08:10 AM EDT, 06/19/2024 (MT Newswires) -- Collective Mining ( CNLMF ) , which rose 2.3% from near 52 week lows yesterday, said Wednesday that it is ramping up exploration activities at the Guayabales project in Colombia.

The company in a statement said it is fully funded for its 2024 budget with US$23.6 million in its treasury as of May 16, 2024.

According to Wednesday's statement, CNL will commence a "comprehensive" airborne geophysical survey at the project in the coming days, and will mobilize a sixth drill rig as part of a 40,000-meter drill program.

"The enormous potential of our Guayabales project has already been proven based on the number of discoveries that we have made by drilling within the confines of areas defined by limited outcrop exposure," Executive Chairman Ari Sussman said.

"Since over 90% of the project remains under cover, commissioning an airborne VTEM and ZTEM survey makes a lot of sense to assist us in outlining new targets in areas with no outcrop. In particular, we are excited to use the results to refine planned future drilling at the Plutus target given its sheer scale and lack of outcropping rock to sample," Sussman added.

Collective Mining ( CNLMF ) said it plans to start drilling on the new targets as early as the fourth quarter.