Collective Mining Extends the Olympus Target to the North with Assay Results From Sampling of up to 112 g/t Gold and 544 g/t Silver
Collective Mining Extends the Olympus Target to the North with Assay Results From
Sampling of up to 112 g/t Gold and 544 g/t Silver
Toronto, Ontario, January 12, 2022 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the
“Company”) is pleased to announce further high-grade gold and silver vein grab sample assay results
from it’s grassroot generated Olympus target (“Olympus”) within the Guayabales project
(“Guayabales”), Colombia. The Company currently has two diamond drill rigs operating at Olympus
with a third rig anticipated to commence drilling in approximately one week as part of its minimum
20,000 metre program for 2022.
Highlights (Table 1 and Figures 1 and 2)
• Assay results of grab samples taken from veins located within historical, shallow underground
adits from the northwestern region to the Olympus target confirm the continuation of the high-
grade carbonate base metal (“CBM”) sheeted vein system with results as follows:
Table 1: Grab Sample Assay Results from the Northwestern Sector of Olympus
Sample ID Au g/t Ag g/t
CM3350 112.3 544
CM3516 57.1 634
CM3341 55.4 439
CM3351 25.4 521
CM3334 10.9 268
CM3349 7.3 206
CM3336 7.2 179
CM3339 7.0 474
CM3345 5.7 144
CM3346 4.5 107
CM3347 3.3 68
*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 in any future resource estimate or mining scenario.
**Base metal results are still pending for the samples listed in this release
• Multiple CBM vein systems were sampled, where possible, over a 250-metre-wide area from
limited and partial exposures of rock. These new high-grade samples now extend the known
CBM vein exposure at Olympus to an area measuring more than 600 metres by 600 metres.
The CBM veins are sulphide rich and coincident with IP chargeability anomalies . Recently
revised interpretation of the IP data by the Company has now expanded the surface area of
Olympus to 1,250 metres north-south by 750 metres east-west.
• Preliminary logging of the first completed holes into the eastern portion of Olympus indicates
that the Company has intersected multiple CBM veins hosted within intensely altered porphyry
diorite and hydrothermal breccia.
• Collective has made the Olympus target a 2022 priority area for drilling due to its grade,
potential size, and multiple mineralization styles, including porphyries, high -grade carbonate
base metal veins and breccias.
“Olympus continues to deliver in terms of high-grade veins and porphyry potential. The recent IP work
has now considerably extended the target . This extremely exciting grass roots discovery will be a
priority area for drilling in 2022 and the Company is committed to constructing enough drill pads to test
the full potential extent of the mineralized system,” commented Ari Sussman, Executive Chairman.
Geological Details of the Olympus Target
The Olympus target is an area with numerous, small and historical artisanal workings exposing CBM
vein, porphyry veinlet and breccia style , gold, silver and base metal minerali zation within s hallow,
underground adit excavations trending NW-SE and E -W. Access for this old, small scale, artisanal
mining is facilitated from a north-easterly trending valley floor surrounded by hills with a +200-metre
elevation differential. The Collective mining team has now undertaken reconnaissance mapping and
sampling on adits located on both sides of the valley and the current sampling has now extended the
known vein systems another 150 metres to the NW. High-grade, gold, silver and base metal
mineralization is related to multiple sulphide and quartz carbonate veinlets and veins hosting massive
pyrite with associated sphalerite and galena and some chalcopyrite and molybdenite, over widths of
10 cm to 100 cm. Available exposures of vein material are limited due to extensive timber support in
these narrow, historical tunnels making full channel sampling difficult . Structural measurements of
available vein exposures indicate vein strikes of 320 - 340 azimuth with dips of 60-70 degrees to the
NE. Veins are associated with intense sericite alteration. Host rocks include mineralized and potassic
altered diorites and hydrothermal breccia. The CBM veins cut all host lithologies.
Surface and shallow underground geological mapping within the broader Olympus area demonstrates
that the high-grade CBM veins are superimposed on highly altered quartz diorite and diorite porphyry
intrusive. Gold, silver and base metal mineralization is also associated with multiple sheeted and
stockwork veinlets hosted within the porphyry bodies and in hydrothermal breccia. The phyllic
alteration (sericite-Illite) event related to the polymetallic veining is superimposed on and has degraded
an earlier potassic alteration event (biotite and magnetite). The Company interprets the multiple styles
of mineralization encountered at the Olympus target are related to mineralized porphyry systems.
A hi-resolution and deep penetrating IP survey was recently undertaken by Arce Geofisicos on behalf
of Collective over the Olympus target area using their proprietary AGDAS technology. This work has
outlined multiple chargeability anomalies locating within the Olympus target ar ea, which extend to
depths of up to eight hundred metres below surface. The chargeability anomalies are coincident with
the high-grade, sulphide, sheeted vein systems and extend to the north so that the Olympus target
area now has dimensions of 1 ,250 metres north-south by 750 metres east-west. The IP anomalies
have a funnel shape in 3D and are interpreted by the Company to relate to disseminated and vein
sulphide systems emanating from a larger porphyry body at depth. The target remains open for further
expansion in all directions.
Visual logging of the first few holes drilled from the current drilling programme highlights the presence
of multiple, sheeted, CBM veins and various porphyry veinlets in association with 2-4% disseminated
pyrite. The CBM and intense sericite alteration is superimposed on an earlier phase of potassic
alteration related to biotite and disseminated, secondary magnetite associated with porphyry A and B
veins. Mineralized breccia are present on the eastern and southern flanks of the system The drilling
program at Olympus from the first pad will intersect the high-grade veins on the eastern portion of the
target area with various angled holes and includes drill testing of the IP anomalies. The Company has
completed the first drill hole and confirmed the intersection of multiple, sheeted CBM veins hosting
massive pyrite as well as galena, sphalerite and chalcopyrite. A second angled hole is presently in
progress. Disseminated and vein related molybdenite is observed in breccia and the porphyry
intrusive.
The Company has made the Olympus target a priority area due to its grade, potential size and multiple
mineralization styles. Collective currently has two diamond drill rigs operating at Olympus with a third
rig anticipated to commence drilling in one week and a fourth rig planned for operation in Q1, 2022.
Olympus is a priority area and forms the primary focus of the Company’s minimum 20,000 metre drill
program planned for 2022.
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 samples have been prepa red and analyzed at SGS laboratory facilit ies 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.
Collective Mining is an exploration and development company focused on identifying and explor ing
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 a significant new mineral discovery and
advancing the projection to production. Management, i nsiders 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 eight major targets have been defined. The Company is fortuitous to have
made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.3 g/t
AuEq and 710 metres @ 0.53 AuEq at the Guayabales and San Antonio projects, respectivel y. (See
press releases dated October 18th and 27th for AuEq calculation.)
Contact Information
Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
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 r eflect 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: Plan View of the Guayabales Project and the Olympus Target
Figure 2: Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
Quartz/carbonate vein samples with abundant pyrite, sphalerite, covelline and chalcopyrite.
Right: Sample 3516, Left: sample 3349.