Collective Mining believes it has made another multi-million-ounce discovery at its Guayabales gold-silver project in Caldas, Colombia, as drilling at the Trap target returned 40.85m grading 3.76gpt gold equivalent within 174.45m grading 1.19gpt. Trap is 3.5km from the flagship Apollo system.

"I would like to commend our team for their tenacity at Trap, which I believe will now rapidly evolve through drilling into a multi-million-ounce precious metal system. I am confident the two systems will lead to a robust mineral resource inventory capable of producing at a large-scale production profile for many years in the future," Collective Mining executive chair Ari Sussman said.

"Collective has four drills turning at Apollo and Trap as part of a 40,000m program. Reconnaissance drilling will begin shortly with one rig at the X target, which appears to be a brecciated porphyry system like Apollo. A sixth rig will drill at the Plutus target, testing for a potential copper-gold porphyry system." he added.

The discovery of Trap was announced in January. It is a fault-bounded, broad mineralised deformation zone (MDZ) mapped over about 1.4km, between 30m to 150m thick and intercepted up to 915m below the surface. It hosts a continuous, bulk zone of mineralisation on the west side of the fault consisting of overprinting sheeted vein systems. Collective said its geological model has been successfully tested by the initial drill holes.

"The main zone looks like it will run 1.5-4gpt gold, and it has a basic geometry of 1.4km by 500m by 50m, which means we could have a multimillion-ounce precious metals system," Sussman said.

Drilling has also intercepted a new zone of mineralisation east of the fault, which, if confirmed as a new discovery, would result in a new parallel target for drilling at Trap.

"Either side of the fault is prospective for metal deposition as the rock is porous and a good fluid trap. Before hole 14, we thought only the west side of the fault was prospective, but we see the same rock package on either side of the fault," Sussman explained.

Collective is planning a 250m step-out hole, 600m from hole 11, and is adding a second rig at Trap. Airborne VTEM and ZTEM geophysical surveys are also underway.

Shares of Collective Mining are trading at C$3.70, valuing the company at $252 million.