Collective’s gold-silver results highlight Apollo’s scale

Drilling by Collective Mining (TSX, NYSE: CNL) at its main Guayabales project in Colombia has returned results as high as 261 metres grading 1.4 grams gold per tonne and 16 grams silver. Shares rose.

That result, from 433 metres depth in hole APC144-D1 at the Apollo target, also cut 43.8 metres at 4.23 grams gold and 27 grams silver, and 15.4 metres at 3.03 grams gold and 18 grams silver, Collective reported on Tuesday.

“These latest results underscore the remarkable scale and continuity of the Apollo system, with strong infill drilling enhancing our internal block model and extending mineralization in key areas,” Collective’s Executive Chair Ari Sussman said in a release. “With substantial cash on hand and an expanding fleet of drill rigs, we are well positioned to deliver significant value through continued aggressive exploration in 2026.”

Successful 2025

Tuesday’s results come at the end of a productive year for Collective during which it secured a $63-million investment from Agnico Eagle Mines (TSX, NYSE: AEM), drilled high-grade intersections and discovered a new gold zone at Apollo.

Collective shares gained 2% to C$20.62 apiece on Tuesday morning in Toronto, valuing the company at C$1.9 billion. The stock has traded in a 12-month range of C$5.79 to C$21.14.

Another noteworthy hole, APC142-D2, returned 467.35 metres grading 1.4 grams gold and 14 grams silver from 170 metres depth, including 33.7 metres at 2.78 grams gold and 22 grams silver, and 48.1 metres grading 2.8 grams gold and 15 grams silver.

Piercing new zone

Meanwhile, Hole APC-142D unexpectedly intersected mineralization about 250 metres southwest of the Hanging Wall Vein zone that was discovered earlier this month.

It returned 19.4 metres grading 1 gram gold and 40 grams silver from 39.6 metres depth.

“[That intersection] in a step-out hole and the new porphyry-style discovery at Plutus further highlights the district-scale potential of the Guayabales project,” Sussman said.

The company has completed 155,500 metres of diamond drilling across its Guayabales and San Antonio projects, including 108,500 metres at Apollo.

Ambitious drill program

Collective plans to drill 80,000 to 100,000 metres in 2026 using up to 14 diamond drill rigs at any one time, fully funded with $135 million (C$184.8 million) in cash as of earlier this month.

Guayabales is about 80 km south of Medellín and next to Aris Mining’s (TSX: ARIS; NYSE: ARMN) Marmato gold mine, one of Colombia’s oldest operations.