Altitude Minerals will be the first explorer to drill the Firenze silver-gold project in Nevada after adding the promising project to its portfolio this month.

The 90 Firenze claims are on land recently released by the Bureau of Land Management and have yielded rock chip assays grading up to 1,825g/t silver and 44g/t gold.

Altitude managing director Duncan Chessell said the project appealed on many fronts, from its location in the highly-ranked mining jurisdiction to being a greenfields opportunity for modern exploration hosting potentially two different mineralised systems.

"Nevada is number five on the list of gold producers in the world and it produces 70% of the gold in the United States," he said.

"There are literally hundreds of old gold workings and silver mines and so much of it hasn't had modern exploration.

"A lot of focus has gone into Carlin-style deposits and the epithermal deposits have not been investigated as well as maybe they could have, so we saw it as a good opportunity.

"And it's got some pretty exciting historical results to follow up there too.

"The outcropping veins have never been drilled because it was in a wilderness study area that got rezoned recently to allow mining and exploration activities.

"And they disappear under shallow cover and then you've got these big north, south structures coming across… and so there's a potential for this bigger disseminated gold system like Kinross Gold's Round Mountain mine or the nearby discoveries, the 4.2 million ounce gold Silicon deposit and 12.1Moz Merlin deposit."

Firenze lies 10km from the Interstate-50 highway and year-round access will allow Altitude to accelerate exploration activities.

The acquisition comes as gold reaches a new record above US$3,700/oz and silver has risen above US$44/oz, a 14-year high.

Altitude changed name from Copper Search in July to reflect the broader commodity mix in its expanded portfolio, which includes the Eromanga heavy mineral sands (HMS) project in South Australia and Byrock copper-gold project in New South Wales' Macquarie Arc.

It's also consolidated an experienced team, from its board to its exploration team and consulting commodity experts, to guide its exploration.

Those plans are funded thanks to an over-subscribed placement that raised A$2.5 million earlier this month.

Chessell said it was a case of good timing with the market warm to exploration, Nevada, gold and silver prices on the rise and strong interest in strategic metals, such as the titanium in HMS.

Drilling is underway at Eromanga, to follow up on high-value zircon and titanium minerals identified in an external review and a sampling program.

The drilling is being directed by consultant Ian Warland, who discovered the Jacinth-East Eucla HMS deposits mined by Iluka Resources, and Altitude believes Eromanga has a similar geological setting and prospectivity.

Altitude is also planning a 1,500m drilling program before year-end at Byrock's copper-gold targets analogous to the Northparkes and Cadia porphyry deposits to the south-east.

Then the company plans to have rigs turning in Nevada early in the new year.

"Every quarter we want to be drill testing something that could be the next big discovery," Chessell said.

"There's never a dull moment for Altitude Minerals investors."