11:47 AM EDT, 08/29/2024 (MT Newswires) -- Collective Mining ( CNL ) said Thursday that it launched a maiden drilling program in the southern portion of the Plutus target within the Guayabales project in Colombia.

The company said the drilling is part of its 40,000-meter 2024 program at the project.

"Even though economic greenfield porphyry discoveries are exceedingly rare, we want to take this shot at Plutus given we already have a major discovery under our belt at the Apollo system, locating only one kilometer to the west, and a potentially emerging large-scale discovery at the Trap target," Executive Chairman Ari Sussman said.

Collective Mining ( CNL ) also reported assays from a comprehensive initial reconnaissance drill program at the Box target. Results include 18.55 meters at 1.09 grams per tonne (g/t) gold equivalent, and 11.55 meters at 3.79 g/t gold equivalent.

The company's shares were last seen up $0.25 to $4.63 on the Toronto Stock Exchange.

Price: 4.63, Change: +0.25, Percent Change: +5.71