Shares of MetalsGrove Mining (ASX:MGA) have experienced an impressive increase of as much as 72.7%, reaching A$0.19.

This marks the most significant intraday percent gain for the mining company since September of the previous year.

Moreover, the stock has hit its highest level since December of the same year.

The upshot is largely attributed to MetalsGrove Mining’s recent discovery of high-grade carbonatite rare earth at the Bruce prospect within their Arunta Project, which is located in Australia’s Northern Territory.

The results returned from the Bruce drilling show great promise, suggesting potential success for the ongoing project given the discovery of a sufficient quantity.

The discovery has caused over 2.4 million shares to change hands, in contrast to the 30-day average of about 61,000 shares.

Despite this recent success, it should be noted that the company’s stock has dropped 26.7% this year, as per the last closing.

MetalsGrove Mining is a mineral exploration company based in Australia.