Finely chop black olives and 3 tablespoons toasted walnuts in processor. Add olive oil, dijon mustard, garlic, thyme, oregano, sage, and cayenne pepper and process until coarsely pureed. Stir in remaining 1/4 cup chopped toasted walnuts.
Spread can be prepared up to 3 days ahead. Cover with plastic and refrigerate.
Makes about 1 1/3 cups.
Offer this flavourful spread with french-bread baguette slices that have been brushed with olive oil and toasted in a 180C/350F oven until golden.