Collective Mining Ltd. to announced assay results for four additional diamond drill holes at the Olympus Target within the Guayabales project, Colombia. Additionally, revised geological modeling based on the
most current data has significantly expanded the target area for follow up exploration. The Company currently has three diamond drill rigs operating at various targets at the Guayabales project as part of its fully-financed, minimum 20,000 metre program for 2022. As a result of geological modelling, drilling, underground sampling and detailed mapping, the Company now interprets Olympus Central and Olympus South to be one large interconnected mineralized system measuring up to 1.4 kilometres north-south by 900 metres east-west. The area, which will now be referred to simply as “Olympus,” remains open for expansion to the northwest, west, south and east. Olympus hole OLCC-4 was drilled westward at a 60-degree angle and intersected both the mineralized Eastern and Western zones. The Eastern Zone is hosted primarily within porphyry diorite and has carbonate base metal veins overprinting it while the Western Zone is hosted predominately within schist country rock impregnated by multiple zones of sheeted CBM veins with results as follow: 216.7 metres @ 1.08 g/t gold equivalent from 73 metres down-hole, 110.1 metres @ 0.82 g/t gold equivalent from 480.3 metres down-hole, Olympus hole OLCC-5 was drilled to the northwest at 70-degree angle and intercepted the Eastern Zone as follows: 59.6 metres @ 1.02 g/t gold equivalent from 11 metres down-hole before crossing into a late phase intrusion which appears to have eliminated the mineralization in this location. Additional patchy mineralization in the Eastern Zone was encountered further down-hole including 25.3 metres @ 0.86 g/t gold equivalent. The Company will focus future drilling in the Eastern Zone along strike to the south where it remains wide open for expansion. Lastly, this hole was not drilled far enough to intersect the projection of the Western Zone. Recent surface mapping and interpretation of drill data has led to a refinement of the Company's model for the Western Zone. The schist-intrusive contact is shallow dipping and daylights at surface in the west for at least 200 metres of strike. Future drilling will target the untested, shallow projection of the Western Zone. Holes OLCC-6 and OLCC-7 were unfortunately, not drilled deep enough to intersect this Western Zone projection at depth. Exploration work to date within both historical and current artisanal mines has outlined more than 25 veins.