The first six holes of a 12-14 hole drilling program returned high grade results.

Highlights included 8.4m (estimated true width 4m) at 12.6% zinc, 1.5% copper, 1.5% lead, 130 grams per tonne silver and 2.1gpt gold from 689m; 47.1m (ETW 22.4m) at 2.3% copper, 0.5% zinc, 0.1% lead, 44gpt silver and 3.5gpt gold from 699m, including 0.5m at 1.8% copper, 106gpt silver and 77.1gpt gold and 1m at 3.1% copper, 95gpt silver and 80.6gpt gold.

Other holes returned 79.1m (ETW 39m) at 2.5% copper and 48.1m (ETW 24.3m) at 21.1% zinc.

"These outstanding results reaffirm our view that Golden Grove is a world-class VHMS system with significant growth potential and the opportunity to further extend mine life," 29M CEO Peter Albert said.

"We are tremendously excited by these first results which show the potential for Cervantes to deliver additional high-grade, higher-margin material, which presents a material upside opportunity with limited Cervantes material currently included in the 10-year mine plan."

Cervantes, a new discovery, has an inferred resource of 2.3Mt at 6.9% zinc, 1.1% copper, 34gpt silver and 0.5gpt gold.

It sits about 270m below the Scuddles mine development and is open along strike to the north, down-plunge and partially above.

The 7km drilling program is expected to be completed in December.

The company is also completing about 11km of underground infill drilling with a view to convert the inferred resource to indicated.

29M listed on the ASX in early July after raising A$527 million in a $2 per share initial public offering.

Since then, the stock has risen as high as $2.64.

Shares last traded 0.8% higher at $2.52, giving the company a market capitalisation of more than $1.2 billion.