11:43 AM EDT, 07/29/2024 (MT Newswires) -- Collective Mining ( CNL ) on Monday reported assays for four holes drilled at the Trap target 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 shares were last seen up $0.13 to $3.76 on the Toronto Stock Exchange.

Price: 3.76, Change: +0.13, Percent Change: +3.58