Collective Mining (TSXV:CNL) has announced this morning the completion of the first three drill holes in the Olympus Central target of the Guayabales project, Colombia with a total of 1,423 meters. Assay results are expected in the coming days and are an important catalyst for the company and the stock.
The Olympus target is divided into three zones called Olympus Central, Olympus South and Olympus North which together measure approximately 1.25 km x 0.75 km.
As part of its minimum 20,000-meter program for 2022, Collective Mining has three diamond drill rigs operating at Olympus and a fourth rig is expected to commence drilling at the Guayabales project shortly before the end of March.
“This initial drill program at Olympus represents the first holes drilled on the Olympus Central target and we are excited about the multiple styles of mineralization over potentially wide intercept lengths. Visually, the intersection of multiple CBM-bearing vein zones at the Olympus Central target shares numerous features with the multi-million ounce gold-silver Marmato deposit. We will continue to be aggressive with drilling through the remainder of 2022 and are excited about the initial near-term assay results,” commented Ari Sussman, CEO of Collective
The geological log from the drill holes highlights the following important data:
- Two distinct zones of mineralization have been identified to date resembling historical underground adit sampling which primarily are rich in gold and silver.
- The first zone, which consists of a matrix that includes sericite-pyrite alteration associated with a stockwork of carbonate base metal (“CBM”) veins has been intersected in holes OLCC1 and OLCC3. This zone was intersected up to 360 metres in downhole length in OLCC3.
- The second zone, consisting of country rocks (schists and metasediments) impregnated by multiple zones of sheeted CBM veins, was intersected further downhole in OLCC3 from 485 metres in depth and is up to 150 metres in length. The hole was terminated at a 633 metres depth with a CBM veinlet observed at the end of the hole.
- Mineralization in drilling to date has been intersected over a vertical depth of approximately 400 metres.
- IP chargeability anomalies are coincident with the sulphide mineralization in the Olympus Central target.
- OLCC1 was drilled at the southern periphery of the Olympus Cental chargeability anomaly and intersected the most abundance of sulphides while within the chargeability anomaly.
- OLCC2 almost immediately drilled out of the Olympus Central chargeability anomaly and only intercepted sporadic sulphide mineralization
- OLCC3 was drilled into the centre of the Olympus Central chargeability anomaly to a total depth of 633 metres and intercepted the strongest visual mineralization to date.
- Stepout drilling continues with holes OLCC4, OLCC5 and OLCC6. All holes are advancing well and are intersecting sulphide mineralization including CBM veins.
Source: Collective Mining
Figure 2: Plan View of the Olympus Central Target
Figure 3: Carbonate Base Metal Veins Observed in Drill Hole OLCC3
Figure 4: Olympus: OLCC3 at 196 metres depth: CBM vein with Visible Gold, Sphalerite, Chalcopyrite, Pyrite and Carbonates
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.