Gascoyne Resources Ltd (ASX: GCY) announced further spectacular drilling results
Gascoyne Resources Ltd (ASX: GCY) announced further spectacular drilling results from the significant zone of gold mineralisation discovered immediately north of the Gilbey’s open pit, the main ore source at its 100%-owned Dalgaranga Gold Project in WA. Gascoyne Resources Managing Director and CEO, Mr Simon Lawson, said: ‘This remarkable drill result, which is literally within the afternoon shadow of the Gilbey’s Waste Dump, is a potential game-changer for this emerging gold discovery. We have now intersected thick gold mineralisation from surface across multiple lenses and of materially higher-grade material than is currently being mined from the Gilbey’s main pit.
Following the announcement, shares in Gascoyne Resources Ltd rose 1.79% to $0.28/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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