“The broad intercepts from the initial drilling results at the Olympus Central Target represent a major gold and silver discovery within the Guayabales project. Our work to date has defined a large area of known mineralization and these results simply represent the beginning of drill testing within this target,” commented
Highlights (See Table 1 and Figures 1 - 4)
- The Olympus Central discovery hole, OLCC-3, was drilled to the northwest at a 60-degree angle to the center of an induced polarization chargeability anomaly. The drill hole totalled 630.5 metres in length and intersected mineralization up to a vertical depth of approximately 400 metres. Two distinct zones of broad mineralization were encountered in the drill hole.
- The first zone in OLCC-3 (“Eastern Zone”), which began near surface in a quartz diorite porphyry intrusion, contains multiple high grade, carbonate-base metal veins (“CBM”) enveloped by broad sericite-pyrite, lower grade halos with results as follows:
- 301.9 metres @ 1.11 g/t gold equivalent from 61.7 metres depth including 1.3 metres at 74.91 g/t gold equivalent with visible gold observed within this CBM vein.
- 301.9 metres @ 1.11 g/t gold equivalent from 61.7 metres depth including 1.3 metres at 74.91 g/t gold equivalent with visible gold observed within this CBM vein.
- The second zone in OLCC-3 (“Western Zone”), which is located further down hole and is hosted within country rocks (schists and metasediments), is impregnated by multiple zones of sheeted CBM veins and enveloped by sericite-pyrite alteration as follows:
- 34.2 metres @ 0.90 g/t gold equivalent from 486 metres depth including 0.5 metres @ 12.68 g/t AuEq.
- 34.2 metres @ 0.90 g/t gold equivalent from 486 metres depth including 0.5 metres @ 12.68 g/t AuEq.
- OLCC-3 ended in high-grade mineralization with the final sample from 630-630.5 metres depth averaging 0.5 metres @ 7.64 AuEq.
- The first zone in OLCC-3 (“Eastern Zone”), which began near surface in a quartz diorite porphyry intrusion, contains multiple high grade, carbonate-base metal veins (“CBM”) enveloped by broad sericite-pyrite, lower grade halos with results as follows:
- OLCC-1 was drilled steeply to the west at an 80-degree angle into the southern periphery of the induced polarization chargeability anomaly and intercepted a broad zone of mineralization in the
Eastern Zone beginning near surface as follows:- 116.3m @ 1.03 g/t gold equivalent from 30.6 metres depth including 9.6 metres @ 8.05 g/t gold equivalent with visible gold observed locally.
- 116.3m @ 1.03 g/t gold equivalent from 30.6 metres depth including 9.6 metres @ 8.05 g/t gold equivalent with visible gold observed locally.
- OLCC-2 was drilled to the southwest at a 60-degree angle and only intercepted sporadic and moderate mineralization. The hole was drilled outside of the induced polarization chargeability anomaly into an area now interpreted to be a late intrusion dyke that has stoped-out mineralization in a small area at this location.
- The Olympus target (South, Central and North) covers an area of 1.25 kilometres by 0.75 metres and remains open for expansion.
- Three additional drill holes have been completed to date with assays pending while another three drill holes are currently advancing within the
Olympus Central Zone . As a result of the new grassroots discovery at Olympus, the Company plans to accelerate drilling in 2022 by stepping out along the Eastern and Western Zones of mineralization at various elevations. - There are over 50 historical and current artisanal mines that have been identified within the Olympus target to date and drilling completed thus far by the Company has not tested below the vast majority of these mines as the discovery hole, OLCC-3, was drilled in the northern extension of the system. As announced previously, grab samples from within artisanal workings found significant high-grades precious and base metal bearing CBM veins (see press releases announced sampling results dated
December 1, 2021 ,December 14, 2021 , andJanuary 12 , 2022). - A short overview video of the drill core in discovery hole OLCC-3 has been prepared by
David Reading , Special Advisor and QP under NI 43-101 and can be viewed by clicking here or by copying and pasting the following link into your browser https://youtu.be/sPUyg6GEIoA
Table 1: Assay Results for drill holes OLCC-1 - OLCC-3
HoleID | From (m) | To (m) | Intercept (m) | Au (g/t) | Ag (g/t) | Cu% | Mo % | AuEq (g/t)* | Notes |
OLCC-1 | 30.6 | 146.8 | 116.3 | 0.85 | 9 | 0.02 | - | 1.03 | |
incl | 84.0 | 93.5 | 9.6 | 7.90 | 28 | 0.02 | 0.007 | 8.05 | Visible Gold |
and | 202.2 | 203.7 | 1.5 | 1.00 | 476 | 2.86 | 0.004 | 14.25 | |
OLCC-2 | 46.0 | 87.8 | 41.8 | 0.20 | 25 | 0.04 | 0.012 | 0.75 | |
and | 151.2 | 152.0 | 0.8 | 3.42 | 176 | 0.13 | 0.002 | 6.37 | |
and | 259.8 | 260.3 | 0.5 | 7.03 | 80 | 0.14 | 0.006 | 8.29 | |
OLCC-3 | 61.7 | 363.6 | 301.9 | 0.89 | 12 | 0.03 | 0.003 | 1.11 | |
incl | 71.0 | 72.1 | 1.1 | 7.59 | 22 | 0.01 | 0.002 | 7.60 | |
195.9 | 197.3 | 1.3 | 70.32 | 457 | 0.33 | 0.012 | 74.91 | Visible Gold | |
214.8 | 215.5 | 0.7 | 15.02 | 7 | 0.06 | 0.016 | 14.60 | ||
329.6 | 330.9 | 1.3 | 42.62 | 108 | 0.03 | 0.002 | 42.31 | Visible Gold | |
and | 470.2 | 471.7 | 1.5 | 5.53 | 0 | 0.03 | 0.000 | 5.31 | |
and | 486.7 | 520.9 | 34.2 | 0.74 | 8 | 0.03 | 0.001 | 0.90 | |
incl | 508.6 | 509.1 | 0.5 | 12.89 | 24 | 0.02 | 0.001 | 12.68 | |
and | 630.0 | 630.5 | 0.5 | 7.43 | 29 | 0.05 | 0.001 | 7.64 |
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.016 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x 6.86 x 0.95), utilizing metal prices of Cu –
** A 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.
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.
Technical Information
Rock and core samples have been prepared and analyzed at SGS laboratory facilities in
About Collective Mining Ltd.
Contact Information
Tel. (416) 648-4065
To schedule a one-on-one meeting with management please use the following link:
https://calendly.com/collectivemining/30min?month=2021-11
FORWARD-LOOKING STATEMENTS
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.
Figure 1: Map of the Guayabales Project Highlighting the Olympus Central Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/e0f35c6b-448e-4a0b-bf3e-bb9192d910a9
Figure 2: Plan View of the Olympus Central Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/9f3ec471-e95b-4885-b09b-014c2d1dca66
Figure 3: Cross Section W-E of Olympus Central Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/4cb9d833-a5e9-4753-8769-088f250fbbf7
Figure 4: Drill Hole OLCC-3 at 196 metres Depth: CBM Vein with Visible Gold, Sphalerite, Chalcopyrite and Pyrite (red circles indicate areas where visible gold is observed)
https://www.globenewswire.com/NewsRoom/AttachmentNg/3ea0c387-d6df-4adb-8b5e-0869af9e0bf4
Figure 1
Map of the Guayabales Project Highlighting the Olympus Central Target
Figure 2
Plan View of the Olympus Central Target
Figure 3
Cross Section W-E of Olympus Central Target
Figure 4
Drill Hole OLCC-3 at 196 metres Depth: CBM Vein with Visible Gold, Sphalerite, Chalcopyrite and Pyrite (red circles indicate areas where visible gold is observed)
2022 GlobeNewswire, Inc., source