Shares in Uranex soared after the uranium explorer announced a major new discovery at its Mkuju project in southern Tanzania.
Uranex shares were up 12.5 cents, or 38.46 per cent, at 45 cents at 11.25am after reaching an earlier high of 51 cents.
The company said the discovery was made at its Likuyu North prospect, where high grade uranium intercepts including 68 metres grading 1094 parts per million uranium oxide were encountered during initial aircore drilling.
So far, the first 14 of 60 planned holes had been completed, Uranex said in a statement.
"The addition of the second and third drill rigs will enable the company to progress this exciting new discovery as quickly as possible," the company said.