Austral Resources Australia (ASX:AR1) has made an announcement about a key resource.
Following the announcement shares of Austral Resources Australia rose 6.818% to $0.235.
Austral Resources Australia is pleased to announce the assay results from the diamond drilling hole (DDH) program, part of the in-progress Lady Colleen drilling program that includes Reverse Circulation drilling (RC).
Lady Colleen is located on an existing Mineral Lease (ML90170) and contains a JORC Mineral Resource Estimate of 7.9MT at 0.84% Cu. The quoted resource was calculated in 2013 by the previous mine owner and released by Austral in its IPO prospectus.
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.