Collective Mining (TSXV:CNL) Commences Drilling, Samples up to 485 g/t Gold and 1,919 g/t Silver at the Olympus Target


Figure 1: Plan View of the Guayabales Project and the Olympus Target. Source: Collective Mining

This morning, Collective Mining (TSXV:CNL) announced it had received positive sample results from the Olympus Target. The grassroot generate target returned high-grade gold and silver grab sample results. The Olympus target is within the Guayabales project in Colombia. 

With these positive results, the company also announced that it had commenced drilling at the Olympus target with an initial drill hole. Guayabales has two operating diamond drill rigs at Guayabales, and is advancing its maiden 10,000 metre drill program quickly. The company is also planning to add a third diamond drill rig in December 2021. Collective also expects to receive the first assay results from the project in the first quarter of 2022.

Ari Sussman, Executive Chairman of Collective Mining (TSXV:CNL) commented in a press release: “Olympus is without question a tier-one target covering a significant area with robust IP targets and multiple mineralization styles that include high-grade veins, hydrothermal breccia and porphyry veinlet stockwork. This is a key priority target for the Company as it has the potential to yield large-scale, high-grade and bulk tonnage systems.With our maiden drill program now underway at Olympus, we look forward to receiving first assay results in early Q1, 2022.”

Highlights (Table 1 and Figures 1 to 4)

  • Rock chip assay results of grab samples taken from veins located within historical, shallow underground adits on the eastern side of Olympus have confirmed the presence of a significant carbonate base metal (“CBM”) system with results as follows:

Table 1: Grab Sample Assay Results from the Eastern Sector of Olympus

Sample ID* Au (g/t) Ag (g/t)
CM3546 485.3 325
CM3574 72.4 271
CM3544 58.2 99
CM0237 33.0 100
CM1996 20.7 9
CM0252 19.1 1,919
CM3572 17.7 771
CM2009 12.4 362
CM2004 11.9 26
CM2086 10.6 32

*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 should a deposit be defined in the future.

  • Olympus covers a significant area measuring 1,000 metres north-south by 600 metres east-west and remains open for further expansion.
  • A recently completed, hi-resolution, induced polarization (“IP”) survey has outlined multiple chargeability anomalies from surface to depths of up to 800 metres which are interpreted by the Company to relate to disseminated and vein sulphide systems associated with a large porphyry body.
  • Diamond drilling has commenced at the first pad and will drill test below the high-grade grab sample areas and the IP chargeability anomalies. A second rig is anticipated to arrive at site shortly and will commence drilling in December 2021.
  • An additional series of assay results for rock chip grab samples taken from the western portion of Olympus are expected in the near term. The outstanding grab samples are visually similar to the samples for which assay results are reported herein within abundant sulphide mineralization observed.

Source: Collective Mining

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


Figure 1: Plan View of the Guayabales Project and the Olympus Target. Source: Collective Mining

Plan View of Olympus with Proposed Drill Holes Traces Superimposed

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

Figure 3: Olympus Section View Showing Drill Hole Traces into a Chargeability High. Source: Collective Mining

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

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