04:39 PM EST, 02/04/2025 (MT Newswires) -- Collective Mining ( CNL ) was last seen up 4.8% in after-hours New York trade on Tuesday after closing at a 52-week high, as it released assay results for two follow-up drill holes into the recently discovered Ramp Zone in the Apollo system at its multi-target Guayabales Project in Colombia.

The company said Drill Hole APC103-D2 assayed at 51.95 meters grading 8.38 grams per tonne gold equivalent and is the deepest hole ever drilled at the Apollo system, bottoming in mineralization at approximately 1,200 meters below surface. Both holes announced have expanded the recently discovered high-grade Ramp Zone by approximately 50 meters along strike and 150 meters vertically, it added.

It added drilling continues to test the Ramp Zone with two holes currently coring into the Ramp Zone and a third drill pad now under construction. The Ramp Zone remains completely open in all directions for expansion.

"Drilling into the Ramp Zone appears to be confirming that not only have we discovered a new high-grade gold system at the deepest drilled depths of the Apollo system, but that we have potentially only drilled the top of it. Without question, the fluids depositing gold at the Ramp Zone are more reduced than the top 1,000 metres of the Apollo system with a very strong correlation between gold and bismuth grades," Executive chair Ari Sussman said in a statement."

The company said it currently has five drill rigs operating as part of its fully funded 60,000-metre drill program for 2025. It added two additional rigs have been contracted with drilling anticipated to ensue in February, and the Ramp Zone is a priority in the 2025 drilling program with up to three rigs targeting the zone simultaneously.

The company's shares were up US$0.26 to $5.70 after hours. They closed up $0.14 to $7.76 on the Toronto Stock Exchange.