Collective Mining Announces High-Grade, Polymetallic Vein Grab Sample Results at Olympus Target

Collective Mining (TSXV:CNL) has announced new further high-grade, polymetallic vein grab sample results from the western side of the grassroot generated Olympus target at the Guayabales project in Colombia. These are additions to previous grab sample results from the eastern portion of Olympus that were announced on December 1, 2021. 

Figure 1: Plan View of the Guayabales Project and the Olympus Target

Source: Collective Mining

Ari Sussman, Executive Chairman of Collective Mining, commented in a press release: “Olympus is an extremely exciting grass roots discovery for the Company and locates in an area with no previous drilling or modern exploration work. High-grade polymetallic assay results to date are so compelling that we have prioritized Olympus for drilling in 2022 with a much expanded and fully funded drill program currently being finalized ahead of the new year. Olympus is a very large mineralized system measuring at least 1,000 metres X 600 metres on surface and the veins and porphyry are coincident with IP chargeability anomalies that can be followed to depths of up to 800 metres below surface.”

A third diamond drill rig is expected to be added at Guayabales in addition to the two rigs currently operating at part of Collective’s maiden 10,000 metre drill program. The third rig is anticipated to begin operating later in December.

Highlights (Table 1 and Figures 1 to 4)

  • Assay results of grab samples taken from veins located within historical, shallow underground adits on the western side of Olympus continue to confirm the presence of a significant high-grade carbonate base metal (“CBM”) sheeted vein system. Four of the samples were also selected to be assayed for base metals with results as follows:
  • Table 1: Grab Sample Assay Results from the Western Sector of Olympus**

  • * Gold and Silver assays previously reported on December 1, 2021. Sample was collected from eastern side of Olympus.
    **The reader should be cautioned that grab samples are selective in nature and as a result should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario.
    *** Only samples CM003570 through CM003573 were assayed for base metal grades.
  • Preliminary logging of the first completed hole into the eastern portion of Olympus highlights multiple CBM veins hosted with intensely altered porphyry diorite and hydrothermal breccia. The CBM veins contain pyrite, galena, chalcopyrite and sphalerite sulphides.
  • As a result of the grab sample results and the visual logging of the first hole, the Company will commence diamond drilling with a second rig in December and will soon commence construction of a third drill pad in early January 2022.

Figure 2: Plan View of Olympus with Proposed Drill Holes Traces Superimposed

Source: Collective Mining

Figure 3: Olympus Section View Showing Drill Hole Traces into a Chargeability High

Source: Collective Mining

Figure 4: Photos of High-Grade Polymetallic Grab Samples Taken at Olympus

CBM vein samples with an abundance of pyrite, sphalerite and galena hosted within quartz/carbonate veining. Top right: Sample 3570, top left: sample 3571, bottom right: sample 3572, bottom left: sample 3573. Source: Collective Mining


The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a licensed professional for investment advice. The author is not an insider or shareholder of any of the companies mentioned above.

By Matthew Evanoff

I cover the mining industry and the best mining stocks around the world. I write about industry news, individual companies, projects, management, and profiles on industry leaders.

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