Collective Mining extended its Apollo gold system in Colombia by 100 meters north. Drill holes unexpectedly found a new mineralized zone, including a 38-meter section grading 15.25 grams gold per tonne. This discovery also includes significant silver, copper, and zinc.
Drill hole APC172-D2 cut 141.4 meters grading 4.75 grams gold, 5 grams silver, 0.02% copper, and 0.04% zinc from 924 meters below surface. This interval contained the higher-grade section. Collective Mining Executive Chairman Ari Sussman stated the results delivered an “exceptional high-grade interval” and extended the system vertically by about 170 meters.
The company’s shares rose 3% to $21.41 in Toronto after the announcement. This values Collective Mining at $1.99 billion. Analysts view the new findings as positive for the project’s potential.
National Bank Financial noted the elevated grades near a planned underground access tunnel could improve project economics. Scotiabank highlighted the new northern extension as a high-grade mineralized zone. Collective Mining plans to issue Apollo’s initial resource estimate this month.