Collective Mining (TSXV:CNL) Announces Significant New Discovery at Olympus, Drilling 302 Metres at 1.11 g/t Gold Equivalent From Near Surface

Figure 1: Map of the Guayabales Project Highlighting the Olympus Central Target. Source: Collective Mining

Collective Mining (TSXV:CNL) has announced this morning the results of the first three diamond drill holes at the Olympus Central Target. The Central Target is within the Guayabales project, in the Class department of Colombia.

Collective Mining presently has three diamond drill rigs working at Olympus, with two rigs testing the Olympus Central Target and one rig drilling on the Olympus South Target as part of its 2022 minimum 20,000-meter program. Prior to the end of March 2022, a fourth diamond drill rig is planned to start drilling at the Guayabales deposit.

The discovery marks an important milestone for the company and an exciting catalyst for investors who have been anticipating discovery news for some time.

Ari, Executive Chairman of Collective Mining, commented in a press release: “The broad intercepts from the initial drilling results at the Olympus Central Target represent a major gold and silver discovery within the Guayabales project. Our work to date has defined a large area of known mineralization and these results simply represent the beginning of drill testing within this target. With multiple drill holes advancing and plans to begin testing other major targets at Guayabales in the near term, including an outcropping copper and gold porphyry system at the Victory Target, there is much to look forward to as our fully funded drill program advances in 2022.”

Highlights from the discovery are as follows:

  • The Olympus Central discovery hole, OLCC-3, was drilled to the northwest at a 60-degree angle to the center of an induced polarization chargeability anomaly. The drill hole totalled 630.5 metres in length and intersected mineralization up to a vertical depth of approximately 400 metres. Two distinct zones of broad mineralization were encountered in the drill hole.
  • The first zone in OLCC-3 (“Eastern Zone”), which began near surface in a quartz diorite porphyry intrusion, contains multiple high grade, carbonate-base metal veins (“CBM”) enveloped by broad sericite-pyrite, lower grade halos with results as follows:
  • 301.9 metres @ 1.11 g/t gold equivalent from 61.7 metres depth including 1.3 metres at 74.91 g/t gold equivalent with visible gold observed within this CBM vein.
  • The second zone in OLCC-3 (“Western Zone”), which is located further down hole and is hosted within country rocks (schists and metasediments), is impregnated by multiple zones of sheeted CBM veins and enveloped by sericite-pyrite alteration as follows:
  • 34.2 metres @ 0.90 g/t gold equivalent from 486 metres depth including 0.5 metres @ 12.68 g/t AuEq.
  • OLCC-3 ended in high-grade mineralization with the final sample from 630-630.5 metres depth averaging 0.5 metres @ 7.64 AuEq.
  • OLCC-1 was drilled steeply to the west at an 80-degree angle into the southern periphery of the induced polarization chargeability anomaly and intercepted a broad zone of mineralization in the Eastern Zone beginning near surface as follows:
  • 116.3m @ 1.03 g/t gold equivalent from 30.6 metres depth including 9.6 metres @ 8.05 g/t gold equivalent with visible gold observed locally.
  • OLCC-2 was drilled to the southwest at a 60-degree angle and only intercepted sporadic and moderate mineralization. The hole was drilled outside of the induced polarization chargeability anomaly into an area now interpreted to be a late intrusion dyke that has stoped-out mineralization in a small area at this location.
  • The Olympus target (South, Central and North) covers an area of 1.25 kilometres by 0.75 metres and remains open for expansion.
  • Three additional drill holes have been completed to date with assays pending while another three drill holes are currently advancing within the Olympus Central Zone. As a result of the new grassroots discovery at Olympus, the Company plans to accelerate drilling in 2022 by stepping out along the Eastern and Western Zones of mineralization at various elevations.
  • There are over 50 historical and current artisanal mines that have been identified within the Olympus target to date and drilling completed thus far by the Company has not tested below the vast majority of these mines as the discovery hole, OLCC-3, was drilled in the northern extension of the system. As announced previously, grab samples from within artisanal workings found significant high-grades precious and base metal bearing CBM veins (see press releases announced sampling results dated December 1, 2021, December 14, 2021, and January 12, 2022).
  • A short overview video of the drill core in discovery hole OLCC-3 has been prepared by David Reading, Special Advisor and QP under NI 43-101 and can be viewed by clicking here or by copying and pasting the following link into your browser https://youtu.be/sPUyg6GEIoA
Source: Collective Mining

Table 1: Assay Results for drill holes OLCC-1 – OLCC-3

Source: Collective Mining

Figure 2: Plan View of the Olympus Central Target

Source: Collective Mining

Figure 3: Cross section W-E of Olympus Central Target

Source: Collective Mining

Figure 4: Drill Hole OLCC-3 at 196 metres Depth: CBM Vein with Visible Gold, Sphalerite, Chalcopyrite and Pyrite (red circles indicate areas where visible gold is observed)

Source: Collective Mining

 

A New Approach

Collective Mining also recently announced that it was quickly advancing its high-resolution and deep-penetrating Induced Polarization survey over the Pound Target at the San Antonio project. The survey is progressing according to schedule and the company expects it to be finished in March 2022.

Ari Sussman, Executive Chairman of Collective commented in a press release: “Our San Antonio project has the potential to yield multiple mineralized porphyry and breccia systems. Following on from the exciting grassroots discovery at Pound, we are focused on defining the morphology of this sulphide rich breccia body and other potential porphyry systems. Once the IP results have been interpreted and incorporated with all newly generated data, the Company will provide details on the next phase of drilling for the project in 2022.”

 

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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