Collective Mining Drills 216.7m Grading 1.08 g/t Gold Equivalent at Olympus from Near Surface and Significantly Expands the Target Area
Collective Mining Drills 216.7m Grading 1.08 g/t Gold Equivalent at Olympus from Near
Surface and Significantly Expands the Target Area
Toronto, Ontario, May 9 , 2022 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the
“Company”) is pleased to announce assay results for four additional diamond drill holes at the
Olympus Target (“Olympus”) within the Guayabales project (“Guayabales”), Colombia . Additionally,
revised geological modeling based on the most current data has significantly expanded the target area
for follow up exploration. The Company currently has t hree diamond drill rigs operating at various
targets at the Guayabales project as part of its fully-financed, minimum 20,000 metre program for
2022.
“The Olympus target is advancing rapidly due to our exploration work and geological understanding
and this has resulted in a 125 percent expansion of the target area. We are extremely excited about
the precious metal potential of the system given the broad intercepts of gold and silver mineralization
encountered in early drilling, the sheer size of the alteration system and the plethora of high -grade
gold and silver-bearing, porphyry related, CBM veins. All the ingredients are in place for Olympus to
evolve into a multi-million-ounce precious metal deposit. As our team understands full-well from our
prior experience of exploring and developing the Buriticá project in Colombia, porphyry-related CBM
veins can demonstrate robust continuity over significant vertical and lateral dimensions. Analogous to
Olympus are both the multi-million-ounce high-grade Marmato and Buriticá systems, with each deposit
measuring more than 1.5 vertical kilometres . The Marmato project is locate d approximately 3
kilometres to the southeast of Olympus and is situated within the same structurally controlled, porphyry
intrusion – CBM vein, corridor,” commented Ari Sussman, Executive Chairman.
Highlights (See Table 1 and Figures 1 - 4)
• As a result of geological modelling, drilling, underground sampling and detailed mapping, the
Company now interprets Olympus Central and Olympus South to be one large
interconnected mineralized system measuring up to 1.4 kilometres north-south by 900
metres east-west. The area, which will now be referred to simply as “Olympus,” remains
open for expansion to the northwest, west, south and east.
• Olympus hole OLCC-4 was drilled westward at a 60-degree angle and intersected both the
mineralized Eastern and Western zones. The Eastern Zone is hosted primarily within
porphyry diorite and has carbonate base metal (“CBM”) veins overprinting it while the Western
Zone is hosted predominately within schist country rock impregnated by multiple zones of
sheeted CBM veins with results as follow:
o 216.7 metres @ 1.08 g/t gold equivalent from 73 metres down-hole (Eastern Zone,
drill hole OLCC-4)
o 110.1 metres @ 0.82 g/t gold equivalent from 480.3 metres down-hole (Western
Zone, drill hole OLCC-4)
• Olympus hole OLCC-5 was drilled to the northwest at 70 -degree angle and intercepted the
Eastern Zone as follows:
o 59.6 metres @ 1.02 g/t gold equivalent from 11 metres down-hole before crossing
into a late phase intrusion which appears to have eliminated the mineralization in this
location. Additional patchy mineralization in the Eastern Zone was encountered further
down-hole including 25.3 metres @ 0.86 g/t gold equivalent. The Company will focus
future drilling in the Eastern Zone along strike to the south where it remains wide open
for expansion. Lastly, this hole was not drilled far enough to intersect the projection of
the Western Zone.
• Recent surface mapping and interpretation of drill data has led to a refinement of t he
Company’s model for the Western Zone. The schist-intrusive contact is shallow dipping and
daylights at surface in the west for at least 200 metres of strike. Future drilling will target
the untested, shallow projection of the Western Zone. Holes OLCC -6 and OLCC -7 were
unfortunately, not drilled deep enough to intersect this Western Zone projection at depth (see
Figure 3).
• Exploration work to date within both historical and current artisanal mines has outlined more
than 25 veins . Previously announced chip channel sampling assay results have
confirmed the high -grade nature of the veins with precious and base metal grades
assaying up to 485 g/t gold, 1,919 g/t silver, 2.86% copper and combined zinc and lead
grades in excess of 25 percent. Drilling completed thus far by the Company has been
principally focused on the northern portion of the eastern zone and has not therefore tested
below these high grade, artisanal mines. An extensive chip channel sampling campaign
has been undertaken within the old mines with assay results anticipated in the near
term.
Table 1: Assay Results
Hole ID From
(m) To (m) Intercept
(m)
Au
(g/t)
Ag
(g/t) Cu% Mo % AuEq
(g/t)* Notes
OLCC-4 73.0 289.7 216.7 0.79 14 0.04 0.004 1.08 Eastern Zone
Incl 73.0 83.3 10.3 8.89 142 0.02 0.007 10.83
288.6 289.7 1.1 38.54 263 2.86 0.004 46.48 Visible Gold
and 427.1 427.8 0.7 9.11 1 0.01 0.001 8.70
and 449.2 449.8 0.6 5.84 16 0.02 0.001 5.84
and 480.3 590.4 110.1 0.69 7 0.02 0.001 0.82 Western Zone
Incl 526.4 528.4 2.0 4.25 62 0.04 0.001 5.13
539.2 542.3 3.1 3.42 43 0.03 0.001 4.00
OLCC-5 11.0 70.6 59.6 0.60 23 0.03 0.004 1.02 Eastern Zone
Incl 38.8 40.1 1.3 7.07 4 0.05 0.003 6.90
43.1 43.8 0.7 4.30 215 0.08 0.002 7.72
and 196.4 221.7 25.3 0.42 22 0.04 0.005 0.86 Eastern Zone
and 360.4 361.7 1.3 4.35 80 0.09 0.001 5.60
OLCC-6 NSV***
OLCC-7 225.2 227.0 1.8 1.54 32 0.03 0.000 2.04
*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.017 x 0.95) + (Cu (%) x 2.06 x 0.95) + (Mo (%) x
6.86 x 0.95), utilizing metal prices of Cu – US$4.50/lb, Mo – US$15.00/lb, Ag – $25/oz and Au – US$1,500/oz and
recovery rates of 95% for Au, Ag, Cu and Mo.
Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** 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.
*** No significant values reported in this intercept
Figure 1: Map of the Guayabales Project Highlighting the Olympus Target
Figure 2: Plan View of the Olympus Target
Figure 3: Cross Section W-E as Outlined on the Olympus Plan View Image
Figure 4: Drill Hole OLCC-4 Core Photos
Mineralized veins with Pyrite, galena, sphalerite and chalcopyrite accompanied by calcium
carbonate crosscutting the schist foliation
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Qualified Person for this news releas e 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 F ellow 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.
About Collective Mining Ltd.
To view the Company’s most recent investor presentation, please visit www.collectivemining.com
Collective Mining is an exploration and development company focused on identifying and exploring
prospective min eral 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 a significant new mineral discovery and
advancing the projection to production. Management, insiders and close family and friends own
approximately 40% of the outstanding shares of the Company and as a result are fully aligned with
shareholders. Collective 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 nine targets are defined. The Company is fortuitous to have made significant
grass root discoveries on both projects with discovery holes of 302 metres 1.1 g/t AuEq and 104
metres @ 1.3 g/t AuEq at the Guayabales project and 710 metres @ 0.53 AuEq at the San Antonio
project. (See press releases dated October 18th and 27th, 2021 and March 15, 2022 for AuEq calculations.)