Shares in exploration group Tocvan Ventures Corp (CNSX:TOC) shot up as it reported "very encouraging" assays from grab sampling at its Pilar gold project in Sonora state, Mexico, which have extended the known mineralization.
High grade gold (Au) and silver (Ag) mineralization was found at two new showings, the Calgary-based group said in a statement.
Tocvan shares surged nearly 27% in Toronto to stand at C$0.16 each.
"The assay results are very encouraging and provide new areas to potentially develop and define additional mineralization east and south-east of the main area of drilling of the North Hill Zone, Main Zone, and 4-Trench Zone," the company said.
"Having significant assay results across the Pilar property from the north to the south along the NW-SE mineralized trend is very encouraging for expanding the known mineralization."
Among the results was up to 9.3 grams per ton (g/t) of yellow metal and 76.4 g/t silver at the south-east part of the property, and up to 323 g/t silver and 0.5 g/t gold midway along the property.
The Pilar Gold-Silver property is an epithermal project, where three zones of mineralization have been identified from historic surface work and drilling.
These are referred to as the Main Zone, North Hill and 4 Trench.
Structural features and mineralization follow an overall NW-SE trend of mineralization, Tocvan says. More than 17,700 meteres of drilling have been completed to date.
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