EQ Resources Ltd (ASX:EQR) is pleased to announce that it has completed its ‘Phase 1 2022 Drill Program’ aiming for shallow mineralisation that has the potential to extend the planned open cut as per the Company’s Mt Carbine Bankable Feasibility Study. The results for the first 5 holes have been received with a further 5 holes in the West of the pit still to come. Significant mineralisation was encountered in the zone west of the pit (‘West Dyke Area’), where the King-Veins have been intersected continuing westwards. These veins remain open in strike to the west and to the depth.

Following the announcement, shares in EQ Resources Ltd traded 4.76% lower at $0.060/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.