UPDATE 3.05pm: Shares in explorer Buxton Resources surged after it released drilling results from its WA graphite project.
The results showed very wide and high grade intercepts at the Yalbra graphite project, said the company.
The project is 250km inland and east from Carnarvon.
The company's shares soared to a peak of 53 cents early in the session before sliding back to close up 8.5 cents, or 25 per cent, at 42.5 cents.
More results are expected in coming weeks and bode exceptionally well for a coming resource upgrade expected in the current September quarter, the company said.