Collective Mining (TSXV:CNL) Expands Olympus Discovery Holes With High-Grade Vein Systems and Assays of 221 g/t Gold, 812 g/t Silver

Collective Mining (TSXV:CNL) has announced sample assay results from its grassroot-generated Olympus target at the Guayabales project in Colombia. Results showed high-grade gold and silver high-grade vein systems, with channel sampling up to 221 g/t gold and 812 g/t silver. Results come from ongoing drilling at Guayabales where the company has three diamond drill rigs turning at the Olympus, Apollo, and Trap targets. The current results expand on the recently announced discovery holes at Olympus of 302 metres at 1.11 g/t gold equivalent and 216.7 metres at 1.08 g/t gold equivalent.

Highlights from the results are as follows:

Assay results of chip channel samples taken from veins located within historical, shallow underground workings from Olympus confirm the continuation of the high-grade carbonate base metal (“CBM”) sheeted vein system into the southwest portion of the target area with results as follows:

Table 1: Chip Channel Sample Assay Results from Olympus

Source: Collective Mining

*Channel chip samples reported above are over true horizontal sampling widths of between 0.1 and 1 metre. Sample grades are uncapped

**Channel samples are representative of 2-dimensional space and as a result should not be relied upon as being representative of average grades anticipated in any future resource estimate or mining scenario.

***Assay results for base metals are still pending for all samples listed.

  • Multiple CBM veins were sampled, where possible at Olympus, over an area measuring 250 metres x 250 metres from limited and partial exposures of rock in old tunnels. The CBM veins are sulphide rich and associated with intense sericite-illite alteration superimposed on porphyry diorite and mineralized, hydrothermal breccia. Porphyry-related CBM veins can demonstrate robust continuity over significant vertical and lateral dimensions.
  • Drilling, underground sampling and surface mapping to date have expanded Olympus to a target area measuring more than 1,400 metres by 900 metres, which hosts over 50 artisanal mines with over 25 veins mapped from available exposures. The Company believes that the probability is high that additional veins will be discovered as exploration ramps up. The Olympus target is open to the east, west, northwest, south and at depth.
  • Olympus now includes two mineralized zones. Both zones contain multiple porphyry and overprinting CBM veins associated with intense pyrite-sericite-carbonate alteration and hosted in a porphyry diorite (Eastern zone) and within schist country rocks intruded by porphyritic diorite (Western zone).
  • The highest-grade samples collected to date at Olympus come from areas that have yet to be drill tested by the Company. Diamond drilling completed to date has only focused on a small northern portion of the Eastern and Western zones while recent surface and underground mapping has expanded the Western zone to the west and southwest.
  • The Company is planning to move two underground rigs in Q2 into the area covered by these high-grade channel sampling results.

“With the scale of veining and alteration at Olympus and mineralized systems that come to surface, the Company now believes that we have a discovered a vein and broad mineralized system,” commented Ari Sussman, Executive Chairman. “The more exploration we undertake, the more high-grade veins we find. We will remain aggressive with drilling at Olympus and look forward to commencing the first underground drill-hole into the high-grade vein portion of the system in June 2022.”

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

Source: Collective Mining

Figure 2: Photos of High-Grade Polymetallic 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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