Collective Mining Ltd. to report the discovery of a significant new zone of precious metal mineralization at the Trap target ("Trap") as part of its Guayabales Project in Caldas, Colombia. Results from two diamond drill holes are interpreted to have intercepted the upper portions of a porphyry system which is overprinted by late-stage carbonate base metal ("CBM") sheeted vein zones. Trap is located approximately 3.5 kilometres along the molybdenum soil trend to the northeast of the Apollo porphyry system and is now the second major porphyry discovery made at the Guayabales Project.

Highlights: Drill hole TRC-2, which was drilled from the northwest to the southeast, has intercepted multiple mineralization styles while displaying excellent continuity over the entire interval as follows: 646.0 metres @ 0.81 g/t gold equivalent from 19.5 metres depth including: 301.5 metres @ 1.01 g/t gold equivalent from 19.5 metres downhole (19.1 metres vertical depth), TRC-2 bottomed in mineralization with the final 11.05 metres averaging 0.98 g/t AuEq, Drill hole TRC-3 was drilled from the east to the west from a separate pad to TRC-2. The hole cut two intervals of continuous mineralization with a post mineral dyke in between that is expected to be limited in dimensions based on surface mapping. Assay results for this hole are as follows: 159.75 metres @ 1.04 g/t gold equivalent from 86.80 metres downhole (44 metres vertical depth) including: 47 metres @ 2.25 g/t gold equivalent from 188 metres downhole (133 metres vertical depth), 72.7 metres @ 0.77 g/t gold equivalent from 359.35 metres downhole (286 metres vertical depth), The Trap porphyry target has been traced by rock and soil sampling over a large area measuring 2 kilometres by 2 kilometres. Reconnaissance drilling to date has outlined mineralization only over a small portion of the target area measuring 340 metres along strike (in a SE-NW direction) by 170 metres across by up to 687 metres vertically and remains open in all directions.

Mineralization at Trap is hosted predominantly in a quartz diorite unit with two styles of late stage CBM sheeted veins overprinting a gold-copper mineralized porphyry system (magnetite and minor chalcopyrite). The core for both holes is heavily altered with sericite indicating that drilling to date likely has only covered the shallow elevation of this porphyry system. Drilling at Trap is expected to resume in the coming days.

The next hole will be drilled steeper to test for continuity of mineralization at depth and see if the porphyry system alteration transitions from the current sericitic phase to the potassic phase.