Ballymore Resources (ASX:BMR) said assays from the maiden drilling program at the Torpy's target, part of the Ruddygore project in Queensland, confirmed visual estimates, according to a Wednesday Australian bourse filing.
The program encountered intercepts of 23 meters at 215.6 grams per tonne (g/t) grade of silver, 8.6% grade of lead, and about 2% grade of zinc from 130 meters, per the filing.
David A-Izzeddin, managing director, said the company will finalize downhole electromagnetic surveying at the site shortly, with preparations underway for follow-up drilling at Torpy's once weather conditions improve.
The company's shares rose 9% in recent trading on Wednesday and earlier reached an all-time peak.