Drilling at Mia hit 2m grading 19.7 grams per tonne gold and 110gpt silver 150m away from the Lara Vein structure, while infill work at Lara extended the vein 25m along strike and down-dip.

"The discovery of high-grade gold and silver mineralisation 150m northwest of Mia is significant and highlights the potential for additional zones of mineralisation along the NW host structure," E2 said.

"The identification of visible gold in veins confirms the source of bonanza gold mineralisation at Mia within the Lara Vein structure."

Coarse visible gold was also seen for the first time at Mia.

Two rigs are currently in action and following poor previous productivity, plans are in place to potentially keep drilling during the normal winter closure period.

Conserrat is 25km along trend from AngloGold Ashanti's Cerro Vanguardia mine that features historical and current reserves 8.9 million ounces of gold and 137Moz of silver.

E2 had A$15.5 million cash at the start of 2021.

Shares in E2 were down 7% to 32.5c in early trade, capitalising the company at $49 million.