Black Canyon (ASX:BCA) has made an announcement about a key resource.
Following the announcement shares of Black Canyon fell 5.882% to $0.240.
Black Canyon is pleased to announce the results of recent reverse circulation (RC) drilling at the FB3 deposit during May and June 2022.
The results continue to deliver even thicker zones of higher grade manganese enriched shale that have the potential to expand the FB3 Mineral Resource Estimate (MRE) and grow the global mineral resources at Flanagan Bore beyond the current 104Mt @ 10.5% Mn containing 11Mt of manganese.
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.