Ausgold Ltd (ASX:AUC) announced positive drilling results at the Duggan prospect
Ausgold Ltd (ASX:AUC) has announced positive results from new drilling at the Company’s 100%-owned Duggan prospect. New drilling at Duggan has intersected significant gold mineralisation at surface and has identified a further two high grade shoots which extend into fresh rock with strike length of over 430m.
Following the announcement, shares in Ausgold Ltd fell 7.9%at $0.07/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.
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