Elevate Uranium (ASX:EL8) has made an announcement about a key resource.
Following the announcement shares of Elevate Uranium fell 2.222% to $0.440.
Elevate Uranium is pleased to announce the discovery of a uranium mineralised zone extending continuously over a further 10km to the northeast of the Koppies 2 resource.
On 4 May 2022, in an ASX release titled "22% Increase in Mineral Resources", the Company announced the initial JORC (2012) Inferred Mineral Resource Estimate (MRE) of 20.3 million pounds eUO at its Koppies Uranium Project in Namibia.
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.