12:37 PM EST, 12/10/2024 (MT Newswires) -- (Updates shares.)

Collective Mining ( CNL ) said on Tuesday it discovered a new silver zone in the northern section of the Apollo system within its Guayabales project in Colombia.

Results from the zone include 75.45 meters at 80 grams per tonne (g/t) silver equivalent, including 13.0 meters at 315 g/t silver equivalent.

"Discovering so many different styles of mineralization on a property is truly rare and is commonly a sign of a very large system being unlocked," Executive Chairman Ari Sussman said. "As much success as the company has enjoyed in its short history, we believe the best is yet to come with aggressive drilling."

The company said it currently has four drill rigs operating at Guayabales as part of its 40,000-meter drilling program for 2024.

Collective plans to launch a 60,000-meter diamond drill program in 2025, which will be the largest annual drilling campaign in the company's history.

The company's shares were last seen up $0.11 to $5.02 on the Toronto Stock Exchange.

Price: 5.02, Change: +0.11, Percent Change: +2.24