Collective Mining Samples up to 485 g/t Gold and 1,919 g/t Silver at the Olympus Target and Commences Drilling
Collective Mining Samples up to 485 g/t Gold and 1,919 g/t Silver at the Olympus Target and
Commences Drilling
Toronto, Ontario, December 1, 2021 – Collective Mining Ltd. (TSXV: CNL) (“Collective” or the
“Company”) is pleased to announce high-grade gold and silver grab sample results from it’s grassroot
generated Olympus target (“Olympus”) within th e Guayabales project (“G uayabales”), Colombia.
Additionally, the Company is pleased to announce that the initial drill hole to test Olympus is now
underway. The Company presently has two diamond drill rigs operating at Guayabales as part of its
maiden 10,000 metre drill program with a third rig to be added in December 2021.
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
*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 measuri ng 1,000 metres north-s outh 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 surf ace 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.
Sample ID* Au (g/t) Ag (g/t)
CM3546 485.3 325
CM3574 72.4 271
CM3544 58.2 99
CM0237 33.0 100
CM1996 20.7 9
CM0252 19.1 1,919
CM3572 17.7 771
CM2009 12.4 362
CM2004 11.9 26
CM2086 10.6 32
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 ch ip 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.
“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, commented Ar i Sussman, Executive Chairman. “With our
maiden drill program now underway at Olympus, we look forward to receiving first assay results in
early Q1, 2022.”
Geological Details of the Olympus Target
The Olympus target is an area with numerous, sm all and historical artisanal workings exposing vein,
porphyry veinlet and breccia style, gold and silver mineralisation within shallow, underground adit
excavations trending NW-SE and E-W. Access for this ol d, 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 to date undert aken reconnaissance mapping and sampling on adits
located on the eastern side of the valley. High-grade gold and silver mineralization is related to multiple
sulphide and quartz carbonate veinlets and veins hosti ng massive pyrite with associated sphalerite
and galena over widths of 10 to 100 cm. Available exposures of vein material are limited due to
extensive timber support in these narrow, historical tunnels. 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. The high-grade, grab sample results presented in this press
release are all located within two specific areas of local, artisanal underground workings which will be
drill tested from the current Olympus drill pad with various angled holes.
Surface and shallow underground geological mapping within the broader Olympus area demonstrates
that the high-grade polymetallic veins are superimposed on highly altered quartz diorite and diorite
porphyry intrusive covering a 600 metre by 600 metre area. Gold and silver mineralisation is also
associated with multiple sheeted and stockwork ve inlets hosted within the porphyry bodies and in
hydrothermal breccia. The phyllic alte ration (sericite-Illite) event relat ed to the polymetallic veining is
superimposed on and has degraded an earlier potassi c 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 ta rget area using their proprietary AGDAS technology. This work has
outlined multiple chargeability anomalies locating with in the Olympus target area, which extend to
depths of up to 800 metres below surface. The chargeability anomalies are in part coincident with the
high-grade, sulphide, sheeted vein systems and extend to the north so that the Olympus target area
now has dimensions of 1,000 metres north-south by 600 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 associated with a large porphyry body. T he drilling program planned for Olympus from the
current pad will include drill testing of these IP anoma lies as well as the high-grade vein systems. A
minimum total of 3,000 metres for 6 holes are planned from the current Olympus pad with further holes
envisaged from the same location but dependent on results.
The Company is nearing completion of a second dr ill pad covering the southern part of the Olympus
target area where previous channel sample results returned grades ranging from 1 to 46.5 g/t gold
equivalent over widths of one to two metres as previously announced by Collective on August 4, 2021.
Mineralization in the southern area is similarly related to multiple mineralization styles related to high-
grade polymetallic veins, porphyry veinlets and breccia.
The Company continues to sample and map historical workings on the western side of the valley and
results are pending. A third drilling pad is planned for construction in this area in January 2022.
Qualified Person (QP) and NI43-101 Disclosure
David J Reading is the designated Q ualified 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 Inst itute of Materials, 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 re ference 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 explorat ion and development company focu sed 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 a significant new mineral discovery and
advancing the projection to prod uction. Management, insiders and close family and friends own
approximately 40% of the outstanding shares of the Compa ny 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 ex ploration 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 Guayabal es and San Antonio proj ects, respectively. (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 cert ain 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”, “expec t”, “plan”, “intend”,
“anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these
words, or similar words or phras es, have been used to identify thes e forward-looking statements.
These statements reflect management’s current be liefs 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 ma terially from the results
discussed or implied in the forward-look ing statements. These factors should be
considered carefully, and readers should not place undue reliance on the forward-looking statements.
Although the forward-looking st atements contained in this news release are based upon what
management believes to be reasonable assumptions, Co llective cannot assure readers that actual
results will be consistent with t hese forward-looking st atements. These forwar d-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 Se rvices 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: 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
CBM vein samples with an abundance of pyrite, sphalerite and galena hosted within quartz/carbonate veining.