"The Ramsey silver mineral system appears to be very large and is wide-open to the east and south, where no previous drilling or mine development has occurred," the firm said in the statement.
Since July, five holes have been sunk, for a current total of 12, from atop the ridge to the southeast of the Ramsey mine workings to test for a continuation of silver mineralization at depth
All five holes intersected silver, the firm said, with highlights being 62.5 gpt (grams per ton) silver from an intersection of 44.2 metres (m), from a depth of 79.3m.
Also found was a hole, which hit 9.1 meters of 57 gpt silver just 6.1 meters below the surface, underscoring a potential shallow zone, which remains open to additional drilling to the north, east, and south.
"We are encouraged with the results of the drilling east of the old Ramsey Mine workings and have intersected what we think is the periphery of a much larger silver-bearing hydrothermal system centred on the strong alteration mapped to the east and south," the mining firm added.
At the western deep IP anomaly, potentially a large target, approximately 800 meters west of the Ramsey Mine area, one hole was sunk and assays are still pending.
Shares added 1.89% in Toronto to C$0.27 each.