07:39 AM EDT, 08/29/2024 (MT Newswires) -- Collective Mining ( CNL ) said Thursday that it launched a maiden drill program in the southern portion of the Plutus target within the Guayabales project in Colombia.

The company said the drilling is part of its 40,000-meter drilling program for 2024 at the project.

"Even though economic greenfield porphyry discoveries are exceedingly rare, we want to take this shot at Plutus given we already have a major discovery under our belt at the Apollo system, locating only one kilometer to the west, and a potentially emerging large-scale discovery at the Trap target," Executive Chairman Ari Sussman said.

Collective Mining ( CNL ) also reported assays from a comprehensive initial reconnaissance drill program at the Box target. Results include 18.55 meters at 1.09 grams per tonne (g/t) gold equivalent, and 11.55 meters at 3.79 g/t gold equivalent.

The company's share price fell 1.8% yesterday to $4.38.