UPDATE 1.20pm: Shares in Triton Minerals shot higher after the explorer became the latest to announce encouraging drilling results containing the new buzz metal graphite.
The Subiaco-based junior said it had hit high-grade graphite mineralisation in its first two drill holes at its Nicanda Hill prospect, part of the Balama North project in Mozambique.
The best intersection was 14.7 metres at 18.7 per cent weighted average graphite carbon from 3.3 metres down including one metre at 24.9 per cent and another one metre at 28.6 per cent.
Triton managing director Brad Boyle said the results confirmed the company's belief in the overall prospectivity of the Balama North project.
"These drilling results follow on from the previously announced rock chip sample results obtained from the Nicanda Hill prospect, which identified high grade large flake graphitic mineralisation…," he said.
Mr Boyle said the company believed Balama North had the potential to host multiple world class graphite deposits.
The company plans further drilling after the wet season.
Triton shares closed up 1.5 cents, or 13.64 per cent, at 12.5 cents after touching an intraday peak of 17 cents.