Uvre (ASX:UVA) has made an announcement about a key resource.
Following the announcement shares of Uvre fell 3.125% to $0.155.
Uvre is pleased to announce it has intersected visible uranium and vanadium mineralisation, supported by elevated gamma radioactivity across zones within the Saltwash Member, in five out of the first eleven diamond holes drilled to date in its maiden phase 1 drill program at the 100% owned East Canyon Uranium-Vanadium Project, located in south-eastern Utah, USA.
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.