Godolphin Resources (ASX:GRL) has made an announcement about a key resource.

Following the announcement shares of Godolphin Resources are unchanged, trading at $0.080/share.

Godolphin Resources 7, GNBDD008 and GNBDD009) from the Company?s 27-hole diamond core inaugural MRE drill program at the Narraburra Rare Earth Element (?REE?) and Rare Metals (?RM?) Project (?Narraburra? or ?the Project?), located 12km northeast of Temora in central west New South Wales.

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.