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Collective Mining Reports Visual Observations from Two Step Out Holes Drilled into the Apollo Target

Collective Mining Ltd. CNL CNLMF ("Collective" or the "Company") is pleased to announce visual observations from two step out holes drilled into the Apollo target ("Apollo") which is located within the Guayabales project in Caldas, Colombia. The Main Breccia discovery at Apollo is a high-grade, bulk tonnage copper-gold-silver porphyry-related breccia target with previously announced intercepts including:

As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target.

"These two new diamond drill holes are incredibly exciting as we have significantly expanded the size of the Main Breccia discovery at Apollo and while doing so, we have cut the longest intercepts of both total and continuous mineralization completed to date. Importantly, the system remains open to the north and northeast as both holes bottomed in mineralization. We look forward to continued aggressive drilling in order to see how much more this exceptional discovery can grow," commented Ari Sussman, Executive Chairman.

Details (See Figures 1-4)

Fourteen diamond drill holes with accompanying assay results have now been announced at Apollo and a further eleven holes are outstanding. The Company recently completed two northerly directed diamond drill holes, APC-17 and APC-22, from its southernmost drill pad (Pad 3), which were designed to test for mineralized extensions to the Main Breccia discovery. The following visual observations are highlighted from the two step out holes:

  • Hole APC-17 was drilled approximately due north to a maximum depth of 912.60 metres. The hole intersected more than 70 metres of mineralization beginning at 119 metres down hole (100m vertical) and another 545 metres of mineralization from 365 metres down hole (330m vertical) to the end of the hole (825m vertical). Total mineralization in this diamond drill hole exceeded 600 metres and is the most mineralization drilled in a single hole to date into the Main Breccia discovery at Apollo. The shallow intercept is hosted within angular porphyry related breccia containing chalcopyrite (1-2%) with pyrite and pyrrhotite and is located directly beneath recently discovered mineralization outcropping at surface. The deeper and longer intercept is also hosted within angular porphyry related breccia with the matrix filled with pyrite, chalcopyrite and overprinting carbonate base metal veins ("CBM"). The hole was terminated at 912.6 metres while still in mineralized breccia.
  • Hole APC-22 was drilled to the northeast to a maximum depth of 734.8 metres and intercepted three zones yielding more than 400 metres of total breccia mineralization. The two shallow zones are located directly beneath surface outcrops and the initial 37 metre intercept commenced at 100 metres downhole (60m vertical), while the second shallow 19 metre intercept began at 167 metres down hole (100m vertical). Mineralization is hosted within angular porphyry breccia with a matrix of chalcopyrite (1-2%) and pyrrhotite and overprinting zones of sheeted CBM veins. The deeper intercept commenced at 308 metres downhole (276m vertical) and continued within mineralized porphyry related angular breccia until the hole was terminated at 734.8 metres.
  • Visual logging of APC-17 and APC-22 have significantly increased the overall maximum potential volume of rock hosting the Main Breccia discovery, which now measures up to 385 metres along strike by 350 metres width by 825 metres depth (prior dimensions were 385 metres x 190 metres x 500 metres). The system remains open for expansion.
  • Three rigs continue to drill at Apollo with additional assay results anticipated in the near term.
  • The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metres X 700 metres area. The Apollo target area hosts the Company's new Main Breccia discovery plus a vein system flanking its eastern side. Multiple additional untested breccia, porphyry and vein targets have been generated and will be drilled in due course. Lastly, the overall Apollo target area also remains open for further expansion.

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