Highlights (Table 1 and Figures 1 and 2)
- 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
Sample ID | Au (g/t) | Ag (g/t) |
R5465 | 220.97 | 812 |
R5437 | 134.73 | 598 |
R5450 | 88.28 | 409 |
R5216 | 73.83 | 675 |
R5412 | 59.15 | 365 |
CM3948 | 38.78 | 450 |
R5226 | 33.91 | 33 |
R5464 | 17.02 | 68 |
R5453 | 9.06 | 353 |
R5224 | 5.61 | 1 |
R5448 | 5.28 | 329 |
R5456 | 5.17 | 89 |
R5467 | 5.02 | 62 |
R5413 | 4.97 | 238 |
R5435 | 4.39 | 108 |
R5434 | 4.20 | 193 |
R5417 | 2.87 | 161 |
R5452 | 2.75 | 76 |
R5449 | 2.65 | 102 |
R5219 | 2.57 | 54 |
R5457 | 1.45 | 347 |
*Channel chip samples reported above are over true horizontal sampling widths of between 0.1 and 1metre. 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
Figure 1: Plan View of the
https://www.globenewswire.com/NewsRoom/AttachmentNg/a3099c7e-51eb-4385-89ec-620f9c6a649d
Figure 2: Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbbce069-dbb1-4ad0-b430-f28519b8285c
Veins of massive sulfides with pyrite, sphalerite, galena and chalcopyrite.
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 samples have been prepared and analyzed at SGS laboratory facilities in
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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.
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Figure 1
Plan View of the Guayabales Project and the Olympus South Target
Figure 2
Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
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