Shares in Berkwood Resources Ltd (CVE:BKR) advanced as the group unveiled more positive drill results from the Lac Gueret South project, where it has also hit one intercept more than 107 meters thick.
The firm has now sunk the first five holes of the phase two drill program on the company's zone 1 graphite body.
On December 8, the firm revealed it had hit an intercept of more than 70 metres in length and close to surface.
But that result has now been surpassed by the firm drilling one intercept of graphite more than 107 metres thick.
"I am very pleased to continue to drill such massive intercepts of graphite, including one of them over 107 metres thick, in an area already successfully proven to have good assays from our phase 1 drill program," said Tom Yingling, Berkwood's president and chief executive.
"Having hit such large intercepts of graphite in all 18 holes drilled to date is helping determine the design, size and geometry of the graphite deposit."
Yingling praised the project's lead Edward Lyons.
"Mr. Lyons has overseen the first two drill programs and plans on continuing in January, 2018. He was key in developing our neighbour Mason Graphite's discovery of one of the largest and highest-grade graphite deposits and soon to be in production mine," he said.
The zone 1 graphite body is a very large conductive and magnetic system with a 2.2 km east-west strike length and 0.6 km width, explained Berkwood.
It shows two parallel zones that may be a large-scale fold. A total of 18 drill holes have been drilled into the zone 1 graphite body.
The firm said 212 sawn core samples were taken from the first five holes of phase 2 and results are expected back in early 2018.
Shares in the company added 7.81% in Toronto to stand at C$0.34 each.