Rapid Critical Metals (ASX:RCM) found a previously unrecognized mineralized structure at its Webbs project in New South Wales through a diamond drilling program, according to a Wednesday filing with the Australian bourse.

The initial drilling results confirmed silver-bearing sulfide mineralization, indicating the potential for more mineralized structures, the filing said.

The company will conduct step-out and infill drilling as part of a 15,000-meter exploration program next year, per the filing.

Shares fell 9% in afternoon trade Wednesday.