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NEW DISCOVERY AT APOLLO TARGET: June 22, 2022: Discovery Hole - 87.8 metres at 2.49 g/t AuEq

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NEW DISCOVERY AT APOLLO TARGET: June 22, 2022: Discovery Hole - 87.8 metres at 2.49 g/t AuEq

Collective Mining Reviews 2021 Achievements and Announces Plans for 2022

TORONTO, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to review its accomplishments of 2021 and outline its business plan for 2022 for its Guayabales and San Antonio projects. The properties are located in Caldas Colombia and the Company has the right to earn 100% unencumbered interests in both projects.

2021 Highlights

Guayabales Project (Figure 1)

Hole ID From (m) To (m) Interval (m) Au (g/t) Ag (g/t) AuEq* (g/t)
DOC-5 0.0 163 163 1.2 11 1.3
DOC-2 0.0 104.0 104 1.2 12 1.3

* AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.90) + (Cu (%) x 1.83 x 0.92) + (Mo (%) x 4.57 x 0.92), utilizing metal prices of Cu - US$4.00/lb, Mo - US$10.00/lb, Ag - $24/oz and Au - US$1,500/oz and recovery rates of 95% for Au, 90% for Ag, 92% for Cu and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.

Assays for several completed drill holes remain outstanding and will be announced once received in Q1, 2022.

Sample ID Au (g/t) Ag (g/t) Cu % Zn % Pb%
CM003546 485.3 325 - - -
CM003571 198.7 369 0.08 9.03 12.74
CM003574 72.4 271 - - -
CM003581 69.2 254 - - -
CM003544 58.2 99 - - -
CM003582 48.5 206 - - -
CM003570 34.8 745 2.66 0.18 0.45

*The reader should be cautioned that grab samples are selective in nature and as a result should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario.

** Only samples CM003570 and CM003571 reported above were analyzed for base metal grades.

A maiden diamond drilling program utilizing two rigs commenced at the Olympus target on December 1, 2021, and visual logging of the two completed holes to date highlights the discovery of multiple mineralized CBM veins hosted within intensely altered porphyry diorite and hydrothermal breccia units. Initial assay results are expected in January 2022.

San Antonio Project (Figure 2)

HoleID From (m) To (m) Intercept
Interval (m)**
Au (g/t) Ag (g/t) Zn (ppm) Pb (ppm) Cu % Mo % AuEq (g/t)*
SAC-6 0 750 750 0.32 6 454 303 0.02 0.001 0.41
SAC-8 0 710 710 0.40 6 352 130 0.04 0.001 0.53

* AuEq (g/t) = (Au (g/t) x 0.95) + (Ag g/t x 0.013 x 0.90) + (Cu (%) x 1.83 x 0.92) + (Mo (%) x 4.57 x 0.92), utilizing metal prices of Cu - US$4.00/lb, Mo - US$10.00/lb, Ag - $20/oz and Au - US$1,500/oz and recovery rates of 95% for Au, 90% for Ag, 92% for Cu and Mo.

** a 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown and grades are uncut.

Corporate and Sustainability

2022 Outlook

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock samples have been prepared and analyzed at SGS 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.

About Collective Mining Ltd.

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects a total of eight major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.3 g/t AuEq and 710 metres @ 0.53 AuEq at the Guayabales and San Antonio projects, respectively. ( See press releases dated October 18 th and 27 th for AuEq calculation.)

Contact Information

Collective Mining Ltd.

Steve Gold, Vice President, Corporate Development and Investor Relations

Tel. (416) 648-4065

To schedule a one-on-one meeting with management please use the following link:

https://calendly.com/collectivemining/30min?month=2021-11

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Figure 1: Plan View of the 3.5 km x 3 km Porphyry Cluster Outlined at the Guayabales Project

https://www.globenewswire.com/NewsRoom/AttachmentNg/96fe322b-c3e1-44d8-b048-e6aac409759b

Figure 2: Plan View of the 1.3 km Long Pound Target at the San Antonio Project

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a9ba725-a0b3-4dce-a030-e1d31f7a941c

 

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