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    CNL   CA19425C1005

COLLECTIVE MINING LTD.

(CNL)
Delayed Bourse de Toronto  -  05/18 01:56:07 pm EDT
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Collective Mining Extends the Olympus Target to the North with Assay Results from Sampling of Up to 112 g/t Gold and 544 g/t Silver

01/12/2022 | 07:30am EDT

Collective Mining Ltd. announced further high-grade gold and silver vein grab sample assay results from it’s grassroot generated Olympus target within the Guayabales project, 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. 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. 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 first quarter of 2022. Olympus is a priority area and forms the primary focus of the Company’s minimum 20,000 metre drill program planned for 2022.


© S&P Capital IQ 2022
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ChangeLast1st jan.
COLLECTIVE MINING LTD. 0.00% 3.2 Delayed Quote.8.47%
ON SEMICONDUCTOR CORPORATION 0.70% 56.46 Delayed Quote.-16.87%
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Financials (USD)
Sales
Net income
Net Debt
P/E ratio
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Capitalization 118 M 118 M -
EV / Sales -1
EV / Sales 0
Nbr of Employees 47
Free-Float 76,5%
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Omar Ossma President & Chief Executive Officer
Paul P. Begin Chief Financial Officer
Ari B. Sussman Executive Chairman
María Constanza García Botero Director
Kenneth G. Thomas Director
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