06:51 AM EDT, 10/02/2024 (MT Newswires) -- Silver One Resources ( SLVRF ) late on Tuesday said it began drilling at the high-grade Phoenix silver project near Globe, Arizona.

The program consists of 2,500 meters in up to 40 holes of core drilling to test the first of several silver targets identified to date, the company said.

The main drill target is the 417 Target Area, which includes the potential source of very high-grade silver vein fragments located around the 417-pound vein fragment in the central part of the property. The vein fragment was not assayed but gravity tests indicate a very high-grade silver content of up to 70% native silver.

Multiple other smaller specimens found in the property assayed up to 459,000 grams per tonne (g/t) silver.

The company's share price jumped 7.9% to $0.34 yesterday.