The E2 Metals Ltd (ASX: E2M) share price is surging today after the company announced Emilia drilling has returned high-grade silver results.
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The E2 Metals Ltd (ASX: E2M) share price is surging today after the company announced Emilia scout drilling had returned high-grade silver results.
E2 Metals shares are trading a crazy 26.92% higher at 33 cents at the time of writing.
E2 Metals is an Australian exploration and development company. It holds interests in the Cobar Project and Santa Cruz Projects. The company operates through two segments: Australian projects and Argentinian projects.
E2 Metal’s high grade silver mining results
E2 Metals announced that its scout drilling at its Emilia silver and gold mining project returned high grade results at shallow, open-pit mining depths, sending the E2 Metals share price booming.
Scout drilling within the Emilia prospect defined a new zone of shallow high-grade silver mineralisation with lesser gold, including 9.5 metres at 375 grams per tonne (gpt) of silver (Ag) and 0.4 metres of gold (Au) from 49 metres deep.
This also includes two metres at 630gpt Ag and 0.5gpt Au from 49 metres deep.
The company reports that this mineralisation is within a new structure, untested by the previous drilling located five kilometres north of the project area. E2 Metals says the results highlight the “potential for further high-grade mineralisation” along the Veta Blanca Emilia vein corridor with a measured strike of 2.5 kilometres.
The current high grade mineralisation is open in all directions, and E2 Metals says it will be “immediately followed up” with further drilling. The company proceeded to suggest that these results “further confirm Conserrat [the region] to be an exciting new epithermal vein district located within a world-class gold and silver mining province.”
E2 Metals management comments
E2 Metals Managing Director Todd Williams welcomed the results:
The recent results from Emilia are significant not only because it is a new discovery for the project, but it also underpins the potential for high-grade mineralisation elsewhere within the Veta Blanca-Emilia vein corridor that extends for over 2.5 kilometres strike and remains poorly tested by drilling.
Importantly, mineralisation is hosted within a ‘blind’ structure that is adjacent to the main topographic ridge under shallow colluvium cover, confirming what we already suspected – the best mineralised veins at Conserrat may not be the most obvious ones.
E2 Metals share price snapshot
The E2 Metals share price is on a tear today but is well below its highs of over 70 cents set in October last year.
The E2 Metals share price surged in October, becoming one of the month’s best small cap performers, but until today, it had fallen back to where it was before the price surge.
The company’s share price has still risen a significant 135% over the past 12 months.
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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.