Black Bear Minerals (ASX:BKB) said initial historical core reanalysis at the Shafter silver project in Texas indicated higher-grade silver and polymetallic mineralization, according to a Tuesday Australian bourse filing.

The reanalysis program identified significant gold mineralization in a drill core that had not previously been analyzed for gold.

It encountered an assay of 6.7 meters at 408 grams per tonne grade of silver from 9.1 meters, representing a 54% increase in contained silver versus the historic intercept. It also encountered an assay of 3.1 meters at 181 g/t grade of silver, 0.7 g/t grade of gold, 1.1% grade of lead, and 3.4% grade of zinc from surface, with a peak gold intercept of 1.2 meters at 1.5 g/t grade of gold from 1.8 meters.

Its shares fell 7% in recent trading on Tuesday.