Metalicity (ASX:MCT) has made an announcement about a key resource.
Following the announcement shares of Metalicity rose 11.111% to $0.005.
Metalicity is pleased to announced the drilling results from the Champion Deposit and Champion North and South Exploration Targets at the Kookynie Gold Project.
The project is located in the Eastern Goldfields, Western Australia, approximately 60km south southwest of Leonora.
These result follow up our previous intercept of 28 metres @ 1.83 g/t Au and show substantial extensions to the North and East of the original Resource. The Champion Project remains open to the south and north and at depth.
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.