07:17 AM EDT, 10/15/2024 (MT Newswires) -- Collective Mining ( CNL ) reported Tuesday the results for the initial four reconnaissance drill holes in the southern portion of the Plutus target within the Guayabales project in Colombia.

Results include 328.05 meters at 0.31 grams per tonne gold equivalent.

The assays are part of Collective Mining's ( CNL ) 40,000-meter drilling program for 2024.

"Drilling of the porphyry target at Plutus is off to a positive start as the initial phase of radial drilling was simply designed to outline the geometry of the early porphyry phase of the system," Executive Chairman Ari Sussman said. "The results are pointing to an interesting target to the north and at depth of the current drilling and once assay results for the final two outstanding radial holes are received and analyzed, deeper drilling will commence."

Collective Mining's ( CNL ) share price fell 2.2% last Friday to $4.40 on the TSX.