Advance Metals (ASX:AVM) said that historic core sampling identified multiple zones of previously unrecognized silver and gold mineralization at its Yoquivo silver-gold project in Mexico, according to a Friday filing with the Australian bourse.

Results from 3,516 meters of the previously unsampled core showed at least 519 meters having elevated levels of silver and/or gold, the filing said.

The company will start incorporating the data and its most recent drilling at the project into an upgraded Joint Ore Reserves Committee resource later this month, the filing added.

It will also investigate the potential for bulk tonnage open-pitable resources in addition to high-grade underground resources as part of the upgrade, the company said.

Shares of the company fell 12% in recent Friday trade.