Kingfisher Mining Ltd (ASX:KFM) has announced a significant high-grade total rare earth oxide (TREO) discovery through drill results from the on-going exploration at its 100% owned projects in the Gascoyne Mineral Field in WA. The drilling was part of the Mick Well Prospect drill program which delivered an impressive 12m at 1.12% TREO, including 4m at 1.73% TREO, which establishes significant potential for a rare earths project.
Following the announcement, shares in Kingfisher Mining Ltd skyrocketed 33% to $0.24/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.