Oceanus Resources Corp. hit 3.15 meters of 10.1 g/t of gold and 1,990.9 g/t of silver in drilling on the Protectora vein, 800 meters north of its El Tigre property in northern Mexico.
The intercept included a 0.85-meter section grading 37.2 g/t of gold and 7,338.9 g/t of silver.
The hit comes in an area where there was little exploration in the past, Glenn Jessome, Oceanus president and CEO, told S&P Global Market Intelligence in a June 7 phone interview.
Jessome described the latest hit as confirming new exploration potential of the property, where the focus of previous operators was on the definition of lower-grade resources remaining around the historical El Tigre mine.
Oceanus, which acquired the project in late 2015, is doing that as well, with plans to release a resource estimate for El Tigre by the end of the month.
But Jessome said Oceanus accelerated exploration of extensions to El Tigre and other nearby veins after drilling earlier this year hit gold and silver grades that are higher than what remains at El Tigre.
"El Tigre is going a lot faster than we thought," he said. "It's exciting."