Meeka Gold Ltd (ASX:MEK) has announced results from analysis of drilling completed at Circle Valley during June 2021 that were re-assayed for rare earth elements. The samples were previously assayed for gold in 2021, and subsequently by handheld XRF for multielement analysis. The XRF results indicated the potential for elevated levels of rare earth elements, which have now been confirmed by laboratory analysis.
Following the announcement, shares in Alchemy Resources Ltd traded flat at $0.05/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.