PNX Metals Ltd (ASX:PNX) has announced the re-commencement of its drilling program at the Glencoe gold deposit, where high-grade rock chips were collected 400m east of the existing Glencoe gold deposit. Visible gold has been discovered at surface in sub-cropping quartz vein during geological mapping adjacent to the Glencoe south pit.
Following the announcement, shares in PNX Metals traded flat.
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.