Magmatic Resources (ASX:MAG) has made an announcement about a key resource.
Following the announcement shares of Magmatic Resources fell 14.285% to $0.150.
Magmatic Resources is pleased to provide a further update on the progress of the ongoing drilling program at its 100% owned Myall Project, located 25km southwest of the central New South Wales town of Narromine and approximately 60km north along strike of the world-class Northparkes Cu-Au Mine (owned by China Molybdenum/Sumitomo).
The high impact diamond drilling program commenced late in July (ASX:MAG 28 July 2022) and has seen immediate strong results at the Corvette Prospect (ASX:MAG 9 August 2022 & 23 August 2022).
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.