Intersections included 32 metres at 23.4% total graphitic carbon (TGC), including 7m at 32.6%.

Other results included 14m at 22.3% TGC, including 6m at 26.8%.

The company said initial petrographic studies showed significant portions of medium and coarse flake graphite occurred in the samples, with flakes ranging from 100 to 500 microns long and sometimes reaching over 1mm.

“We are extremely pleased with these Yalbra drilling and petrographic results, both of which have far exceeded the company’s expectations,” Buxton managing director Anthony Maslin said.

“These results open up numerous possibilities for the project and pave the way for Buxton to begin advancing Yalbra, both technically and strategically.

“These results come as great news as we are about to imminently embark on drilling at Buxton’s lead project, the Zanthus nickel-copper project.”

Buxton said field observations along with historical trenching and drilling showed the high-grade graphite zones began from the surface, with the grades and thicknesses remaining “remarkably consistent”

The company said it was planning its 2014 work program for Yalbra and would provide further updates once the plan had been finalised.

The Yalbra project is 250km northwest of Meekatharra in Western Australia. It comprises of the Yalbra, Gum Creek Well and Coordewandy tenements, which cover 473sq.km.

Buxton shares were up as much as 100% after the announcement and currently stand 71.4% higher at A36c.