Shares of Taiton Resources (ASX:T88) have seen an increase of as much as 8.1% to A$0.200, reaching their highest levels since August 18th.

The stock is currently up 6.8%, likely to see its best day since August 18th if gains continue.

Taiton Resources, a diversified mining company, announced that a substantial amount of molybdenum was identified through a drilling survey at an onshore mine in South Australia.

Trading volume stands at 21,672 shares compared to a 30-day average volume of 15,345 shares.

Despite a promising rise today, the company’s stock has fallen 17.8% this year measured from its last close.

Taiton Resources is a diversified mining company primarily involved in the exploration and mining of molybdenum.