Shree Minerals (ASX:SHH) shares surge 20% on Dundas Project POW approval - Kalkine Media

Highlights

• Shree Minerals has received approval to commence drilling at the Dundas project.
• The RAB drilling campaign will target gold anomalies and lithium pegmatites in the southern part of E63/2046.
• The company also secured a go ahead for infill auger drilling of soil samples to delineate targets for RAB and RC drilling.
• SHH plans to kick off discussions with DBCA for a second conservation management plan.

Shree Minerals Ltd (ASX:SHH) shares rallied by over 20% on 24 October 2022 after the company announced a major project update.

In a significant development, Shree has secured approval for its Program of Work (POW) to commence drilling at its Western Australian project, Dundas.

The approval enables the company to kick off rotary air blast (RAB) drilling to target gold anomalies and lithium pegmatites in the southern part of tenement E63/2046.

Further, the company was given a go ahead for in-fill auger drilling at the historical 1km-spaced soil sample traverses in E63/2048 to delineate targets for drilling campaigns including RAB and reverse circulation.

Image source: SHH update

Update related to exploration licences  

Exploration licences (E63/2046 & E63/2048) in the Albany Fraser Orogen (AFO) have been interpreted to be along strike of the Zuleika Shear and the Boulder Lefroy Fault Zone.

Data source: SHH update

Path Forward

It is likely that aircore drilling will begin soon this year over specific gold, lithium and rare earth element targets. Aircore drilling is warranted around and along strike of historical drillholes with recorded pegmatite and gold intervals.

The company plans to undertake RC drilling to test anomalous gold, rare earth element and lithium pathfinder geochemistry.

In-fill auger drilling will start over the historical gold geochemical targets within E63/2048 once the heritage survey in E63/2048 is completed.

A buried carbonate layer that has been a successful sample medium in delineating gold mineralisation in the Dundas Goldfield and elsewhere in Western Australia will be targeted during auger drilling.

Samples will be assayed for gold, nickel, base metals, rare earth element and lithium pathfinder elements. Later, testing for anomalous auger geochemistry will begin by RC drilling.

Also, the company is advancing with preparation as well as talks with the Department of Biodiversity, Conservation and Attractions (DBCA) for finalisation of a second Conservation Management Plan (CMP) for:  

Data source: SHH update