04:40 PM EST, 12/16/2024 (MT Newswires) -- Collective Mining ( CNL ) on Monday afternoon released initial assay results from a series of drill holes aimed at exploring new high-grade subzones within the Apollo system at its Guayabales Project in Colombia.

Best results included 534.4 meters of core testing at 2.7 gold-equivalent grams tonne.

The company said that one of the holes, dubbed APC104-D1, was successfully drilled across the Apollo system to test, for the first time, the potential of newly modeled high-grade subzones within the system.

Two additional holes have been drilled to test these newly modeled high-grade subzones. Both holes intersected the targeted subzones and encountered significant sulfide mineralization over broad intervals, with assay results expected in early 2025, the company said.

The company is currently operating four drill rigs as part of its fully funded 40,000-meter drilling program for 2024. A larger 60,000-meter drilling program is planned for 2025, which will be the company's biggest drilling campaign to date, Collective Mining ( CNL ) said.

The company's shares down $0.02 to $5.40 on the Toronto Stock Exchange.