Shares in Investigator Resources soared after the mineral exploration minnow said strong silver grades at a project in South Australia reinforced a recent discovery.

Investigator shares closed up 9.2 cents, or 104.55 per cent, at 18 cents after hitting an earlier high of 22 cents.

Almost 32 million shares in the company changed hands, making it the seventh most traded stock by volume.

Investigator said shallow intersections in the new Paris Northeast target were consistently high grade within a mineralised trend that was 300 metres long and “open”, meaning the end of the mineralisation was yet to be found.

The best intersection was four metres wide at a grade of 913 grams per tonne (g/t) silver.

The previous highest grade result was 252 g/t over 12 metres, announced last month.

Investigator said the drill results expanded the scale and calibre of the silver potential at the Paris prospect, which is part of its Peterlumbo joint venture with Mega Hindmarsh on SA’s Eyre Peninsula.

Canada’s Mega holds 25 per cent of the project, while Investigator, previously known as Southern Uranium, holds the remainder.

Investigator managing director John Anderson said the Paris prospect was an outstanding silver discovery.

The price of the precious metal was strengthening and the company was seeking a larger drill rig to test Paris Northeast, Mr Anderson said.

The company said in its recent full year accounts that it sought to raise funds for follow up exploration on its targets in SA.

It had only $1.66 million cash on hand at the end of June.