08:25 AM EST, 12/04/2024 (MT Newswires) -- Collective Mining ( CNL ) said Wednesday that it discovered a northeast extension to the Apollo system within its Guayabales project in Colombia.

Latest results from drill hole APC100-D1 include 150.50 meters at 1.74 grams per tonne (g/t) gold equivalent including 42.00 meters at 4.02 g/t gold equivalent.

"Drill hole APC100-D1 confirms that the small surface outcrops and shallowly drilled fingers of poorly mineralized breccia at surface can transition into broad and high-grade mineralized zones at depth," Executive Chairman Ari Sussman said.

The company said five drill rigs are currently operating as part of its 40,000-meter drilling program this year, with a 60,000-meter drill campaign also planned for 2025.

Collective has completed 101,000 meters of diamond drilling at Guayabales Project, including 67,000 meters at Apollo. There are currently 25 drill holes awaiting assays, with majority of the results expected before the end of 2024.

Collective's share price rose 1.4% yesterday to $5.02 on the TSX.