Collective Mining Announces Visual Observations From the Third Completed Drill Hole at the Apollo Target

Collective Mining Ltd. reports visual observations from the third finished drill hole at the Apollo target.

Apollo is known as a newly discovered high-grade copper–gold–silver porphyry-related breccia and the Company has recently shared the assay outcomes for the breakthrough hole (APC-1), which sectioned 87.8 m @ 2.49 g/t AuEq.

Apollo is known as one of eight porphyry-related targets that have been located inside a three-by-four-kilometer cluster area produced by the Company via grassroots exploration at the Guayabales project, situated in Caldas, Colombia.

As part of its completely funded 20,000-m drill program for 2022, there are, at present, three diamond drill rigs functioning at Guayabales, along with two turning at Apollo and one turning at the Trap target.

Highlights

• APC-2 was drilled to the southwest from a drill pad situated 200 m southeast of the collars for APC-1 and APC-1W, impeding more than 200 m of mineralized breccia from 154.7 m downhole (100 m vertical). Core obtained from this hole and APC-1W have been sent to the lab as a batch and assay outcomes are shortly anticipated.
• Mineralization is exceptionally continuous along the axis of the block of interest in APC-2 and has been hosted inside a breccia sulfide matrix comprising chalcopyrite (Cu), pyrrhotite, and pyrite. Overprinting carbonate base metal (“CBM”) veins flood the breccia matrix in several locations together with the mineralized interval in APC-2 with Galena (Pb) and visible sphalerite (Zn) noted. The breccia clasts are completely quartz diorite in composition and this hydrothermal system is clearly associated with a porphyry system. The mineralization in APC-2 is exceptionally consistent with the mineralization noted in APC-1 and APC-1W.
• APC-2 expands this mineralized system at least 200 m to the northeast and 100 m to the southwest and is situated centrally inside the 800 m × 700 m Apollo target area. At present, the Company is drilling two extra holes, APC-3 and APC-4, targeting to extend the mineralized system and better comprehend the morphology of this new discovery.
• Apollo remains open to the east, west, south, and at depth for further expansion. Due to the size of the target area and success in early drilling, a fourth drill pad is now under construction.
• The Apollo target area comprises newly generated porphyry and porphyry-related breccia and vein targets along with coincidental high-grade molybdenum and copper soil anomalies in places quantifying greater than 500 parts per million (“ppm”) in copper and 30 ppm in molybdenum. Surface sampling at Apollo has revealed a range of high-grade gold outcrops with several rock samples assaying greater than 3 g/t gold.
• Apollo can be accessed by road all year-round and is located within an elevation range of 1,800 to 2,000 m above sea level. An electrical substation is situated below 1 km from the target area.

At more than 200 meters in length and with at least three distinct overprinting types of mineralization observed, APC-2 is a nice surprise and has the potential to provide another high-grade intercept of bulk-style mineralization.

Ari Sussman, Executive Chairman, Collective Mining Ltd.

Sussman added, “Although we are at an early stage in understanding Apollo, the target is clearly demonstrating excellent potential to ultimately evolve into a large mineralized system. We will continue to be aggressive in drilling Apollo at various orientations and dips in order to learn the geometry of the system and unlock the potential of this very exciting new discovery.”

Re-Approval of Stock Option Plan

Also, the Company declares that at the annual special meeting of the shareholders held on June 29^th, 2022, the Company’s 10% “rolling” stock option plan was re-approved by shareholders in line with the policies of the TSX Venture Exchange.

Furthermore, the newly approved plan reflected a few housekeeping amendments to guarantee compliance with the new Policy 4.4 of the Exchange which became effective on November 24^th, 2021.