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Collective Mining to Apply For Environmental License For Guayabales Project in Colombia Next Year

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Collective Mining (CNL.TO) Tuesday after trade said it will apply for an environmental license in the second half of next year for the Apollo deposit at the Guayabales Project in Colombia.

Collective is currently accelerating environmental and technical studies at Apollo, a statement said.

The company also released the initial mineral resource for the deposit, showing indicated mineral resources of 2.58-million gold equivalent ounces, grading at 2.17 grams per tonne gold equivalent, and an inferred resource of 2.93-million GEOs.

"The scale and grade of Apollo's maiden Mineral Resource establish a strong foundation for what we believe will become a major mining project. Importantly, this is the largest new mineral resource stage discovery in Colombia since we discovered Buritica for Continental Gold more than a decade ago," said Executive Chair Ari Sussman.

Collective Mining shares closed up CA$0.21, to CA$23.31, on the Toronto Stock Exchange.

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