Collective Mining Ltd. announced that a second rig has been mobilized to the Trap target (Trap) due to strong visual mineralization observed in follow up drilling currently underway. Trap is one of a series of porphyry targets within the company's Guayabales Project located in Caldas Colombia. The company's 2024 exploration plan includes up to 40,000 metres of diamond drilling with three rigs currently operating and a fourth rig anticipated to start drilling by the middle of February 2024.

Trap Highlights: The company recently announced the discovery of a gold rich porphyry system at Trap which is located approximately 3.5 kilometres to the northeast of the Apollo system. The Trap target covers a large surface area measuring approximately 2 kilometres by 2 kilometres with assay results previously announced on January 18, 2024 for the initial three drill holes as follows: 102.2 metres at 1.53 g/t AuEq (TRC-1); 646.0 metres at 0.81 g/t AuEq (TRC-2, bottomed in mineralization) including; 301.5 metres at 1.01 g/t AuEq from 19.5 metres depth 159.75 metres at 1.04 g/t AuEq (TRC-3). Geological inspection of the initial three discovery holes plus interpretation of precious and base metal assay data suggests that the Company has only drill tested the upper levels of a porphyry system consisting of overprinting early and late-stage porphyry veins associated with a pervasive phyllic (sericite - chlorite - sulphide) alteration assemblage.

On January 19, 2024 a follow up drill hole was initiated from Pad 2 to test the mineralized system at depth and is currently coring in a southeast direction at approximately 745 metres in length.Visual observation of the current drill hole is showing a noticeable increase in total sulphide content and alteration in comparison to the prior holes with three overprinting styles of mineralization being observed as follows: Porphyry quartz veins containing pyrite and minor chalcopyrite; Late crosscutting sheeted carbonate base metal (CBM) veinlets enriched in sphalerite and galena; Dark polymetallic sheeted veinlets. Sufficiently encouraged by the deeper drill hole visuals, the Company is mobilizing a second drill to Trap with drilling anticipated to commence in the coming days. Additional assay results from Trap are expected in first quarter 2024.