04:36 PM EDT, 08/25/2025 (MT Newswires) -- Collective Mining ( CNL ) on Monday afternoon reported assay results from ongoing drilling at the Pound target within its San Antonio Project in Colombia.

The company said that the results confirmed the discovery of a high-grade porphyry system with a minimum strike length of 450 meters, which remains open in all directions.

Drill hole SAC-18, which was drilled vertically and located 250 meters south of the previously reported discovery hole SAC-11, intersected 172.40 meters of mineralized porphyry at 1.88 grams per tonne gold equivalent. This includes 1.40 grams per tonne gold, 0.16 percent copper, 17 grams per tonne silver, and 68 parts per million molybdenum, according to the statement.

The drill hole was terminated early while in strong mineralization due to rig limitations, with the final 1.60 meters averaging 2.03 grams per tonne gold equivalent, the company added.

"It is important to note that the porphyry system discovered at the Pound target is approximately equal distance (3.5 kilometres) to the proposed infrastructure location for a future mine from our Apollo system at the neighbouring Guayabales Project. Equally important factors about the San Antonio Project are that the hydro-power lines run right across the project, the porphyry discovery at Pound is located less than a kilometre from the Pan American highway and there are no communities living on or near the area," Executive Chairman Ari Sussman said.

The company's shares closed up $0.57 to $15.60 on the Toronto Stock Exchange.