Legacy Minerals Ltd (ASX:LGM) has announced that results returned from rock samples collected during geological mapping at the Company?s Rockley Project reported anomalous gold and copper values associated with quartz veined and brecciated Ordovician mafic-ultramafic rocks. Legacy Minerals Managing Director, Christopher Byrne, said ?These new rock chip sample assay results support Legacy Minerals? belief that the Rockley Project has the potential to host a significant copper gold mineralisation similar to the nearby Racecourse Porphyry copper deposit.
Following the announcement, shares in Legacy Minerals Ltd jumped 10% to $0.16/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.