Lithium miner Galaxy Resources stock has risen, after it said it had discovered new exploration targets at its Ponton rare earths project, 200 kilometres east of Kalgoorlie.
Galaxy shares were up 4.7 per cent at 12:52 (WST), trading at $1.33.
Galaxy said it had identified potential exploration targets to the north and west of the previous drill area after reviewing historical drilling data from the project.
"The original targets show very strong radiometric signatures which suggest that the Ponton project area could be much larger than we initially contemplated," managing director Iggy Tan said.
The project is situated within a Class A nature reserve and Galaxy is in talks with the WA government regarding the grant of an exploration tenement application.
Galaxy said there was no guarantee that the application would be granted, but if it is successful, it will kick off a drilling program targeting the newly identified exploration areas.
"There is no guarantee that the tenement application will be granted by the WA government," Galaxy said in a statement on Monday.
"If the tenements are granted, the company plans to embark on a drilling program targeting the newly identified exploration areas."
