Collective Mining Discovers a Broad Mineralized Zone and More High-Grade Gold and Silver Veins from Sampling at the Olympus Target; Drilling to Commence in August
Collective Mining Discovers a Broad Mineralized Zone and More High-Grade Gold and Silver
Veins from Sampling at the Olympus Target; Drilling to Commence in August
Toronto, Ontario, July 19, 202 2 – Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF)
(“Collective” or the “Company”) is pleased to announce the discovery of a potentially significant
broad mineralized zone as well as additional high-grade gold and silver assay results from
channel samples taken at the Olympus target (“Olympus”) at the Company’s 100% owned Guayabales
project in Caldas, Colombia. A noteworthy discovery drill hole from the northern area of Olympus
was announced by the Company in March 2022, with OLC -3 yielding 302 metres @ 1.11 g/t
AuEq from near surface. Olympus is one of the eight porphyry-related targets situated within a three-
by-four-kilometre cluster area generated by the Company through grassroots exploration at the
Guayabales project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently
three diamond drill rigs operating at the Apollo target , which is located approximately 800 metres
south-southeast of Olympus. Furthermore, additional rigs have been secured to begin the Phase II
program at Olympus with the first hole anticipated to commence drilling from underground in August
2022.
Highlights (See Tables 1-2 and Figures 1-3)
• Continuous channel sampling, where possible, were taken by the Company along a historical
crosscut covering a 182.45 metre horizontal width and hosting multiple minerali zed veins,
veinlets and structures within inte nsely altered porphyry and country rocks. This sampling
has outlined a broad mineralized zone (“BMZ”) with assay results as follows:
o 182.45 metres @ 1.15 g/t gold equivalent (true horizontal width)
Sampling from the eastern half of the crosscut was in oxidized material, which the Company
believes may be underrepresenting the actual grade because previously announced chip
channel sample assay results within vein material at slightly lower elevations directly below
this area of the crosscut yielded materially higher grades. (See press releases dated May 12,
2022 and June 1, 2022)
Table 1: Crosscut Channel Sampling Assay Results
Crosscut
Sampling
From
(m)
To
(m)
Width
(m)
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)*
0.00 182.45 182.45 0.89 23 1.15
Incl. 7.70 13.20 5.50 2.62 56 3.23
113.70 120.00 6.30 2.73 29 2.98
130.15 132.15 2.00 1.83 196 4.34
162.15 167.05 4.90 2.44 58 3.10
177.40 182.45 5.05 8.03 69 8.55
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95), Ag – $21/oz and Au US$1,500/oz and recovery
rates of 95% for Au, Ag. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
Channel samples are taken continuously along the wall s of the underground crosscuts. Approximately 8% of the total
horizontal length could not be sampled due to timber support. Assay results are uncapped, and no cut-off grade has been
applied.
• Assay results of chip channel samples taken from veins located within historical, shallow
underground working faces at Olympus, directly west of the BMZ zone, continue to
confirm the presence of multiple, high-grade carbonate base metal (“CBM”) sheeted
vein systems with results as follows:
Table 2: Chip Channel Sample Assay Results from Olympus
Channel
Sample
Au
(g/t)
Ag
(g/t)
AuEq
(g/t)*
True Width
(metres)
1 118.79 2,359 144.23 0.25
2 24.62 160 25.52 3.00
3 3.31 182 5.57 1.40
4 33.23 328 35.93 0.50
5 23.61 466 28.63 0.90
6 9.71 66 10.10 1.30
7 9.15 46 9.31 1.00
8 3.17 90 4.20 1.55
9 6.53 69 7.12 1.00
10 4.02 145 5.76 1.70
* AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95), Ag – $21/oz and Au US$1,500/oz and
recovery rates of 95% for Au, Ag. Recovery rate assumptions are speculative as no metallurgical work has been completed
to date. Channel samples are taken across the working faces of historical and current artisanal mining drifts. Assay results
are uncapped, and no cut-off grade has been applied. Assay results for base metals are still pending for all channel samples
listed above.
• The high-grade CBM veins outlined above are located directly west of the BMZ and
collectively both areas outline a target zone measuring greater than 300 metres of width
which remains open in all directions. Historical workings along veins to the northwest
and southeast of the crosscut indicate a potential strike length to the systems of at least
500 metres which is open for expansion.
• 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 results outlined
in this press release cover only the southwest portion of this target area. Previous drilling in
the northern portion of the target area returned broad intercepts of up to 301.9 metres @ 1.11
g/t gold equivalent (see press release dated March 15, 2022). The Company believes that
the probability is high that additional veins and BMZ zones will be discovered as exploration
ramps up. To date only small portions of the target area have been drill tested or sampled and
the Olympus target remains open to the east, west, northwest, south and at depth.
• A phase II underground drill program will commence in August 2022 and is expected
to ramp up in scale for the balance of the year as new drill chambers are constructed
and additional rigs are added.
“The presence of both broad mineralized zones and high grade CBM veins at Olympus is
exciting and highlights the potential for a combination of both bulk and selective mining
scenarios in the future. To date we have only covered with drilling and sampling a few small
windows within this large mineralized system. We look forward to drilling the southwest portion
of the system beginning in August as the highest-grade samples found to date are from within
this area,” commented Ari Sussman, Executive Chairman.
“On another front, we are now drilling with three rigs at the Apollo target and continue to
intercept potentially significant lengths of mineralized breccia with overprinting CBM veins. We
will provide further details in the coming weeks once new holes are completed and logged .
Assay results from holes APC-1W and APC -2 at Apollo are expected shortly and will be
announced once results have been received, compiled are interpreted by the Company.”
Figure 1: Plan View of the Guayabales Project Highlighting the Olympus Target
Figure 2: Plan View of the Olympus Central Target Outlining the BMZ Area and the Zone of
Multiple, High-Grade, CBM Veins
Figure 3: Photos of High-Grade CBM Veins Reported Herein
Veins of massive sulfides with pyrite, sphalerite, galena and chal copyrite
About Collective Mining Ltd.
To see our latest corporate presentation, please visit www.collectivemining.com
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 significant new mineral discoveries and
advance the projects to production. Management, insiders and close family and friends own nearly
45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.
The Company 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 identified. The Company is fortuitous to have made
significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales
project yielding 302 metres at 1.1 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the
Donut target and 87.8 metres at 2.49 g/t AuEg at the Apollo target. At the San Antonio project, the
Company intersected, from surface, 710 metres at 0.53 AuEq. ( See press releases dated October
27th, 2021, November 15, 2021, March 15, 2022 and June 22, 2022 for AuEq calculations.)
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).
Technical Information
Rock and core 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.
Contact Information
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065
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.