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Collective Mining to Drill New Targets at Guayabales Project in Colombia

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Collective Mining (CNL.TO) plans to drill two new targets near the Apollo system within the Guayabales project in Colombia following exploration fieldwork and a systematic review of satellite targets.

Collective upgraded the Orion target to drill-ready status, with work expected to begin this week, the company said Thursday.

After that, Collective plans to drill the Victory target in the fourth quarter after completing a reinterpretation of previous exploration data.

"With 13 drill rigs now on site, a strong treasury and a favorable commodity price backdrop, the time is right to push hard in exploration by continuing to grow our flagship Apollo system," Executive Chairman Ari Sussman said.

The company's shares closed up C$1.41, or 6.7%, to C$22.46 Wednesday on the Toronto Stock Exchange.

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