May 10 (Reuters) - International Northair Mines Ltd said recent drilling confirmed the existence of high-grade ore in one zone at its La Cigarra silver project in Mexico, sending the Canadian explorer’s shares up 29 percent to a new 7-year high.
The results from recent drilling extended the strike length of the San Gregorio zone by 50 metres and confirmed high-grade mineralization at depth, Chief Executive Fred Hewett said in a statement.
The La Cigarra project is located in state of Chihuahua in Mexico and hosts a silver-rich mineral system with three identified zones along a three kilometre trend.
The Mexico-focussed company is also exploring at the El Reventon and Sierra Rosario projects in the Latin American country.
International Northair shares were up 10 percent at 85 Canadian cents in heavy trading on Tuesday on the Toronto Venture Exchange. They touched a high of C$1 earlier in the session. (Reporting by Arnika Thakur in Bangalore; Editing by Saumyadeb Chakrabarty)