Shares of Mitre Mining (ASX:MMC) surged as much as 12.7% to A$0.310, marking its most significant intraday percentage jump since June 21.

This surge comes as the mining company revealed that initial field work at their Mt Alexander lithium project in Western Australia has identified multiple pegmatite swarms.

The company also announced plans for an expanded field mapping and sampling campaign with intentions to further explore the pegmatite field.

The stock has reached its highest level since June 26.

Despite today’s rise, the stock has fallen 1.8% this year, as per its last closing.

Mitre Mining is a mining company involved in projects throughout Australia focussed on finding valuable resources.