04:45 PM EDT, 03/12/2024 (MT Newswires) -- Collective Mining Ltd. ( CNLMF ) , which saw its shares lose 2.35% today despite gains for the broader market, announced at the close of trade Tuesday assay results for two holes drilled into the Apollo Porphyry System at the Guayabales Project in Caldas, Colombia. According to a statement, both holes increased the overall dimensions of Apollo with APC-92 expanding the southern portion of the system to the east and the west while APC-93 expanded the system in the north.

The company said it presently has three drill rigs operating at the project with holes being drilled at the Apollo, Olympus Deeps and Trap targets respectively. A fourth rig has been mobilized to the Box target with drilling expecting to begin in April.

Ari Sussman, Executive Chairman, in Tuesday's statement said: "We continue to see exciting results across the various targets at our Guayabales project as our aggressive 40,000 metre drill program for 2024 takes shape. Our exploration goal for the year is to evolve the Guayabales project into a major mining camp by continuing to expand Apollo, proving that both the recently discovered Trap and Olympus Deeps porphyry systems have potential for significant scale and to make one more new discovery at either the Box, Tower, or X targets. No doubt, this is a bold goal, but given the exceptional geology of the project and the prowess of our operating team on the ground, I am confident that we will be able to deliver. With yet another 1,000+ gram x metre intercept under our belt, Apollo continues to flex its muscle as an evolving world-class high-grade and bulk tonnage gold-silver-copper-tungsten system."