Category: Collective Mining

• Hole APC-46 was drilled westward from Pad 6 and intersected a long and continuous interval of gold-silver-copper mineralization beginning at surface in oxide mineralization and bottoming in mineralization with results as follows:
• APC-46 extended the strike length of the shallow mineralization to the west with the dimensions now measuring 160 metres x 130 metres (previously 150 metres x 130 metres).
• APC-46 bottomed in mineralization in quartz diorite porphyry with the final 7.1 metres averaging 0.88 g/t AuEq.
  
• APC-44 was drilled to the northwest from Pad 6 and intercepted a long and continuous zone of gold-silver-copper mineralization beginning at surface in oxide material and bottoming in mineralization with results as follows:
• Detailed visual logging of drill hole APC-53, which was drilled to the northeast from Pad 10, indicates that two potentially significant zones of mineralization were encountered along the hole. APC-53 was designed to step-out along the recently announced “Contact Zone” where drill hole APC-42 cut 104.8 metres from surface at 5.56 g/t AuEq (see press release dated April 25, 2023). The reader should take caution until assay results are received from a third-party laboratory as visual results are inherently unreliable in nature.
• Eight additional holes have been completed at the Apollo system with assay results for APC-45, APC-47 and APC-48 expected in the near term. All eight holes intersected cumulative mineralization over varying yet significant downhole drill lengths. Three drill rigs are operating on site with a fourth rig expected to begin operating prior to the end of Q2, 2023. Once onsite, the fourth rig will focus on testing the six new exploration targets directly surrounding the Apollo system (see press release dated April 18, 2023 for further details).

Ari Sussman, Executive Chairman commented: “The first part of our 2023 drilling program, which was focused on outlining the near surface portion of the Apollo system is nearing completion. The next phase of the program is already underway and will focus on growth by looking to expand the Apollo system with step-out drilling and by testing satellite targets surrounding Apollo and other targets on the greater Guayabales property. The visual observations from APC-53 are very exciting as the Contact Zone hosts an intensity of sheeted CBM veins not observed yet elsewhere at the project. We look forward to continuing drilling this new area as we look to unlock its high-grade potential.”

TORONTO, May 16, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from a further two drill holes completed within the Apollo porphyry system (“Apollo”) as well as visuals from a new exploratory drill hole at the Guayabales project located in Caldas, Colombia.  Apollo is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.

APC-44 and APC-46 Details (See Table 1 and Figures 1-4)

The Phase II drilling program of 2023 is advancing on schedule with fifteen holes completed and results announced. A further eight holes have been drilled and await assay results from the lab. The objectives of the 2023 program are to define the high-grade mineralization and dimensions of the Apollo porphyry system near surface, expand the size of the system through step-out and directional drilling and drill test multiple new targets generated through grassroots exploration. Since the announcement of the discovery hole at Apollo in June 2022, a total of 46 drill holes (approximately 20,700 metres) have been completed and assayed.

This press release outlines results from two exploratory holes drilled in westerly directions from Pad 6 and designed to understand and expand upon the shallow mineralization and the morphology of the system on its western side. Assay results and geological observations for both holes are summarized below:

APC-44 was drilled steeply to the northwest from surface at Pad 6 to a maximum downhole depth of 430.2 metres. The mineralized interval of oxidation commenced from surface to 37.55 metres and consists of saprolite from 2 to 21.95 metres followed by a transition zone down to 39.55 metres. The transition zone hosts iron oxides formed from the oxidation of the original sulphides hosted within the matrix of the breccia and within veins. Below the zone of oxidation, the intercept passed into fresh rock hosting mineralized breccia with a sulphide composition of 0.4% chalcopyrite, 1.0% pyrite and some pyrrhotite (up to 0.3%). Mineralization continued until 430.2 metres (420 metres vertical) when drilling was stopped while still in mineralization. At 148.25 metres downhole for approximately 18.5 metres, a zone of sheeted carbonate and base metal vein (CBM) material flooding the breccia matrix was encountered, containing 0.2% to 0.5% sphalerite and chalcopyrite associated with higher gold grades. The following assay results are highlighted:

• 428.2 metres @ 1.41 g/t gold equivalent from 2 metres downhole (consisting of 0.61 g/t gold, 29 g/t silver and 0.24% copper) and including:

APC-46 was drilled to the west from Pad 6 to a maximum downhole depth of 428.20 metres and was targeted to test the westward extension of the Apollo system from surface. The drill hole intercepted porphyry and breccia impregnated mineralization before bottoming while still in mineralization at the end of the hole (400 metres vertical). The mineralized interval commenced directly below cover material from 5.75 metres depth with saprolite followed by saprock and then continued into transition material (oxidized sulphides) until a downhole depth of 28.25 metres. Below the oxide transition zone, the intercept passed into fresh rock consisting of quartz diorite breccia with a matrix of chalcopyrite (0.4%), pyrite (0.8%) and pyrrhotite (0.4%) before entering a post mineral dyke at 363.8 metres. At 418.45 metres, the hole exited the post mineral dyke and entered into quartz diorite porphyry until being terminated within mineralization at 425.6 metres. Assay results for this hole are as follows:

• 358.0 metres @ 1.52 g/t gold equivalent from 5.75 metres downhole (consisting of 0.55 g/t gold, 31 g/t silver and 0.32% copper) including:
• APC-46 is notable for the fact it expanded the near surface mineralization to the west and as a result, the overall dimensions have grown to 160 metres x 130 metres (previously 150 metres x 130 metres).

APC-53 Details (see Figure 3)

Detailed visual inspection of recently completed drill hole APC-53 has intersected two distinct zones of mineralization. APC-53 was drilled to the northeast from Pad 10 and was expected to remain above the known mineralized system until 230 metres downhole when it would enter mineralized breccia. However, an intense zone of multiple sheeted CBM veins overprinting mineralized quartz diorite was intersected from surface to a downhole depth of up to 150 metres. This newly discovered zone hosts continuous sheeted CBM veinlets containing sphalerite, galena, chalcopyrite and pyrite which overprint quartz diorite porphyry mineralization consisting of quartz vein stockwork hosting pyrite and minor chalcopyrite. As the hole progressed, typical mineralized angular breccia was intercepted downhole at 233 metres and continued for approximately 285 metres in length.  Multiple zones of sheeted CBM zones flooding the matrix were observed within the breccia. In particular, a zone extremely enriched in CBM vein fluid was observed from 277 metres downhole to 334 metres downhole with the breccia matrix hosting abundant sphalerite (0.2% to 3%) and galena (0.1% to 3%) as well as chalcopyrite (0.3% to 2.0%).  Assay results for APC-53 are expected in June 2023 and additional drilling in this area is planned in the short term.

Apollo Drill Program

Eight additional holes have been completed at the Apollo system with assay results expected in the near term. All holes intersected bulk tonnage mineralization over significant core lengths.

The Company presently has three diamond drill rigs operating at the Apollo project. A fourth drill rig is being mobilized to the project and is expected to initiate testing of the new exploration targets identified around Apollo (see press release dated April 18, 2023) in June 2023.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas (see Collective press release dated April 18, 2023) with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.

Table 1: Assay Results APC-44 and APC-46

Hole #	From	To	Intercept	Au	Ag	Cu	Mo	AuEq	CuEq	Zone
(m)	(m)	Interval (m)	(g/t)	(g/t)	%	%	(g/t)*	(%)*
APC-44	2.00	430.20	428.20	0.61	29	0.24	0.002	1.41	0.75
Incl**	2.00	39.55	37.55	1.81	14	0.10	0.001	2.13		Oxidation + Transition Zone
Incl	2.00	21.95	19.95	2.84	13	0.07	0.001	3.07		Oxidation Zone
and	148.25	166.50	18.25	3.02	83	0.65	0.002	5.21		CBM zone
APC-46	5.75	363.75	358.00	0.55	31	0.32	0.002	1.52	0.81
Incl**	5.75	34.00	28.25	2.06	22	0.10	0.001	2.48		Oxidation Zone + Transition Zone
incl	5.75	25.00	19.25	2.65	24	0.05	0.001	3.01		Oxidation Zone
and	153.05	213.6	60.55	1.13	48	0.53	0.002	2.69
and	418.45	425.6	7.10	0.80	4	0.02	0.002	0.88		Porphyry Phase

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.97) + (Ag g/t x 0.016 x 0.88) + (Cu (%) x 1.87 x 0.90)+ (Mo (%)*11.43 x 0.85) and CuEq (%) is calculated as follows: (Cu (%) x 0.90) + (Au (g/t) x 0.51 x 0.97) + (Ag (g/t) x 0.009 x 0.88)+ (Mo(%)x 6.10 x 0.85) utilizing metal prices of Cu – US$4.10/lb, Ag – $24/oz Mo – US$25.00/lb and Au – US$1,500/oz and recovery rates of 97% for Au, 88% for Ag, 85% for Mo, and 90% for Cu. Recovery rate assumptions are speculative as limited metallurgical work has been completed to date. A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut.

(**) Zone of Oxidation + Transition Zone

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expand the overall dimensions of the system, which remains open in most directions.

Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski73) and Collective Mining (@CollectiveMini1) on Twitter.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Collective Mining Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/May2023/16/c7254.html

• Exploration fieldwork has identified six well mineralized and outcropping porphyry and related style targets within a 400 metre radius of the Apollo system with assay results for soil and rock samples as follows:
• Surface mapping at all six targets has outlined the same style of porphyry mineralization as the Apollo system, namely altered porphyry with vein stockwork, inter-mineral breccia with oxide followed by sulphides in the matrix and overprinting late-stage porphyry veins (“CBM Veins”).
• Although the amount of rock and soil exposure in the sampling radius covering each of the six target areas is limited due to vegetation, historical landslides and volcanic ash cover, the scale of the areas and tenor of the assay results are similar to the original outcrop of the Apollo system. The Company estimates that there is no more than 5% rock exposure anywhere at the Guayabales project.
• For comparison, the outcrop of the Apollo porphyry system prior to drilling only measured 10 metres in diameter. Subsequent drilling has outlined a porphyry system that to date measures 150 metres by 130 metres at surface, which then expands in dimensions quickly at depth to up to 500 metres wide and remains open.
• Surface sampling was carried out in oxidized material and if the oxidation zone shares similar characteristics to the Apollo system, the copper and silver grades have been reduced by leaching. Recent drill results from Pad 6 and Pad 7 at Apollo corroborates this assertion.
• A fourth drill rig is being mobilized to the project and is expected to initiate testing of the six new targets in late Q2, 2023.
• Six additional holes have been completed at the Apollo system with assay results expected in the near term. APC-41, APC-42 and APC-45 are shorter holes designed to test the contact zones between the inter-mineral breccia and porphyry host rock in search of higher-grade sub zones. APC-44 and APC 46 are longer holes (up to 425 metres in mineralization) drilled from Pad 6 as part of a fan pattern to assess the shallow mineralization in this area and APC-47 is an exploratory hole drilled to the east from Pad 4 to test for mineralization beginning from below surface.

Ari Sussman, Executive Chairman commented: “The discovery of these new mineralized porphyry outcrops around Apollo are both exciting and significant for the Company. The original discovery outcrop of Apollo only covered a 10 metre radius and subsequent drilling has demonstrated that Apollo has the morphology of an inverted carrot with limited surface expression. This fact puts these new targets into perspective and highlights that the Apollo area is highly prospective for further exploration. We only found these new outcrops because of various recently excavated tracks emplaced to service and supply the drilling pads. I am looking forward to new drill rigs turning at these targets in the near term.”

TORONTO, April 18, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce exploration results from six newly generate porphyry and related style targets located within the Apollo target area at the Guayabales project located in Caldas, Colombia. The Apollo porphyry system is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (intermediate sulphidation porphyry veins) within a magmatic, hydrothermal inter-mineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.

Details (See Table 1 and Figures 1-3)

Exploration fieldwork has identified six target areas with outcropping porphyry style mineralization which are located within a 400 metre radius of the Apollo porphyry system. These new targets were generated by geological mapping, soil sampling and most importantly the emplacement of new tracks to enable supplies and equipment to be transported to the current drill pads in the area. Two key characteristics pertinent to understanding the potential impact of the targets and their associated metal values in rock and soil are as follows:

A.

Collectively, the targets consist of all the same mineralization styles observed in the Apollo system, namely early-stage porphyry style with various porphyry veinlets, inter-mineral breccia, and late stage CBM veins which host higher values of gold and silver. The copper values range between 31 ppm and 1,410 ppm and reflect leaching of copper and silver due to surface oxidation. The leaching of copper in oxides at Apollo has been observed in all oxidized material drilled from Pad 6 and Pad 7. Copper values near surface in these drill holes display very similar grades to those observed in the six outcrops outlined in this release. Gold values range from 0.18 g/t to 8.29 g/t and silver values from 0.2 g/t to 346 g/t with variation in both cases related to the mineralization styles encountered.

B.

Cognizance must be taken of the surface area and 3D morphology of the Apollo porphyry system when assessing these new porphyry outcrops. The original Apollo discovery outcrop was only 10 metres in diameter and was the only exposure identified prior to the drilling of discovery hole APC-1. The discovery outcrop had gold, silver, and copper values in the ranges of 0.07 to 4.1 g/t gold, 1.9 to 29 g/t silver and 377 to 1,023 ppm copper. After the erection of multiple drill pads, another two outcrop areas were located at Apollo following the construction of various tracks which were emplaced to service the various drill rigs with equipment and supplies. There is only approximately 5% outcrop exposure at the Guayabales project due to the dense vegetation and the covering of primary rock surfaces by historic landslide fill and young volcanic ash. Furthermore, drilling at the Apollo deposit has demonstrated that the surface expression is relatively small with a maximum known diameter at present of 150 metres whereas at depth this expands quickly to a known diameter of up to 500 metres. The deposit is still open in all directions.

The following brief descriptions and data are summarized for each outcrop target:

Target 1:

This target is located 200 metres west of the Apollo outcrop area. This outcrop has dimensions of 20 metres by 3 metres and hosts early-stage porphyry mineralization as well as clast supported crackle breccia with an iron oxide matrix cement of 3% to 5% in volume. Drusy quartz veining is superimposed on the breccia. Pervasive and strong sericite alteration overprints the rock exposures. Gold grades range from 1.13 g/t to 0.34 g/t with silver ranging from 0.2 g/t to 6.6 g/t and copper in the range of 90 ppm to 224 ppm.

Target 2:

This target is located 300 metres northeast of the Apollo system, has outcrop dimensions of 120 metres by 60 metres and contains a couple of historical and shallow artisanal mines. Geological mapping has identified altered porphyry hosting angular breccia with quartz diorite clasts. The matrix of the breccia has total sulphides of up to 5% which is predominantly pyrite with some chalcopyrite. CBM veinlets overprint the breccia and trend NW and EW. Alteration is strong and defined by sericite and chlorite. Gold values range from 8.29 g/t to 1.51 g/t, silver from 10 g/t to 346 g/t and copper from 72 ppm to 362 ppm.

Target 3:

Target 3 is located 300 metres east-northeast of the Apollo system and has outcrop dimensions of 15 metres by 3 metres. The outcrop area hosts angular breccia with quartz diorite clasts with an iron oxide cement (1%-2%) after sulphides. Strong Sericite-chlorite alteration is observed. The target has subsequently been expanded to 75 metres by 170 metres by anomalous gold in soil values. Rock samples range from 0.18 g/t to 0.63 g/t gold, silver ranges from 2 g/t to 68 g/t and copper from 43 ppm to 277 ppm.

Target 4:

This target is located 250 metres east of the Apollo system with dimensions measuring 20 metres x 4 metres and host crackle breccia of diorite composition and altered porphyry rocks. Breccia cement hosts 2%-3% iron oxide after sulphide while both the porphyry and breccia units are overprinted by CBM veinlets. Strong sericite alteration is observed in the outcrop. The target has been expanded to 150 metres by 100 metres by anomalous gold in soil values. Rock samples range from 0.90 to 4.31 g/t gold, 1 g/t to 56 g/t silver and copper ranges from 125 ppm to 323 ppm. 

Target 5:

This target area is located 100 metres due east of the Apollo system and has dimensions measuring 15 metres by 10 metres. Geology observed includes altered porphyry, angular breccia and late stage CBM veinlets. The breccia matrix hosts 3%-5% iron oxides after sulphide with strong sericitic alteration. Anomalous soil sample results for gold have expanded the target area to 200 metres by 100 metres. Rock samples range from 0.56 g/t to 5.59 g/t gold, 6 g/t to 70 g/t silver and copper ranges from 477 ppm to 833 ppm.

Target 6:

This target area is located 400 metres due southeast of the Apollo system and outcrops over a 30 metre diameter area. The outcrop hosts angular, polymictic, clast supported breccia (diorite and quartz diorite) and altered porphyry with quartz veinlets. The matrix cement hosts visible sulphides of 3%-5% and consists of chalcopyrite, sphalerite, galena and pyrite. Rock samples range from 0.39 g/t to 1.07 g/t gold, 6 g/t to 20 g/t silver and copper ranges from 32 ppm to 1,410 ppm.

Update on Apollo Drilling Progress

The Phase II drilling program of 2023 is advancing on schedule with thirteen holes completed and a further six holes in the lab awaiting assay results. Since the discovery of the Apollo porphyry system was announced in June 2022, a total of 44 drill holes (approximately 18,978 metres) have been completed and assayed.

Six additional holes have been completed from the three current drill pads with assay results expected in the near term. APC-44 and APC-46 are long holes drilled in westerly direction with continuous visual mineralization of up to 425 metres. APC-41, APC-42 and APC-45 are shorter holes designed to test the contact zones between breccia and porphyry in potentially higher-grade areas. APC-47 is an exploratory hole drilled to the east from Pad 4. Assay results are expected in the near term.

The Company presently has three diamond drill rigs operating at the Apollo project and additional assay results are expected in the near term.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists have found multiple additional outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.

Table 1: Assay Results for Sampling Undertaken on Targets 1 to 6 in the Apollo Target Area

Target #	Sample Type	Au (g/t)	Ag (g/t)	Cu (ppm)
Target 1	Rock	0.43	0.2	90.1
Target 1	Rock	0.34	0.2	104.8
Target 1	Rock	0.88	1.8	154.0
Target 1	Rock	0.91	0.6	121.1
Target 1	Rock	1.13	6.6	224.3
Target 2	Rock	1.51	10.3	71.8
Target 2	Rock	7.06	46.6	146.0
Target 2	Rock	4.10	78.0	254.0
Target 2	Rock	4.55	19.8	309.0
Target 2	Rock	8.29	345.6	424.5
Target 2	Rock	6.55	217.2	362.0
Target 3	Rock	0.18	3.4	155.9
Target 3	Soil	0.43	67.7	43.0
Target 3	Soil	0.63	2.2	277.0
Target 4	Rock	2.97	35.6	322.9
Target 4	Soil	0.90	1.3	131.1
Target 4	Soil	2.88	56.0	198.2
Target 4	Soil	4.31	1.2	124.6
Target 4	Rock	1.28	27.9	186.5
Target 5	Rock	5.59	57.5	833.1
Target 5	Rock	2.70	69.7	539.6
Target 5	Rock	2.41	32.7	507.7
Target 5	Soil	0.56	5.6	477.0
Target 6	Rock	0.60	19.8	1410.0
Target 6	Rock	0.39	15.8	217.3
Target 6	Rock	0.95	16.4	41.9
Target 6	Rock	0.65	6.0	31.5
Target 6	Rock	1.07	13.1	132.3

Note: The values on the table correspond to rock chip and soil samples and should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario. Sample grades are uncapped and do not represent true width of the mineralization.

Rock and Soil samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver, and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.

Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock, soils and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter.

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Collective Mining Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2023/18/c9383.html

• Assay results for two holes APC-33 and APC-35, intended to test the mineralized outcrop of the Apollo porphyry system, intersected significant continuous high-grade copper-silver-gold mineralization from surface as follows:
  
• The intersection in drill hole APC-35 is the highest grade (grams X metres) hole drilled to date at the Apollo porphyry system.
  
• Both holes terminated while still in strong mineralization at over 350 metres vertical depth. Deeper drilling is planned as part of the 2023 Phase II program.
  
• Significant and continuous copper mineralization was intersected in both drill holes beginning directly below the oxide zone of mineralization and continuing to the end of the holes.
  
• Four additional drill holes have been completed from drill Pads 6 and 7 with all four holes appearing to have intersected continuous mineralization from bedrock to downhole lengths of up to 275 metres. Assay results are pending.
  
• Outcrop mapping and sampling in the south and central portions of the Apollo porphyry system has outlined a 130 metres X 130 metres area of known surface mineralization which is open in all directions. Two new pads (9 and 10) are under construction and once operational will provide more drilling options to test this expanding area of surface and shallow mineralization.

Ari Sussman, Executive Chairman commented: “The Apollo deposit continues to demonstrate that it is in a rare class of discoveries combining both high-grades of copper, silver and gold hosted within a bulk tonnage porphyry system. Surprises through drilling continue to be positive with APC-35 being the highest grade intercept at the project to date. Importantly, the hole began and ended in two separate high-grade subzones of mineralization. Once the shallow portion of the drill program is completed in the coming weeks, we will immediately begin drilling significantly longer holes to test the full potential of the system from surface to depth. Assay turnaround continues to be quick and more results are expected in the near term.”

TORONTO, March 15, 2023 /CNW/ – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from an additional two drill holes completed from Pad 6 as part of the Phase II program at the Guayabales project located in Caldas, Colombia. The aim of the Phase II program is to test and define through drilling the shallow portion of the Apollo porphyry system as well as continue expanding the system through step-out drilling. The Apollo porphyry deposit is a high-grade, bulk tonnage copper-silver-gold system, which owes its excellent metal endowment to an older copper-silver and gold porphyry system being overprinted by younger precious metal rich, carbonate base metal vein systems (low and intermediate sulphidation porphyry veins) within a magmatic, hydrothermal intermineral breccia body currently measuring 395 metres x 385 metres x 915 metres and open for expansion.

To watch a short video of David Reading, Special Advisor to Collective Mining, speak about the assay results announced today, please click here.

Details (See Table 1 and Figures 1-3)

The Phase II drilling program of 2023 is advancing on schedule with seven holes completed and a further three in progress. The aim of this program is to define the high-grade mineralization and dimensions of the Apollo porphyry system near surface while continuing to expand the size of the system through step-out drilling.  To date, a total of 34 drill holes (approximately 16,000 metres) have been completed and assayed at the Apollo target with the majority of the holes testing the Apollo porphyry system.

Assay results for the first drill hole (APC-31) from the 2023 Phase II program was announced on February 23, 2023 and intersected 384.7 Metres at 2.46 g/t Gold Equivalent from surface which included high-grade oxide mineralization of 42.35 metres averaging 5.08 g/t gold equivalent.

A further two holes, APC-33 and APC-35 have now been completed from Pad 6 with assay results and geological observations summarized below.

APC-35 was drilled steeply to the northwest from Pad 6 to a maximum depth of 366.15 metres (350 metres vertical). The hole was designed to test the potential for shallow, high-grade mineralization located 50 metres west of APC-31. The hole intersected continuous mineralization from surface down to its final depth where it was terminated while still in strong mineralization (final 3.45m averaging 1.11 g/t gold equivalent). APC-35 is the highest-grade mineralization (grams X metres) reported from drilling to date as follows:

• 359.15 metres @ 3.32 g/t gold equivalent (consisting of 1.84 g/t gold, 48 g/t silver and 0.48% copper) including:

The mineralized interval starts directly below overburden at 7 metres and into saprolite and oxide material until 42.30 metres before transitioning into fresh mineralized angular breccia rock consisting of chalcopyrite (0.2% to 1.5%), pyrite (1% to 2%) and some pyrrhotite (~1%). The mineralization is overprinted by carbonate-base metal veins containing sphalerite and galena and high grades of gold particularly from 318.30 metres downhole. Gold grades are significantly higher in the oxidized portion of the intercept while copper and silver grades are consistently high throughout the whole intercept below the oxidized zone.

APC-33 was drilled steeply to the north from Pad 6 to a maximum depth of 381.35 metres (360 metres vertical). The hole was also designed to test the potential for shallow, high grade mineralization located 50 metres east of APC-31. The hole intersected continuous mineralization from surface down to its final depth where it was terminated while still in strong mineralization (last 4.44 metres grade 1.7 g/t gold equivalent) and averaged:

• 374.70 metres @ 2.22 g/t gold equivalent (consisting of 0.85 g/t gold, 53 g/t silver and 0.34% copper) including:

The mineralized interval starts directly below overburden at 6.65 metres and into saprolite and oxide material until 49.50 metres before transitioning into fresh mineralized angular breccia rock consisting of chalcopyrite (0.2% to 1.2%), pyrite (1% to 2.5%) and some pyrrhotite (~1%). The sulphides fill the breccia matrix and are surrounded by clasts of quartz diorite and diorite. The mineralization is overprinted by carbonate-base metal veins containing sphalerite and galena. Gold grades are significantly higher in the oxidized portion of the intercept where copper grades are depleted.

Outcrop mapping and sampling in the south and central portions of the system has outlined a 130 metre-by-130 metre area of known surface mineralization, which is open in all directions.  Pads 6 and 7 have been designed with the objective of understanding the styles and tenor of the shallow, high-grade mineralization from surface down to depths of up to 400 metres. Visual observations from another four completed holes indicate continuous intercepts from surface over core lengths ranging from more than 100 metres to more than 275 metres. The Company presently has three diamond drill rigs operating at the Apollo project and additional assay results are expected in the near term.

Two new drill pads, numbered 9 and 10, are under construction to provide further drilling options to test and expand upon the area which the Apollo porphyry system outcrops at surface.

The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers a 1,000 metres X 1,200 metres area, and represents a large and unusually high-grade Cu-Ag-Au porphyry system. Mineralization styles include early-stage porphyry veins, inter-mineral breccia mineralization and multiple zones of porphyry related late stage, sheeted, carbonate-base metal veins with high gold and silver grades. The Apollo target area is still expanding as the Company’s geologists find more outcrop areas with porphyry veining, breccia, and late stage, sheeted, carbonate base metal veins.

Table 1: Assays Results for APC-33 and APC-35

HoleID	From  (m)	To (m)	Intercept Interval (m)	Au (g/t)	Ag (g/t)	Cu %	Mo %	AuEq (g/t)*	CuEq(%)**
APC-33	6.65	381.35	374.70	0.85	53	0.34	0.002	2.22	1.21
Inlc**	6.65	49.50	42.85	3.87	40	0.12	0.001	4.50
APC-35	7.00	366.15	359.15	1.84	48	0.48	0.002	3.32	1.82
Incl**	7.00	42.30	35.30	7.96	22	0.09	0.001	8.06
	318.30	366.15	47.85	5.47	19	0.05	0.002	5.58

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 1.83 x 0.95)+ (Mo (%)*9.14 x 0.95) and CuEq (%) i:  (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 3.75 x 0.95) CuEq (%) is calculated as follows:  (Cu (%) x 0.95) + (Au (g/t) x 0.51 x 0.95) + (Ag (g/t) x 0.01 x 0.95)+ (Mo(%)x 5.0 x 0.95). utilizing metal prices of Cu – US$4.00/lb, Ag – $24/oz Mo US$20.00/lb and Au – US$1,500/oz and recovery rates of 95% for Au, Ag, Mo and Cu. Recovery rate assumptions are speculative as no metallurgical work has been completed to date

** A 0.2 g/t AuEq cut-off grade was employed with no more than 15% internal dilution. True widths are unknown, and grades are uncut

Oxidation zone**

About Collective Mining Ltd.

To see our latest corporate presentation and related information, please visit www.collectivemining.com

Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, Collective Mining is a copper, silver and gold exploration company with projects in Caldas, Colombia. The Company has options to acquire 100% interests in two projects located directly within an established mining camp with ten fully permitted and operating mines.

The Company’s flagship project, Guayabales, is anchored by the Apollo target, which hosts the large-scale, bulk-tonnage and high-grade copper-silver-gold Apollo porphyry system. The Company’s near-term objective is to drill the shallow portion of the porphyry system while continuing to expansion the overall dimensions of the system, which remains open in all directions.

Management, insiders and close family and friends own nearly 52% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. The Company is listed on the TSXV under the trading symbol “CNL” and on the OTCQX under the trading symbol “CNLMF”.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Information Contact:

Follow Executive Chairman Ari Sussman (@Ariski) and Collective Mining (@CollectiveMini1) on Twitter

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

SOURCE Collective Mining Ltd.

View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2023/15/c7360.html

Vancouver, British Columbia–(Newsfile Corp. – March 14, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Gold Project“).

Highlights:

• Results from seven holes in-filling the QES Zone have confirmed wide zones of gold mineralization containing multiple, closely spaced high grade shears in previously poorly drilled volumes with best intercepts of:
• Additionally, these holes intersected parallel mineralized shears at shallow depths south of the main QES zone which are open along strike and expand the cumulative width of the QES Zone by over 100m to 620m. Best intercepts include:

President and CEO Brett Richards stated: “As previously illustrated throughout the last 12 months of publishing drill results, these results continue to support our thesis that the size and scale of the Moss Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate, which is expected in April 2023, followed by a preliminary economic assessment on the updated resource. We continue to find additions to the resource on step out holes laterally and along strike from the historic resource profile, and QES continues to widen with continued mineralization to be tested to make it even wider. We look forward to seeing the impact of these additions to the resource model.”

Technical Overview

Figure 1 shows the better intercepts in plan view and Figure 2 is a typical section through hole MQD-22-100 and -104. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.

Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to the current Mineral Resource and highlighting the additional shears.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/158334_fe74b843e49a68d9_002full.jpg

Figure 2: Drill section through MQD-22-100 and -104 relative to the current Mineral Resource and highlighting the additional shears and potential to significantly deepen the open pit shell.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/158334_fe74b843e49a68d9_003full.jpg

These most recent results continue to build on the successful winter infill and expansion program at the QES Zone. The robust widths and consistent gold grades in all seven holes provide strong confirmation of the geological interpretation, and significantly increase the resolution of data in hitherto poorly defined volumes.

Holes MQD-22-098, -100, -102 and -103 were focused on closing gaps in the existing drill pattern at shallower elevations. All four holes intercepted a tightly spaced set of narrow, high grade shear zones within a broad envelope of strongly altered granodiorite.

Holes MQD-22-099, -101 and -104 were stepped back to the southeast to test the deeper portion of the eastern end of the QES Zone. These holes have defined the true width of the high- and low-grade mineralized domains in an area of widely spaced and partially sampled historical drilling. In addition to these deeper intercepts on the main QES shear zone, all three holes generated significant high-grade intercepts at shallow depths which define a series of parallel mineralized shears in sericite-hematite altered volcanics and narrow diorite intrusive bodies 200m to the south of the main QES Zone.

Figure 3: Drill core from 112-123m (1m @ 22.1g/t Au) in MQD-22-100 highlighting a mineralized quartz-rhodochrosite vein within the sheared, altered intrusion. Note that this photo is not intended to be representative of broader mineralization on the Moss Lake Gold Project.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/158334_fe74b843e49a68d9_004full.jpg

Pete Flindell, VP Exploration for Goldshore, said “These results confirm our belief that the Moss Gold deposit is wider and deeper than previously thought – now filling a 600-700-meter-wide corridor – and that there are many more shears hosting high-grade gold mineralization. This will assist our goal of expanding the mineral resource and improving its quality in April 2023.”

Table 1: Significant downhole gold intercepts

HOLEID	FROM	TO	LENGTH (m)	TRUE WIDTH (m)	CUT GRADE (g/tAu)	UNCUT GRADE (g/tAu)
MQD-22-098	122.00	124.00	2.00	1.4	0.32	0.32
	245.00	279.80	34.80	26.3	0.65	0.65
including	254.90	258.95	4.05	3.0	2.68	2.68
and	269.00	273.00	4.00	3.0	1.68	1.68
	298.00	364.00	66.00	50.9	0.59	0.59
including	307.00	315.00	8.00	6.1	1.03	1.03
	397.00	407.00	10.00	7.9	0.38	0.38
	529.00	533.00	4.00	3.3	0.37	0.37
MQD-22-099	18.00	20.00	2.00	1.3	0.45	0.45
	183.35	205.55	22.20	15.5	0.51	0.51
	256.00	258.00	2.00	1.4	0.51	0.51
	280.00	285.00	5.00	3.6	0.32	0.32
	294.30	309.00	14.70	10.8	0.51	0.51
	379.00	394.00	15.00	11.3	0.45	0.45
including	382.00	385.00	3.00	2.3	1.23	1.23
	410.00	412.00	2.00	1.5	0.32	0.32
	425.00	435.50	10.50	8.0	0.33	0.33
	461.65	469.60	7.95	6.2	0.39	0.39
	540.90	548.10	7.20	5.7	0.51	0.51
	555.90	557.95	2.05	1.6	0.38	0.38
	576.00	579.30	3.30	2.6	0.35	0.35
	591.15	635.45	44.30	35.8	1.06	1.06
including	594.00	621.10	27.10	21.9	1.55	1.55
MQD-22-100	99.40	104.00	4.60	2.8	0.31	0.31
	119.05	130.25	11.20	7.0	2.23	2.23
	168.05	189.85	21.80	14.1	0.54	0.54
including	187.60	189.85	2.25	1.5	2.30	2.30
	208.40	393.95	185.55	128.7	0.48	0.48
including	287.80	290.00	2.20	1.5	1.02	1.02
and	310.05	314.00	3.95	2.8	1.07	1.07
and	335.00	339.90	4.90	3.5	1.13	1.13
and	346.25	359.00	12.75	9.1	1.67	1.67
	409.00	418.00	9.00	6.7	0.36	0.36
	436.00	456.25	20.25	15.2	0.74	0.74
including	439.00	449.00	10.00	7.5	1.09	1.09
	496.00	500.00	4.00	3.0	0.32	0.32
MQD-22-101	91.00	93.60	2.60	1.7	5.90	5.90
	179.80	196.60	16.80	11.6	0.57	0.57
including	192.55	194.80	2.25	1.6	2.61	2.61
	215.05	272.00	56.95	40.3	0.39	0.39
including	231.90	234.55	2.65	1.9	1.29	1.29
	325.00	357.00	32.00	23.4	0.41	0.41
including	345.10	347.60	2.50	1.8	1.76	1.76
	375.00	379.15	4.15	3.1	0.42	0.42
	425.85	447.00	21.15	15.9	0.31	0.31
	464.40	467.00	2.60	2.0	0.33	0.33
	502.00	517.50	15.50	12.0	0.37	0.37
	528.00	562.20	34.20	26.7	0.48	0.48
including	533.10	539.30	6.20	4.8	1.04	1.04
	614.65	676.00	61.35	49.5	0.81	0.81
including	623.35	638.00	14.65	11.8	1.18	1.18
and	643.00	657.75	14.75	11.9	1.00	1.00
and	661.80	668.00	6.20	5.0	1.50	1.50
	710.90	714.95	4.05	3.3	0.34	0.34
	728.05	737.15	9.10	7.5	0.30	0.30
	745.80	750.00	4.20	3.5	0.48	0.48
MQD-22-102	23.80	29.50	5.70	4.1	0.34	0.34
	166.50	170.80	4.30	3.2	0.35	0.35
	193.05	274.00	80.95	63.7	0.74	0.74
including	205.00	209.00	4.00	3.1	1.73	1.73
and	246.10	266.10	20.00	16.0	1.43	1.43
	291.00	298.60	7.60	6.2	0.34	0.34
	324.00	352.00	28.00	23.0	0.69	0.69
including	329.00	334.60	5.60	4.6	2.22	2.22
	369.00	372.00	3.00	2.5	0.46	0.46
MQD-22-103	114.45	134.00	19.55	13.5	0.31	0.31
	140.05	158.00	17.95	12.6	0.41	0.41
	168.40	178.95	10.55	7.5	0.75	0.75
	190.00	267.00	77.00	56.8	0.71	0.71
including	203.00	219.00	16.00	11.6	1.43	1.43
and	262.10	264.65	2.55	1.9	5.10	5.10
	279.00	284.65	5.65	4.3	1.71	1.71
including	280.35	282.95	2.60	2.0	3.21	3.21
	435.90	449.00	13.10	10.4	0.63	0.63
MQD-22-104	112.70	121.20	8.50	5.8	2.41	2.41
	220.80	236.85	16.05	11.6	0.70	0.70
	249.00	252.20	3.20	2.3	0.47	0.47
	290.90	296.65	5.75	4.3	0.64	0.64
	473.05	483.00	9.95	7.9	0.46	0.46
	495.80	521.00	25.20	20.1	0.31	0.31
	533.80	557.00	23.20	18.7	0.59	0.59
including	544.00	547.00	3.00	2.4	1.52	1.52
	568.00	575.50	7.50	6.1	0.94	0.94
	593.00	713.65	120.65	101.2	0.86	0.86
including	614.00	628.20	14.20	11.8	1.06	1.06
and	657.00	711.45	54.45	46.1	1.33	1.33
	726.00	731.10	5.10	4.4	0.52	0.52
	755.70	760.45	4.75	4.1	0.56	0.56
	771.05	778.85	7.80	6.7	0.31	0.31

Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.

Table 2: Location of drill holes in this press release

HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
MQD-22-098	669,829	5,379,161	431	337°	-49°	651
MQD-22-099	670,664	5,379,431	433	336°	-50°	750
MQD-22-100	670,477	5,379,624	428	335°	-55°	525
MQD-22-101	670,606	5,379,384	441	337°	-51°	750
MQD-22-102	670,398	5,379,573	428	336°	-45°	402
MQD-22-103	670,162	5,379,469	428	336°	-50°	552
MQD-22-104	670,528	5,379,315	441	339°	-50°	801

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.