Endeavour Silver Corp (NYSE:EXK) exploration drill activities in Jalisco and Zacatecas states in Mexico have discovered new high-grade silver and gold mineralized zones in those areas.

Endeavour is undertaking economic studies in the areas where the silver and gold discoveries have been made. At El Compas in Zacatecas, the company is undertaking a preliminary economic assessment (PEA). At Terronera in Jalisco, the company is carrying out a pre-feasibility study (PFS). The studies are focused on evaluating the economic viability of moving the projects to production stage.

Exploration by El Compas

Exploration previously done at two sites in El Compas, El Orito and El Compas, revealed the existence of small amounts of high-grade, historic resources. But those were the findings of the former owner of the project. Endeavour is underway with its own exploration works at the sites, but has issued preliminary findings of recent drillings a site near El Orito that reveal existence of high-grade mineralized zone stretching more than 250 meters long by 100 meters deep.

The company further provided a summarized table that showed 72 grams per ton (gpt) of silver and 26.5% gpt of gold over a 1.81 m width.

Terronera project update

Updates for the Terronera project show the existence of a high-grade mineralized zone at a site located 2,200 meters on the northeastern part of Terronera vein. The mineralized zone stretches 300 m long and goes 250 m deep.

The company further provided a summary that showed 408 gpt of silver and 58.6 gpt of gold at the Terronera vein.

“These positive drill results confirm our view that both the El Compas and Terronera properties hold excellent exploration potential for the discovery of new veins and new mineralized zones […],” said Luis Castro, Endeavour’s Vice President of Exploration.

Shares of Endeavour rose 8.4% to $3.88 in the last session. The stock is up more than 170% since the beginning of 2016.