Collective Mining (CNL) has sampled up to 485 g/t gold and 1,919 g/t silver at the Olympus Target.
As a result, the company is reporting that drilling on the target is now underway.
Grab samples taken from veins within historical, shallow underground adits on the eastern side of Olympus have confirmed the presence of a significant carbonate base metal system as follows:
High-grade gold and silver mineralization is related to multiple sulphide and quartz carbonate veinlets and veins hosting massive pyrite with associated sphalerite and galena over widths of 10 to 100 cm.
Surface and shallow underground geological mapping demonstrate that the high-grade polymetallic veins are superimposed on highly altered quartz diorite and diorite porphyry intrusive covering a 600 m by 600 m area. Gold and silver mineralization is also associated with multiple sheeted and stockwork veinlets hosted within porphyry bodies and in hydrothermal breccia.
A second rig is anticipated to arrive at the site shortly and will commence drilling in December 2021.
A minimum total of 3,000 m over six drill holes is planned from the current Olympus pad.
Ari Sussman, Collective’s Executive Chairman, stated,
“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. With our maiden drill program now underway at Olympus, we look forward to receiving first assay results in early Q1 2022.”
Collective Mining is focused on identifying and exploring prospective gold projects in South America.
Collective Mining (CNL) is unchanged trading at $2.85 per share as of 9:34 am EST.