Koba Resources (ASX:KOB) reported a high-grade discovery at the Everest prospect within its Yarramba uranium project in South Australia, according to a Tuesday Australian bourse filing.

It completed an initial 22 drill holes for a total depth of 2,514 meters in February, the filing said.

Results included one meter at 558 ppm of uranium oxide equivalent from a depth of 85.9 meters as well as 2.1 meters at 330 ppm of uranium oxide equivalent from 95.7 meters.

The mining firm will conduct its second phase of drilling during the second quarter, conditional on the receipt of required permits.

The second phase will build upon the success of the maiden drilling program and continue testing a multitude of high-priority targets.

Its shares rose 2% in recent trading on Tuesday.