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Tempest Minerals Ltd (ASX: TEM) announced further mineralisation discovery at the Meleya Project

Tempest Minerals Ltd (ASX: TEM) provided an update to the market on the progress of drilling at the Company’s 100% owned Meleya Project. The second hole (WARDH73) drilling has been completed at a depth of 1021.4m and has intersected further broad intermittent zones of mineralisation throughout the hole. Initial observations of the core include zones potentially congruent with those observed in the initial hole (WARDH72). Extensive copper mineralisation has been observed including the presence of bornite.

Following the announcement, shares in Tempest Minerals Ltd plunged 27.78% to $0.13/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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