The E2 Metals Ltd (ASX: E2M) share price entered the stratosphere today. This comes after the company discovered significant gold and silver mineralisation at the company's Conserrat project in Argentina.

At Monday's closing bell, the Australian exploration and development company's shares finished 47.92% higher to 35.5 cents.

E2 Metals locates new gold

According to its statement, E2 Metals reported gold and silver assay results at Andrea Sur, the western extension of Conserrat in Argentina's Santa Cruz province.

Two shallow Reverse Circulation (RC) drill holes were completed on two sections spaced 120 metres apart. The results included the following:

• 16 metres at 15 grams per tonne (gpt) of gold (Au) and 22gpt of silver (Ag) from 31 metres (drill hole CORC-183); and
• 4 metres at 3gpt Au and 11gpt Ag from 29 metres (drill hole CORC-190).

The drilling was designed to test beneath a float train of epithermal vein boulders extending for over a 150-metre strike.

Notably, mineralisation is open in all directions and can be traced over 1200 metres in gradient array induced polarization (IP) geophysical images. This is a geophysical method used in mineral exploration and mine operations in a bid to find new discoveries throughout the resource area.

E2 Metals will prioritise follow-up drilling along the strike range of drill hole CORC-183. In addition, scout drilling will commence along the host structure on sections spaced 100 metres away from each other.

E2 Metals managing director Todd Williams commented:

The discovery of high-grade mineralisation at Andrea Sur is important for two reasons:

Firstly, it is the westernmost discovery made to date at the Conserrat project, significantly expanding the footprint of this emerging gold and silver district.

Secondly, it turns a spotlight on adjacent structures that have never been drill tested, such as Andrea, a prospect that is host to a prominent silica alteration cap geologically similar to those that overly mineralised epithermal veins elsewhere in the Deseado Massif, such as Newmont's Silica Cap deposit at Cerro Negro.

About the E2 Metals

Despite today's gains, E2 Metals shares have tracked almost 60% lower over the past 12 months. When looking at year-to-date, its shares have given up around 40%.

On valuation grounds, E2 Metals commands a market capitalisation of roughly $53.42 million, with approximately 150.47 million shares on issue.

The post Here's why the E2 Metals (ASX:E2M) share price exploded 48% today appeared first on The Motley Fool Australia.

The E2 Metals Ltd (ASX: E2M) share price is surging today after the company announced Emilia scout drilling had returned high-grade silver results.

E2 Metals shares are trading a crazy 26.92% higher at 33 cents at the time of writing.

E2 Metals is an Australian exploration and development company. It holds interests in the Cobar Project and Santa Cruz Projects. The company operates through two segments: Australian projects and Argentinian projects.

E2 Metal's high grade silver mining results

E2 Metals announced that its scout drilling at its Emilia silver and gold mining project returned high grade results at shallow, open-pit mining depths, sending the E2 Metals share price booming.

Scout drilling within the Emilia prospect defined a new zone of shallow high-grade silver mineralisation with lesser gold, including 9.5 metres at 375 grams per tonne (gpt) of silver (Ag) and 0.4 metres of gold (Au) from 49 metres deep.

This also includes two metres at 630gpt Ag and 0.5gpt Au from 49 metres deep.

The company reports that this mineralisation is within a new structure, untested by the previous drilling located five kilometres north of the project area. E2 Metals says the results highlight the "potential for further high-grade mineralisation" along the Veta Blanca Emilia vein corridor with a measured strike of 2.5 kilometres.

The current high grade mineralisation is open in all directions, and E2 Metals says it will be "immediately followed up" with further drilling. The company proceeded to suggest that these results "further confirm Conserrat [the region] to be an exciting new epithermal vein district located within a world-class gold and silver mining province."

E2 Metals management comments

E2 Metals Managing Director Todd Williams welcomed the results:

The recent results from Emilia are significant not only because it is a new discovery for the project, but it also underpins the potential for high-grade mineralisation elsewhere within the Veta Blanca-Emilia vein corridor that extends for over 2.5 kilometres strike and remains poorly tested by drilling.

Importantly, mineralisation is hosted within a 'blind' structure that is adjacent to the main topographic ridge under shallow colluvium cover, confirming what we already suspected – the best mineralised veins at Conserrat may not be the most obvious ones.

E2 Metals share price snapshot

The E2 Metals share price is on a tear today but is well below its highs of over 70 cents set in October last year.

The E2 Metals share price surged in October, becoming one of the month's best small cap performers, but until today, it had fallen back to where it was before the price surge.

The company's share price has still risen a significant 135%  over the past 12 months.

The post E2 Metals (ASX:E2M) share price storming a huge 26% higher today appeared first on The Motley Fool Australia.

Small cap ASX shares typically do not move in tandem with the general market. This is due to the market's size, liquidity and the standalone nature of its speculative businesses. Despite the S&P/ASX 200 Index (ASX: XJO) nosediving in the latter half of October, many small cap ASX shares continued to deliver eyewatering returns. Here are the best performing small cap ASX shares this month. 

1. E2 Metals Ltd (ASX: E2M) 

The E2 Metals share price spiked 200% in October after exceptional gold and silver drill results at its Mia prospect, Conserrat project, located in the Santa Cruz province of Argentina. Moving forward, the company has planned for further drilling to better define the structural context and controls on mineralisation. 

2. Pioneer Credit Ltd (ASX: PNC) 

Pioneer Credit is a financial services provider involved in acquiring and servicing unsecured retail debt portfolios. The company was involved in a controversial trading halt late 2019 after being in breach of debt and other covenants due to its accounting methods. This involved financiers acquiring the company's debt and new replacement debt facilities coming into play to save the company. 

This month's quarterly update highlighted what could be the beginning of a recovery story with the company highlighting a successful refinance and improved market conditions. The Pioneer Credit share price has increased 135% in October. 

3. Kleos Space SA (ASX: KSS) 

Kleos is a space-powered Radio Frequency Reconnaissance data-as-a-service (DaaS) company to clients in the defence, commercial and regulatory sectors. The Kleos Space share price increased 142% this month following a series of announcements regarding satellite contracts and launches.

On 22 October, the company announced the signing of four satellites for the Polar Vigilance Mission to increase its global coverage and broaden revenue opportunities. And on October 29, the company announced the final preparations before the launch of its scouting mission satellites scheduled for 7 November. The satellites will collect data over crucial areas of interest such as the Strait of Normuz, South China Sea, East/West Africa, Southern Sea of Japan and Northern Australian coast.  

4. Weebit Nano Ltd (ASX: WBT) 

The Weebit Nano share price has cooled off in recent days after delivering a peak return of almost 200% in October. The company develops next generation memory technology and plans to become a key player in this market. Weebit focuses on producing Resistive Random-Access-Memory (ReRAM) technology that is 1000 times faster and uses 1000 times less power than flash. 

Its shares have attracted significant trading volumes in the last three months which is likely to assist in its share price outperformance. The company's quarterly update was also significant with highlights including a key productisation milestone, progressing embedded memory module development, filing three new patents and progressing discussions with potential production partners and customers. 

The post Which small cap ASX shares were the best performers in October? appeared first on The Motley Fool Australia.