** Shares of Rapid Lithium RLL.AX rise as much as 16.7% to A$0.004, their highest level since April 2

** The mineral explorer will buy two silver projects in Australia's New South Wales for A$6.50 million ($4.18 million)

** Projects have around 34.9 million silver equivalent ounces of high-grade silver assets, according to co

** YTD, shares of RLL down 30%

($1 = 1.5533 Australian dollars)

(Reporting by Nichiket Sunil in Bengaluru)

((Nichiket.Sunil@thomsonreuters.com))