Alchemy Resources Ltd (ASX: ALY) has announced that it has received final assays from the Karonie East aircore (AC) drill program. The new results, including single metre assays, outline a large north-south trending geochemical anomaly located to the east of the existing mining operations at Aldiss. The large geochemical footprint stretches over two areas of ~950m strike in the north and 4300m strike in the south adjacent to areas of historic drilling which failed to reach basement rocks or to penetrate younger cover.

Following the announcement, shares in Alchemy Resources Ltd traded flat at $0.012/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.