"All high-grade silver results were associated with highly anomalous cobalt (ranging from 560ppm to 736ppm)," Durango said.

The highest grab sample grades included 6,010g/t silver, 0.92% nickel and 26.2g/t scandium; and 4.21% copper was the highest-grade channel sample returned.

The company described the mineralisation as a complex copper-gold, silver-mercury, arsenic and sulfo-arsenic nickel-cobalt type, which might "potentially resemble the Kaiser Bill copper-silver deposit" in northern Queensland, Australia.

The company has also done magnetic surveys near historic workings and is planning a detailed follow-up exploration programme when weather permits in the coming months.

"Our work programme has uncovered really exciting geology that correlates with historical figures resulting from previous exploration programmes where high-grade mineralisation was identified at or near surface," project geologist George Yordanov said.

Durango has other gold, lithium, graphite and limestone exploration projects in Canada.

It had C$1.4 million in working capital at the end of July.

Shares in the company rose 12.5% to 9c, representing an 80% gain year-to-date.