Shares in Yellow Rock Resources rose after the explorer announced a new high-grade vanadium discovery at its Gabanintha project near Meekatharra.
The company said a reverse circulation drilling program had returned intersections of up to 2.15 per cent vanadium oxide – the highest grade ever seen at the project.
“In addition, large widths of high grade mineralisation greater than 1.35 per cent have been found and confirm Gabanintha’s world-class status and one of the highest-grade projects being advanced globally,” Yellow Rock said in a statement.
Chief executive Vincent Algar said the new results, particularly the high-grade “sweet spots” above 1.35 per cent, are hugely encouraging for the project’s development.
“We now look forward to the diamond drill results and commencing the integration of all the valuable data into a clear pathway forward for the project,” he said.
Yellow Rock shares were up 0.2 cents, or 18.18 per cent, to 1.3 cents at 9.55am.