Raytec Metals Corp. shot up 21% in early trading on Monday, after the company received its first exploration permit on the company's Potash claim in central Saskatchewan.

The permit will allow Raytec to explore about 55,436 acres of the claim block, which is located near other highly prospective properties and producing potash mines.

Raytec said it is now in the process of awarding a contract for the commencement of 2D and 3D seismic work on the claim in advance of a proposed phase two drill program.