Shares of Krakatoa Resources (ASX:KTA) rose by as much as 6.9% to A$0.031, a high not seen since August 3.

This comes after the mineral exploration company announced the identification of widespread pegmatites at its Mt Clere project in Western Australia.

The company further stated that these identified pegmatites could hold potential for lithium-caesium-tantalum (LCT) and niobium-yttrium-fluorine (NYF) mineralisation, as well as rare earth elements (REE).

Despite the recent spike, the company’s stock is down 34.1% YTD up to its last closing.

Krakatoa Resources is a mineral exploration company focused on the discovery and development of mineral deposits in Western Australia.