Collective Mining Ltd. (NYSE:CNL) (TSX:CNL) ("Collective" or the "Company") is pleased to announce that drilling at the Trap target will begin in May following the granting by the ANM of a key title and the acquisition of a key outstanding tenement to fully consolidate the target area. The Trap Target ("Trap") is located approximately 3.5 kilometers to the northeast of the flagship Apollo system within the Company's Guayabales Project in Caldas, Colombia.

Ari Sussman, Executive Chairman commented: "We are excited to finally resume exploration drilling at Trap after a pause while we awaited the granting of the title by the ANM covering the northern extension of the system. The Trap target possesses all the characteristics of a classic porphyry system with a large magnetic high coinciding with outcropping samples yielding porphyry style veining, potassic alteration and robust gold-copper grades. The porphyry target is flanked by porphyry-related carbonate base metal sheeted veinlet systems, located within a 2+ kilometer corridor.  We have been patiently waiting for this day to arrive and now look forward to seeing the results from this program in the coming months."

Details (See Figures 1-3)

The focus of the exploration drilling campaign at Trap will be to test northwest continuity of the high-grade sheeted vein system, where prior drilling by the Company has outlined a continuous 1,400-meter vein corridor which remains open in all directions. Additionally, the campaign will test the broader Trap target area, where recent reinterpretation of nearby drill holes, new surface geochemical data, outcrop samples and magnetic susceptibility point to strong potential for a gold-copper rich porphyry deposit to be discovered.

Tenement Acquisition

Total consideration for the tenement acquired by the Company from an arms-length third party entity is US$3.5 million to be satisfied in three equal installments as follows:

1/3rd due within five days of the execution of the agreement (paid),
1/3rd due on the first anniversary of the agreement execution date, and
1/3rd due on the second anniversary of the agreement execution date.
Trap Target Description

Trap is a priority exploration target and part of the growth strategy for the Guayabales Project. More specifically, Trap is a large-scale gold-copper porphyry target structurally positioned within a parallel, northwest-trending auriferous corridor similar to the highly prospective Apollo-Marmato corridor situated just 3.5 kilometers to the south.

The target is centered on secondary biotite-altered and pyrite stockwork-veined quartz-diorite bordered by country rock, schist and covering an area of over 800 meters x 400 meters. At numerous locations, the alteration intensifies to a secondary biotite-magnetite-albite-chlorite assemblage with bornite-chalcopyrite +/-molybdenum-visible gold as dissemination clots, hosted in narrow quartz-veinlets or infilling miarolitic cavities. The alteration is interpreted to be a pyrite halo to a proximal and productive porphyry system, indicated from higher-temperature alteration phases, miarolitic cavities and mineralization developed within the exposed wall-rock quartz-diorite and schist. The entire Trap target coincides with a robust magnetic anomaly, with internal magnetic highs and halos of elevated soil and rock-chip gold geochemistry coincident with the zones of intense surface alteration, interpreted to be proximal to apophasis of the causative and mineralized porphyry-intrusion.

Peripheral to the magnetic anomaly are four polymetallic vein camps, interpreted to be the distal expression to the porphyry system. Previous drilling has defined a broad northwest-trending mineralized veins zone for over two kilometers of strike, and up to 150 meters wide and drilled to a maximum depth of 915 meters.

Drilling will target the zones of intense porphyry alteration, with coinciding magnetic features and elevated geochemistry within the northwest-trending structural corridor as well as the continuity of the polymetallic veins to the northwest.

To date, Collective has completed 171,000 meters of diamond drilling across the Guayabales and San Antonio projects, including 18,000 meters at the Trap Target.