04:22 PM EST, 01/15/2025 (MT Newswires) -- Collective Mining ( CNL ) ) at the close of trade Wednesday released assay results for the second of a series of perpendicularly drilled directional holes, designed to test the potential of newly modeled broad and high-grade subzones within the Apollo system, located within the company's multi-target Guayabales Project in Caldas, Colombia.

A statement noted the company currently has five drill rigs operating as part of its fully funded 60,000-meter drill program for 2025. Two additional rigs have been contracted with drilling anticipated to ensue in late January and February, respectively.

Among highlights, Hole APC104-D2 was drilled orthogonally across Apollo and extended the high-grade subzones originally intersected in drill hole APC104-D1 by up to 50 meters laterally. As a reminder, discovery hole APC104-D1 was announced on December 16, 2024, and cut 150.55 meters at 6.16 gold-equivalent grams per tonne within 534.40 meters at 2.70 g/t.

CNL noted two additional holes to test the high-grade subzones have been completed and are in the process of being assayed. Both holes intersected the projection of the newly modelled subzones and cut mineralization over broad intervals with assay results expected in February 2025.

Ari Sussman, Executive Chairman, in a statement said: "The revised interpretation of the Apollo system is clearly working as this is the first time we have drilled a hole at over 400 metres in length at more than 3 grams per tonne gold equivalent. With the first fan of lateral holes now completed, we are optimistic that drilling in 2025 will be successful in expanding the high-grade subzones shallower towards surface and to depth. The impact on the overall grade of Apollo could be significant with more than 1,000 vertical meters of potential to expand or connect subzones throughout the 2025 drilling campaign."

The company's shares closed up $0.02 to $6.36 on the Toronto Stock Exchange.