(Kitco News) - Collective Mining has announced further expansion of its Apollo discovery at the Guayabales project in Colombia, reporting high-grade gold intercepts as the company continues aggressive drilling.
Speaking at the Prospectors and Developers Association of Canada (PDAC) conference in Toronto, Executive Chair Ari Sussman highlighted the project’s potential, including a recent drill hole returned 106.35 meters grading 9.05 grams per ton (g/t) gold equivalent at the Apollo deposit.
The company still hasn’t found the edges after about two years of drilling. “We have a goal – don't do a resource until we find the end of it,” Sussman told Kitco Mining. “And the goal is to take the existing internal model, upgrade it in terms of its grade … and continue to touch this brand new discovery at Ramp Zone in depth and expand it.”
The Ramp Zone, located at depth within Apollo, is described as a reduced intrusion-related gold system, distinct from the porphyry and vein-hosted mineralization seen in the district. “It’s a brand-new discovery, totally unrelated to anything else,” Sussman said.
Aggressive expansion strategy
Collective Mining plans to drill 60,000 meters in 2025, with exploration efforts focused on defining the full extent of Apollo and its deeper mineralized structures. The company is also advancing its San Antonio project and will begin testing the Tower target, which sits adjacent to Apollo.
“With seven rigs currently turning, increasing to eight by the end of March, we are hitting the ground hard,” Sussman said. “The aim is to outline the ultimate size of this deposit, which will drive an even bigger 2026 program, followed by a resource estimate and related studies.”
The company is fully funded for its 2025 exploration campaign, with $38 million in cash and minimal near-term financing needs. “We don’t need cash. We’re almost fully funded for 2026 as well,” Sussman said, emphasizing that Collective will continue to create shareholder value through exploration rather than immediate capital raises.
Agnico Eagle’s strategic investment
Agnico Eagle Mines has taken a strategic stake in Collective Mining, a move that signals growing institutional interest in the company’s assets. The investment, initially undisclosed due to Canadian reporting thresholds, became public following Collective’s recent U.S. listing.
“When we financed with Agnico Eagle, it was a premium deal in a very bad market,” Sussman said. “They’re an excellent shareholder … They've got every tool imaginable and it's our goal to use those tools to better advancement.”
Since this interview was recorded, Agnico Eagle revealed that it has agreed to inject C$63.4 million into Colombia-focused Collective Mining for a 15% stake.
Potential for a major mining camp
Sussman believes that Apollo, combined with the neighboring Marmato Mine owned by Aris Mining, could form the foundation of a world-class gold district.
“Our hope is to ultimately find more than 10 million ounces of gold here,” he said, noting that Aris Mining’s resource next door stands at nearly 9 million ounces. “Couple that together, and you’re looking at a giant camp.”
As the gold market enters a long-term bull cycle, Sussman remains optimistic about the sector’s financing environment and growing investor interest. “We’re in the first year of what I believe will be an eight-to-12-year bull market” for gold equities, he said.
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