Collective Mining Outlines Multiple, High-Grade Vein Systems at Olympus with Assay Results from Channel Sampling of up to 137 g/t Gold and 563 g/t Silver
Collective Mining Outlines Multiple, High-Grade Vein Systems at Olympus with Assay Results
from Channel Sampling of up to 137 g/t Gold and 563 g/t Silver
Toronto, Ontario, June 1, 2022 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the
“Company”) is pleased to announce high-grade gold and silver channel sample assay results from its
grassroots generated Olympus target (“Olympus”) located within the Guayabales project
(“Guayabales”), Colombia. Olympus is centrally situated within the four-by-four kilometre porphyry
cluster where to date, the Company has generated eight drill targets through grassroots prospecting.
Four of these targets have been drill tested yielding three significant discoveries including the Olympus
target where the Company recently announced near surface discovery holes of 302 metres @
1.11 g/t gold equivalent and 216.7 metres @ 1.08 g/t gold equivalent (refer to press release dated
March 15, 2022 and May 9, 2022, respectively). As part of its fully funded 20,000+ metre program for
2022, Collective presently has three diamond drill rigs operatin g at Guayabales with drills turning at
the Trap and Apollo targets and a fourth rig expected to kick off a phase II drilling program at Olympus
at the beginning of Q3, 2022.
Highlights (Table 1 and Figures 1, 2 and 3)
x Assay results of chip channel samples taken from veins located within historical, shallow
underground workings from Olympus continue to confirm the prese nce of a high-grade
carbonate base metal (“CBM”) sheeted vein system into the south west 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)
R5451 137.76 476
R5429 102.19 427
R5431 85.41 563
R5447 69.06 439
R5418 50.98 353
R5213 37.18 349
R5415 26.29 124
R5466 16.23 238
R5210 11.42 41
R5218 10.64 287
R5444 9.09 24
R5222 7.15 19
R5416 6.68 64
R5463 5.62 428
R5215 4.84 52
R5445 4.26 8
R5225 3.99 10
R5421 3.93 152
R5234 2.98 11
R5212 2.81 54
R5454 1.89 154
R5432 1.34 178
*Channel chip samples reported above are over true horizontal sampling widths of between 0.1 and 1 metre. Sample grades are unca pped. 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.
x Multiple CBM veins were sampled 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 alteration superimpos ed on porphyry diorite and
mineralized, hydrothermal breccia. Porphyry-related CBM veins c an demonstrate robust
continuity over significant vertical and lateral dimensions and the Company will assess through
drilling whether those characteristics apply to the Olympus vein system.
x Drilling, underground sampling and surface mapping to date hav e expanded Olympus to a
target area measuring more than 1,400 metres by 900 metres, whi ch hosts over 50
artisanal mines with over 25 veins mapped from available exposures. The Company
believes that the probability is high that additional veins wil l be discovered as exploration
ramps up. The Olympus target is open to the east, west, northwest, south and at depth.
x 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).
x 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.
x The Company reconfirms that it is on track with construction of underground drill
chambers with the first rig anticipated to commence drilling in July 2022 followed by a
second rig shortly thereafter.
Figure 1: Plan View of the Guayabales Project Highlighting the Olympus Target
Figure 2: Olympus Target, Measuring 1.4 Kilometres x 0.9 Kilometres and Open
Figure 3: Photos of High-Grade Polymetallic Grab Samples Taken at Olympus
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 new s 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 Materia ls, Minerals and Mining and of the
Society of Economic Geology (SEG).
Technical Information
Rock samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia
and Lima, Peru. Blanks, duplicates, and certified reference sta ndards are inserted into the sample
stream to monitor laboratory performance. Crush rejects and pul ps 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 foc used on identifying and exploring
prospective mineral projects in South America. Founded by the t eam 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 an d 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 at both the Guayabales and San Antonio
projects a total of eleven major targets have been defined. The Company is fortuitous to have made
significant grassroots discoveries on both projects with discovery holes of 302 metres @ 1.1 g/t AuEq
and 163 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.)
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”, “coul d”, “expect”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “predict” or “potential” o r 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 b ased on information currently
available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertaint ies, and assumptions. Many factors
could cause actual results, performance, or achievements to dif fer materially from the results
discussed or implied in the forward-looking statements. These f actors 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 ca nnot assure readers that actual
results will be consistent with these forward-looking statement s. 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.