This morning, Collective Mining (TSXV:CNL) announced it had received positive sample results from the Olympus Target. The grassroot generate target returned high-grade gold and silver grab sample results. The Olympus target is within the Guayabales project in Colombia.
With these positive results, the company also announced that it had commenced drilling at the Olympus target with an initial drill hole. Guayabales has two operating diamond drill rigs at Guayabales, and is advancing its maiden 10,000 metre drill program quickly. The company is also planning to add a third diamond drill rig in December 2021. Collective also expects to receive the first assay results from the project in the first quarter of 2022.
Ari Sussman, Executive Chairman of Collective Mining (TSXV:CNL) commented in a press release: “Olympus is without question a tier-one target covering a significant area with robust IP targets and multiple mineralization styles that include high-grade veins, hydrothermal breccia and porphyry veinlet stockwork. This is a key priority target for the Company as it has the potential to yield large-scale, high-grade and bulk tonnage systems.With our maiden drill program now underway at Olympus, we look forward to receiving first assay results in early Q1, 2022.”
Highlights (Table 1 and Figures 1 to 4)
- Rock chip assay results of grab samples taken from veins located within historical, shallow underground adits on the eastern side of Olympus have confirmed the presence of a significant carbonate base metal (“CBM”) system with results as follows:
Table 1: Grab Sample Assay Results from the Eastern 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 grades anticipated should a deposit be defined in the future.
- Olympus covers a significant area measuring 1,000 metres north-south by 600 metres east-west and remains open for further expansion.
- A recently completed, hi-resolution, induced polarization (“IP”) survey has outlined multiple chargeability anomalies from surface to depths of up to 800 metres which are interpreted by the Company to relate to disseminated and vein sulphide systems associated with a large porphyry body.
- Diamond drilling has commenced at the first pad and will drill test below the high-grade grab sample areas and the IP chargeability anomalies. A second rig is anticipated to arrive at site shortly and will commence drilling in December 2021.
- An additional series of assay results for rock chip grab samples taken from the western portion of Olympus are expected in the near term. The outstanding grab samples are visually similar to the samples for which assay results are reported herein within abundant sulphide mineralization observed.
Source: Collective Mining
Figure 1: Plan View of the Guayabales Project and the Olympus Target
Plan View of Olympus with Proposed Drill Holes Traces Superimposed
Figure 3: Olympus Section View Showing Drill Hole Traces into a Chargeability High
Figure 4: Photos of High-Grade Grab Samples Taken at Olympus