Chesser Resources Ltd (ASX:CHZ) is pleased to provide an update on drilling results from the Diamba Sud Gold Project in Senegal, West Africa. Shallow, high-grade mineralisation has been discovered over 125m of strike at Area H, 8 holes have shown multiple high-grade intercepts with cumulative intercepts per hole of between 10m and 53m with an average grade of 3.7g/t Au per hole.
Following the announcement, shares in Chesser Resources Ltd traded flat at 12c/share.
When a mining company announces a new resource discovery 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.