Collective Mining Ltd. announced results of the first three diamond drill holes at the Olympus Central Target within the Guayabales project, Colombia. The company currently has three diamond drill rigs operating at Olympus with two rigs testing the Olympus Central Target and one rig at the Olympus South Target as part of its minimum 20,000 metre program for 2022. A fourth diamond drill rig is expected to commence drilling at the Guayabales project prior to the end of March 2022.

Highlights: The Olympus Central discovery hole, OLCC-3, was drilled to the northwest at a 60-degree angle to the center of an induced polarization chargeability anomaly. The drill hole totalled 630.5 metres in length and intersected mineralization up to a vertical depth of approximately 400 metres. Two distinct zones of broad mineralization were encountered in the drill hole.

The first zone in OLCC-3, which began near surface in a quartz diorite porphyry intrusion, contains multiple high grade, carbonate-base metal veins (“CBM”) enveloped by broad sericite-pyrite, lower grade halos with results as follows: 301.9 metres at 1.11 g/t gold equivalent from 61.7 metres depth including 1.3 metres at 74.91 g/t gold equivalent with visible gold observed within this CBM vein; The second zone in OLCC-3, which is located further down hole and is hosted within country rocks (schists and metasediments), is impregnated by multiple zones of sheeted CBM veins and enveloped by sericite-pyrite alteration as follows: 34.2 metres at 0.90 g/t gold equivalent from 486 metres depth including 0.5 metres at 12.68 g/t AuEq; OLCC-3 ended in high-grade mineralization with the final sample from 630-630.5 metres depth averaging 0.5 metres at 7.64 AuEq; OLCC-1 was drilled steeply to the west at an 80-degree angle into the southern periphery of the induced polarization chargeability anomaly and intercepted a broad zone of mineralization in the Eastern Zone beginning near surface as follows: 116.3m at 1.03 g/t gold equivalent from 30.6 metres depth including 9.6 metres at 8.05 g/t gold equivalent with visible gold observed locally; OLCC-2 was drilled to the southwest at a 60-degree angle and only intercepted sporadic and moderate mineralization. The hole was drilled outside of the induced polarization chargeability anomaly into an area now interpreted to be a late intrusion dyke that has stoped-out mineralization in a small area at this location; The Olympus target (South, Central and North) covers an area of 1.25 kilometres by 0.75 metres and remains open for expansion; Three additional drill holes have been completed to date with assays pending while another three drill holes are currently advancing within the Olympus Central Zone. As a result of the new grassroots discovery at Olympus, the Company plans to accelerate drilling in 2022 by stepping out along the Eastern and Western Zones of mineralization at various elevations; There are over 50historical and current artisanal mines that have been identified within the Olympus target to date and drilling completed thus far by the Company has not tested below the vast majority of these mines as the discovery hole, OLCC-3, was drilled in the northern extension of the system.

As announced previously, grab samples from within artisanal workings found significant high-grades precious and base metal bearing CBM veins.