Askari Metals (ASX:AS2) has made an announcement about a key resource.
Following the announcement shares of Askari Metals rose 2.666% to $0.385.
Askari Metals, an Australian based exploration company with a portfolio of battery metals (Li+Cu) and precious metals (Au+Ag) projects across Western Australia, Northern Territory and New South Wales, is pleased to announce that the Company has received the results of the first field reconnaissance program from its Springdale Project located on the Lachlan Fold Belt, approximately 16km from the town of Temora and on the crustal-scale Gilmore Suture.
The field reconnaissance visit aimed to investigate and sample all of the historical gold workings at the Springdale Project as well as several other high-priority targets identified during the Company's geological review. The results revealed some exceptional high-grade gold mineralisation from samples collected in situ and from historical mullock piles. In addition, the results also identified base metal mineralisation in the form of copper, lead-zinc anomalism and elevated cobalt and rare earth anomalism in some samples.
When a mining company releases an update about a key resource it?s exciting times for shareholders.
A lot of capital goes into exploration and when a new deposit is found there?s usually a share price boost.
Discovery is the reward stage for investors, particularly of junior mining stocks, searching for undiscovered deposits of natural resources.
When discussing new resource discoveries it?s beneficial to know the difference between greenfield and brown exploration.
Greenfield exploration is looking for mineral deposits in areas that have not been explored.
In brownfield exploration deposits are being sought near or next to an already existing mine.