Bonanza grades found at Sunrise Resources' (LON:SRES) Bay State project in Nevada, USA mean the project has become high priority for the explorer, says house broker Northland, which has started covering the shares with a "speculative buy" rating.
It is an attractive target for further work and a fully funded follow-up drill programme is planned for the second half of 2015, reckons analyst Ryan Long.
The area is a historic mine and was producing silver in the 1870s and again in the 1900s.
Recent underground sampling on the Chihuahua Vein showed bonanza silver values up to 4,020 grams per tonne (g/t) silver (Ag) with up to 10% base metals, the analyst highlighted.
The firm operates five projects in Nevada and at another - the County Line Diatomite project - it has completed three surface sampling programmes, with follow-up exploration now underway.
Diatomite is an industrial mineral used in filtering processes and with existing producers located nearby, the project offers near-term production potential, highlighted Long.
"Sunrise also utilises low cost initial exploration techniques to enable it to rapidly assess projects and drop the ones that do not return results that justify further work.
"This ensures that the company focuses the majority of its capital on projects where there is the biggest potential for success. Sunrise’s aim is to rapidly advance its early stage exploration projects to production allowing it to build a profitable mining company," said the analyst.
Sunrise shares are changing hands at 0.2p