04:27 PM EDT, 09/23/2024 (MT Newswires) -- Collective Mining ( CNL ) on Monday released assay results for four directional diamond drill holes at its Guayabales Project in Colombia that extend the Apollo system to the southwest and confirm the continuity of both breccia and high-grade, porphyry-related carbonate base metal vein zones at depth.

Best results from the program included 401.8 meters testing at 1.06 gold-equivalent grams per tonne and 258.3 meter testing at 1.56 gold-equivalent grams per tonne.

The company said that Apollo is the most advanced of seven targets within its Guayabales Project in Caldas, Colombia.

"Expanding Apollo to the southwest at depth beyond the boundaries of the model in this area and extending high-grade carbonate base metal vein sub-zones within the model to depths of over 1,000 meters below the surface represents another important milestone in validating our understanding of the system," Executive Chairman Ari Sussman said.

The company is operating five diamond drill rigs as part of its fully funded 40,000-meter drill program for 2024, with two rigs at Apollo, two at the Trap system, and one at the Plutus Target.

Collective shares closed down $0.03 to $4.56 on the Toronto Stock Exchange.