBM veins") was intercepted from just below the transition zone until 54 meters depth. Notably, exceptional and continuous mineralization was intercepted along the interval with grades increasing as the hole approached the physical contact between breccia and quartz diorite porphyry The Contact Zone contains excellent gold, silver and copper grades associated with the sulphide matrix and overprinting quartz-carbonate and sulphide veining.

APC-47 was drilled in an easterly direction from Pad 4 to a maximum downhole depth of 636.3 meters and was designed to test multiple zones of CBM veins overprinting the mineralized breccia in the central eastern side of the deposit where limited information was available in the block model. The drill hole intercepted porphyry mineralization with CBM sheeted veins overprinting in part at shallow downhole depths before passing into mineralized breccia at a downhole depth of 226.80 meters (220 meters vertical). Continuous porphyry mineralization with overprinting sheeted CBM vein material was observed in the breccia until 534.40 meters downhole. The mineralized breccia's sulphide matrix hosts chalcopyrite (1%), pyrite (1%-2.5%) plus some pyrrhotite with multiple zones of sphalerite and galena observed. Three principal high-grade zones were intersected at downhole depths of 233.15 meters to 261.50 meters, 354.40 meters to 372.20 meters and 396.00 meters to 413.10 meters.

APC-48 was drilled steeply (-75°) in a southwesterly direction from Pad 7 to a maximum downhole depth of 354.55 meters and was designed to test the potential of mineralization outside of the breccia to the southwest. The mineralized interval of oxidation commenced from surface to 12.40 meters and consists of saprolite followed by a transition zone down to 39.55 meters. The transition zone hosts iron oxides formed from the oxidation of the original sulfides hosted within the matrix of the breccia and within veins. Below the zone of oxidation, the intercept passed into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite (0.8%), pyrite (up to 2.5%) and 1% pyrrhotite. A high-grade zone was encountered within the transition zone from 13.15 meters to 31.40 meters downhole with numerous sheeted CBM veins overprinting the breccia matrix. APC-48 exited the mineralized breccia at 114.40 meters (112 meters vertical) and entered a mineralized precursor stage of porphyry mineralization from 128.10 meters to 236.70 meters grading 0.40 g/t gold equivalent over 108.60 meters. APC-48 is notable for extending the maximum known strike length of the Apollo system by 50 meters to the southwest with the maximum known overall system dimensions now measuring 435 meters x 395 meters x 915 meters.

Two step out drill holes were recently completed from Pad 6. APC-49 was drilled to the northwest and encountered over 840 meters of continuous, downhole mineralization from surface. The hole contains an upper zone rich in chalcopyrite (up to 1.5%) to 300 meters downhole and below that multiple zones with overprinting CBM veins were encountered. The hole was stopped at 852.90 meters (900 meters vertical) while still in mineralized breccia due to drilling related challenges.

Drill hole APC-55 was drilled to the northeast from Pad 10 and also intersected continuous mineralization from surface to a downhole depth of 790 meters (752 meters vertical). The upper portion of the intercept (to 400 meters downhole depth) contains strong chalcopyrite mineralization of up to 1.5% in the breccia matrix as well as overprinting CBM veins. Below 400 meters, the hole continues in mineralized breccia including various zones of sulphide rich CBM veins and veinlets containing high amounts of sphalerite and galena. APC-55 has the potential to extend the Apollo porphyry system to the northeast and again highlights the presence of multiple CBM zones in the northeast and eastern sector of the Apollo deposit below the copper rich zone. The Company plans to undertake directional drilling in this area.

Eleven additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk tonnage mineralization over significant core lengths.

The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is expected to be at the project soon, and is going to test new exploration targets identified around Apollo as well as other targets at the Guayabales project.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry covers a 1,000 meters X 1,200 meters area and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company's geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.