ASX All Ords silver share Silver Mines Ltd (ASX: SVL) has delivered some outsized returns to faithful stockholders over the past year.
In morning trade on Thursday, shares are up 1.1%, trading for 18.2 cents apiece, outpacing the 0.1% gains posted by the All Ordinaries Index (ASX: XAO) at this same time.
Just one year ago, you could have picked up Silver Mines shares for just 10 cents each, delivering a gain of 82.0% at current prices. That’s well ahead of the 15.5% 12-month gains posted by the benchmark index.
Part of that outperformance has been driven by the surging silver price. At US$80 per ounce, the silver price is up 142% since this time last year. But the ASX All Ords silver share has hardly been sitting idle.
Here’s what the miner reported this morning.
ASX All Ords silver share uncovers high-grade samples
Silver Mines shares are pushing higher today following the release of an exploration update at the miner’s Calico North and Kramer Hills Projects, located in the US state of California.
At Calico North, the ASX All Ords silver share has completed a spectral survey and a field mapping program. 219 rock samples were collected as part of the field mapping. The company reported that around 20% of those samples returned assays greater than 50 grams of silver per tonne (g/t AG), with 10% of the rock samples returning more than 100 g/t Ag.
The miner said phase one drill planning at Calico North is underway.
Phase one drill planning is also underway for Kramer Hills.
The ASX All Ords silver share said that its field mapping program at Kramer Hills has been completed, which confirmed the location of the target structure in proximity to the historic Shaherald Pit.
An ecological survey of the Kramer Hills project area has been completed by Stringer Biological Consulting.
What did Silver Mines management say?
Commenting on the exploration results helping to boost the ASX All Ords silver share today, Silver Mines managing director Jo Battershill said, “We are very encouraged by the speed at which reconnaissance exploration activities have occurred at the Calico North and Kramer Hills Projects in San Bernardino.”
Battershill added:
Our technical team is now focused on interpreting the results, planning the inaugural drill programs and completing the required permitting steps. We are on track to be drilling at Kramer around mid-yearâ¦
The Calico North Project ticks a lot of boxes for us with extensive zones of silver-barite mineralisation trending across almost 40 kilometres of prospective strike and close to historical mines that produced over 20 million ounces of high-grade silver.
The post Up 82% in 12 months, ASX All Ords silver share jumping today on big US news appeared first on The Motley Fool Australia.
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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.