08:15 AM EST, 03/06/2024 (MT Newswires) -- Collective Mining Ltd. ( CNLMF ) said Wednesday that it discovered high-grade gold and silver rich porphyry-style mineralization at the Box target within the Guayabales project in Colombia.

The company said the porphyry bodies at Box host high-grade gold measuring up to 5.18 g/t gold while the sheeted carbonate and base metal vein systems returned values of up to 55.53 g/t gold, 665 g/t silver and 0.44% copper.

"Located towards the southwestern end of our 4.5-kilometer porphyry trend, Box is truly a remarkable target," Executive Chairman Ari Sussman said.

"All the ingredients are in place for a new discovery to be made through drilling considering the large scale of the target area with the abundance of high-grade precious metal samples collected from a combination of porphyry related host rock units."

Collective plans to commence drilling in the area in April.

The company gained 5.3% yesterday.