A gold and an oil discovery on opposite sides of the country have caught the market's imagination as investors jumped on board two junior stocks, Oilex and De Grey Mining.

The small team at Perth-based Oilex, which listed on the Australian Stock Exchange in October last year after raising $2.8 million, have watched the company's share price climb 400 per cent over the past few days after a new discovery in the western Surat Basin in Queensland.