"After a 10-year dedicated search, the use of modern tools and software, great team effort and a lot of ‘guts' on my part, I believe we've found the Silver Queen's ‘Treasure Box'," CEO and president Ellen Clements said.

Shares in the company shot up a fortnight ago on clarifying its announcement about the drill hole at the historically mined project, saying the 816m hole successfully intersected a conductive geophysical anomaly northwest of the Itsit copper-molybdenum-gold porphyry.

At the time, it said the deep-seated target had not been drilled bar one hole by Northgate in 1970 which intersected 5 foot 7 inches from 437m of 24.6 ounces per tonne silver, 0.08% copper, 12.2% lead and 27.2% zinc.

The company has requested a four-year permit extension to compensate for the period when no work was conducted at Silver Queen "due to the landowner opposition/obstruction hiatus".

New Nadina said the owners had opposed entry since 2012 but the Surface Rights Board granted the right to drill and explore in May.

The drilling was funded by the first tranche of a private placement that raised C$103,000 and proceeds from the sale of Kettle River Resources.

Shares in the company doubled on Friday to C$3.50, reaching a 52-week high intraday of $3.67.