Collective Mining Ltd. (TSXV: CNL) ("Collective" or the "Company") is pleased to announce further high-grade gold and silver vein grab sample assay results from it's grassroot generated Olympus target ("Olympus") within the Guayabales project ("Guayabales"), Colombia. The Company currently has two diamond drill rigs operating at Olympus with a third rig anticipated to commence drilling in approximately one week as part of its minimum 20,000 metre program for 2022.
Highlights (Table 1 and Figures 1 and 2)
- Assay results of grab samples taken from veins located within historical, shallow underground adits from the northwestern region to the Olympus target confirm the continuation of the high-grade carbonate base metal ("CBM") sheeted vein system with results as follows:
Table 1: Grab Sample Assay Results from the Northwestern Sector of Olympus
|Sample ID||Au g/t||Ag g/t|
* 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 gra des anticipated in any future resource estimate or mining scenario .
** Base metal results are still pending for the samples listed in this release
- Multiple CBM vein systems were sampled, where possible, over a 250-metre-wide area from limited and partial exposures of rock. These new high-grade samples now extend the known CBM vein exposure at Olympus to an area measuring more than 600 metres by 600 metres. The CBM veins are sulphide rich and coincident with IP chargeability anomalies. Recently revised interpretation of the IP data by the Company has now expanded the surface area of Olympus to 1,250 metres north-south by 750 metres east-west.
- Preliminary logging of the first completed holes into the eastern portion of Olympus indicates that the Company has intersected multiple CBM veins hosted within intensely altered porphyry diorite and hydrothermal breccia.
- Collective has made the Olympus target a 2022 priority area for drilling due to its grade, potential size, and multiple mineralization styles, including porphyries, high-grade carbonate base metal veins and breccias.
"Olympus continues to deliver in terms of high-grade veins and porphyry potential. The recent IP work has now considerably extended the target. This extremely exciting grass roots discovery will be a priority area for drilling in 2022 and the Company is committed to constructing enough drill pads to test the full potential extent of the mineralized system," commented Ari Sussman, Executive Chairman.
Geological Details of the Olympus Target
The Olympus target is an area with numerous, small and historical artisanal workings exposing CBM vein, porphyry veinlet and breccia style, gold, silver and base metal mineralization within shallow, underground adit excavations trending NW-SE and E-W. Access for this old, small scale, artisanal mining is facilitated from a north-easterly trending valley floor surrounded by hills with a +200-metre elevation differential. The Collective Mining team has now undertaken reconnaissance mapping and sampling on adits located on both sides of the valley and the current sampling has now extended the known vein systems another 150 metres to the NW. High-grade, gold, silver and base metal mineralization is related to multiple sulphide and quartz carbonate veinlets and veins hosting massive pyrite with associated sphalerite and galena and some chalcopyrite and molybdenite, over widths of 10 cm to 100 cm. Available exposures of vein material are limited due to extensive timber support in these narrow, historical tunnels making full channel sampling difficult. Structural measurements of available vein exposures indicate vein strikes of 320 - 340 azimuth with dips of 60-70 degrees to the NE. Veins are associated with intense sericite alteration. Host rocks include mineralized and potassic altered diorites and hydrothermal breccia. The CBM veins cut all host lithologies.
Surface and shallow underground geological mapping within the broader Olympus area demonstrates that the high-grade CBM veins are superimposed on highly altered quartz diorite and diorite porphyry intrusive. Gold, silver and base metal mineralization is also associated with multiple sheeted and stockwork veinlets hosted within the porphyry bodies and in hydrothermal breccia. The phyllic alteration (sericite-Illite) event related to the polymetallic veining is superimposed on and has degraded an earlier potassic alteration event (biotite and magnetite). The Company interprets the multiple styles of mineralization encountered at the Olympus target are related to mineralized porphyry systems.
A hi-resolution and deep penetrating IP survey was recently undertaken by Arce Geofisicos on behalf of Collective over the Olympus target area using their proprietary AGDAS technology. This work has outlined multiple chargeability anomalies locating within the Olympus target area, which extend to depths of up to eight hundred metres below surface. The chargeability anomalies are coincident with the high-grade, sulphide, sheeted vein systems and extend to the north so that the Olympus target area now has dimensions of 1,250 metres north-south by 750 metres east-west. The IP anomalies have a funnel shape in 3D and are interpreted by the Company to relate to disseminated and vein sulphide systems emanating from a larger porphyry body at depth. The target remains open for further expansion in all directions.
Visual logging of the first few holes drilled from the current drilling programme highlights the presence of multiple, sheeted, CBM veins and various porphyry veinlets in association with 2-4% disseminated pyrite. The CBM and intense sericite alteration is superimposed on an earlier phase of potassic alteration related to biotite and disseminated, secondary magnetite associated with porphyry A and B veins. Mineralized breccia are present on the eastern and southern flanks of the system The drilling program at Olympus from the first pad will intersect the high-grade veins on the eastern portion of the target area with various angled holes and includes drill testing of the IP anomalies. The Company has completed the first drill hole and confirmed the intersection of multiple, sheeted CBM veins hosting massive pyrite as well as galena, sphalerite and chalcopyrite. A second angled hole is presently in progress. Disseminated and vein related molybdenite is observed in breccia and the porphyry intrusive.
The Company has made the Olympus target a priority area due to its grade, potential size and multiple mineralization styles. Collective currently has two diamond drill rigs operating at Olympus with a third rig anticipated to commence drilling in one week and a fourth rig planned for operation in Q1, 2022. Olympus is a priority area and forms the primary focus of the Company's minimum 20,000 metre drill program planned for 2022.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 ("NI 43-101") and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).
Rock samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.
About Collective Mining Ltd.
Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production. Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects a total of eight major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.3 g/t AuEq and 710 metres @ 0.53 AuEq at the Guayabales and San Antonio projects, respectively. ( See press releases dated October 18 th and 27 th for AuEq calculation.)
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
To schedule a one-on-one meeting with management please use the following link:
This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective's future and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.