Shares of Magnetic Resources surged 12.8% to A$0.835, poised for its best day since August 22 if gains persist.

The firm, dedicated to mineral exploration, announced the discovery of additional thick gold intersections at its Lady Julie North 4 deposit located in Western Australia.

Approximately 58,667 shares have exchanged hands, in contrast to the 30-day average volume of 18,842.

The stock of Magnetic Resources has reached its highest level since September 12.

However, the stock is down nearly 14% year-to-date, as per the closing figures of the last reported session.

Magnetic Resources is a mineral exploration company primarily engaged in the discovery and development of significant mineral resources.