07:38 AM EDT, 07/29/2024 (MT Newswires) -- Collective Mining ( CNL ) reported Monday assays for four holes drilled at the Trap target near the Apollo system within the company's Guayabales project in Colombia.

Highlights include 40.85 meters at 3.76 grams per tonne (g/t) gold equivalent within 174.45 meters at 1.19 gold equivalent.

The company said the Trap target can "rapidly evolve through drilling into a multi-million-ounce precious metal system."

"The discovery at Trap should nicely compliment our flagship Apollo system and in time, I am confident the two systems will lead to a robust mineral resource inventory capable of producing at a large-scale production profile for many years in the future," Executive Chairman Ari Sussman said.

Collective said five drill rigs are currently active in the property as part of its 40,000-meter drilling campaign.

The company's share price closed 2.5% higher last Friday to $3.63.