UPDATE 1.20pm: Shares in Perth-based explorer Buxton Resources soared after the company announced it had discovered Australia's highest-grade graphite find.
Buxton shares more than doubled after it emerged from a trading halt to announce the find at its Yalbra project, about 100km south-east of Carnarvon. The best intersection is a hit of 32 metres at 23.4 per cent graphite including seven metres at 32.6 per cent.
Buxton drilled 15 holes during the November campaign, with all but two hitting significant graphite grades.
Buxton shares closed up 14 cents, or 66.67 per cent, at 35 cents after touching an intraday peak of 43.5 cents.
On Friday, shares in the company jumped four cents to 21 cents before the trading halt was called.
Buxton is one of the many nearology plays hoping to emulate the success of Sirius Resources in the Fraser Range.
Buxton is set to start a drilling campaign at its Zanthus project in the Fraser Range and is now expected to start another drilling campaign at Yalbra.