Rainbow Rare Earths Ltd (LON:RBW) surged on Friday after it secured 10 new mining claims covering 12.6 square kilometres in Northern Zimbabwe.

The mining firm said it will immediately begin an exploration programme on the claims that will include geological mapping, sampling and assaying.

READ: Rainbow Rare Earths succeeds in cutting costs as it continues to reshape operations at Gakara

Rainbow is aiming to conclude an interpretation report that will evaluate the new claims for rare earth elements such as cerium, yttrium, lanthanum and neodymium.

George Bennet, Rainbow’s chief executive, said the new claims were “a great opportunity to diversify the portfolio, with low risk and minimal capital outlay”.

The news sent the shares soaring 34.8% to 3.1p in mid-afternoon trading.