Collective Mining drills new high-grade tungsten, gold zone in Colombia

Collective Mining Ltd. [CNL-TSX, CNL-NASDAQ] has announced assay results for four diamond drill holes at its Guayabales Project in Caldas, Colombia. It said the results highlight continued exploration potential beyond the currently defined mineral resource model for the Apollo deposit and include a new high-grade tungsten-gold zone hosted in schist rock outside the southern Apollo breccia body margin.

Drill hole APC150-D4 intersected 8.15 metres of grade 14.82 g/t AuEq (0.40$ W03, 8.47 g/t gold and 4.0 g/t silver), beginning 927 metres below surface. This is the first time the company has intersected high-grade tungsten mineralization within the schist outside the southern margin of the Apollo breccia and establishes a brand-new target for drilling. “This specific unit of schist extends from surface to more than 1,000 metres vertical and is largely untested,’’ the company said in a press release.

“The discovery of high-grade tungsten and gold in the schist outside of the southern margin of the breccia opens a new exploration opportunity at Apollo beyond the breccia body,’’ said Collecitve Executive Chairman Ari Sussman. “The new high-grade veins and visually-identified mineralization in drill testing extensions of the Ramp Zone in multiple directions give us compelling targets to test for potential growth beyond the current mineral resource,’’ he said. “Pending assay results and follow-up drilling will guide our next phase of exploration, both within the breccia body and outside of it.’’

On Thursday, Collective shares fell 2.4% or $0.45 to $18.15. The shares are currently trading in a 52-week range of $30.12 and $13.76.

Guayabales is the company’s flagship project. It is anchored by the Apollo system, which hosts a large-scale bulk-tonnage and high-grade gold-silver-copper-tungsten system.

To date, Collective has received assays for 196,500 metres of diamond drilling across the Guayabales and nearby San Antonio projects, including results for 132,500 metres at the Apollo deposit, which anchors the Guayabales Project.

Drilling at Guayabales is focused on multiple objectives related to the Apollo system, which include defining shallow mineralization, expanding and identifying new high-grade sub-zones and expanding the high-grade Ramp Zone (located at the bottom of Apollo, which begins at surface, and is strongly mineralized over 1,300 metres) at depth and along strike as well as testing new targets across the project area. Two deep capacity rigs were recently drilling mother holes in order that directional drilling can soon commence to test the Ramp at depth.

With US$93.7 million in cash (as of June 30, 2026), the company is fully funded for its planned 2026 program which envisions up to 90,000 metres of drilling. The company currently has 13 diamond drill rigs operating across the Guayabales Project. Assay results for 96 drill holes are outstanding, including 17 drill holes into the Ramp Zone.