Shares in Arafura Resources Limited (ASX:ARU) jumped yesterday after the rare earths developer announced the discovery of new rare earths mineralisation.
The discovery has been made east of its 100 per cent owned Nolans Bore resource in the Northern Territory.
Arafura says the results were very encouraging for rare earths exploration of similar geophysical targets.
Managing Director and CEO, Dr Steve Ward, says Arafura is confident of the potential for additional rare earth discoveries around Nolans Bore.
Afarura is on track to release its 2011 drilling results and updated JORC resource statement by the end of 2011.
Yesterday shares in Arafura Resources jumped 10.17 per cent, closing at $0.65.
In the year to June 30, 2011 Arafura Resources reported a net loss of $7.5 million.
