04:30 PM EST, 02/24/2025 (MT Newswires) -- Collective Mining ( CNL ) was up 5.7% in US after hours trade Monday as announced assay results for three drill holes at its Apollo system, part of the Guayabales Project in Caldas, Colombia.

A statement noted the holes were designed to test new high-grade sub-zones and fill gaps in the block model. The company said it has six drill rigs working as part of its fully funded 60,000-metre drilling program for 2025. Four rigs are focused on Apollo, one on the Trap target, and one on the San Antonio Project. A seventh rig is expected to start drilling in March.

CNL said drill hole APC104-D5 was designed to reach the same high-grade sub-zone discovered in drill hole APC104-D1 but at a deeper depth. When measured by grade accumulation, APC104-D5 gave a result of 1,499 grams per meter of gold equivalent, making it the "best" hole drilled so far at the Apollo site.

"The intercept in drill hole APC104-D5 highlights a spectacular high-grade, broad mineralized sub-zone which is still open in all directions, and we are looking forward to expanding this zone shallower and deeper with upcoming drill holes," Executive Chairman Ari Sussman said.

To date, 108,000 meters of diamond drilling have been completed at Guayabales, including 72,500 meters at Apollo. Results for nine drill holes are still pending, with most expected by the end of Q1, CNL added.

Shares of Collective Mining ( CNL ) eased $0.03 or 0.35% to $8.56 on the TSX today.