Collective Mining Identifies a Cluster of Mineralized Porphyries and Associated Gold-Silver Vein Systems Within the Guayabales Project

TORONTO, June 21, 2021 (GLOBE NEWSWIRE) -- Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to provide an activity update on it’s Guayabales project (“Guayabales”) located in Caldas, Colombia. The project is situated contiguous and immediately along strike to the northwest from Aris Gold’s Marmato Gold Mine (“Marmato”), which contains Proven and Probable reserves of 2.0 million ounces gold and 4.35 million ounces silver (19.7 Mt grading 3.2 g/t gold and 6.9 g/t silver). Supporting images for this release can be found in Figures 1-4.

The Company’s interpretation of the Guayabales project is that the precious metal mineralization encountered throughout the property is related to a series of copper-gold-molybdenum porphyry intrusions. It is also likely that these porphyry intrusions are at least partially responsible for the robust mineral endowment of the area (including Marmato). Importantly, Collective Mining is the first company to ever consolidate the prospective land package along strike to the northwest and adjacent to Marmato.

Over the past nine months, the Company has rapidly advanced the project with intense geological mapping, soil and rock sampling programs and has completed and interpreted a high resolution, airborne geophysical survey. Work to date has highlighted a major NW-trending and mineralized structural corridor that incorporates both porphyry style copper-gold-molybdenum mineralization and associated high-grade gold-silver (base metal) vein systems. Guayabales is located immediately along strike, and at higher elevation, to the Marmato orebodies preserving vertically larger zones of the highly prospective Miocene intrusive related mineralized systems. Current surface exploration activity has covered less than 20% of the project area and has already identified four initial targets referred to as Donut, Tower, Olympus and Victory which are described as follows:

• The Donut target is part of a northwest trending and outcropping cluster of mineralized copper-gold-molybdenum porphyry intrusions. Shallow underground workings have exposed large zones of porphyry veining hosting various copper sulfides including chalcopyrite, chalcocite and lesser bornite with molybdenite and abundant pyrite. The Donut target displays intense zones of both potassic alteration and overprinting vein and stockwork systems. The porphyry zone is enveloped by a large scale (+1.5 km) and continuous anomalous zone of in-situ and coincidental gold, copper and molybdenum soil anomalism. Assay results are anticipated within the next 30 days from preliminary channel sampling program performed in existing underground workings and a maiden drill program is planned for September 2021.