Drilling on the Paymaster vein hit 3m grading 12.6 grams per tonne gold and 952g/t silver, with similar hits in the Victor vein.

The company is approaching 10,000m of drilling in 19 reverse circulation and two core drill holes across the Victor, DPB, and Discovery targets. This initial programme has been expanded to 20,000m.

"Our second set of assays from our maiden drill program at Tonopah West has delivered our second high-grade discovery. The silver and gold grades encountered at both our Victor and DBP targets offer prime examples of why this historic district long ago rose to prominence as the Queen of the Silver Camp and highlights the scale of the opportunity for us as the first group to target these historic workings," said president and CEO Andrew Pollard.

Blackrock raised C$7.5 million in August including a $5 million investment from Eric Sprott.

Shares in Blackrock Gold are trading at C1.25, valuing the company at $131 million.