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Highlights
- Shree Minerals has released its annual report for the year ended 30 June 2022.
- The mineral explorer has been building a robust exploration project portfolio in renowned mineral provinces.
- The period saw new exploration licence grants and developments across the project portfolio.
Shree Minerals Limited (ASX:SHH), an Australian diversified mineral exploration and mine development company, has released its annual report for the period ended 30 June 2022. The company continued to focus on its principal activities of mineral exploration, development, and mining in FY22 and strengthened its diverse portfolio of exploration projects in world-class mineral provinces.
During the financial year, Shree Minerals identified and acquired numerous projects, primarily by securing tenements from the government at very low cost and without any highly priced merger or acquisition (M&A) activity. The company thinks that presently it is at an infliction point potentially for significant progress and creation of substantial shareholder value.
What’s more, the company boosted its financial position with AU$2.8 million raised in an oversubscribed placement.
Notable developments in Shree Minerals’ project portfolio
Image Source: Company Website
Nelson Bay River Iron Project
➢ The Environment Protection Authority (EPA) accepted the development application as well as the Development Proposal & Environment Management Plan (DPEMP) for the company’s Direct Shipping Ore project at the Nelson Bay River Iron Project in Tasmania in September 2021.
➢ First supplement to the DPEMP was lodged in the month of May this year in response to RFI relating to Flora & Fauna issued in March 2022. In response to RFI issued by the EPA about Waste Rock and Mine Closure issued in June 2022, August 2022 saw another supplement to the DPEMP.
➢ Shree joined hands with Tasmanian Railway Pty Ltd for storage and ship loading of iron ore through the TasRail Bulk Minerals Export Facility at the Port of Burnie, Tasmania.
Dundas Project
➢During the year, Shree received Exploration Licence E63/2046 and E63/2048 at the Dundas Project, which is interpreted to possibly be along strike from the Anna Lithium Resource.
➢The company identified lithium pegmatite potential at the Dundas Project (E63/2046). Drilling operations carried out previously hit pegmatites that are yet to be assayed for lithium.
➢The period saw a heritage agreement between the company and Ngadju Native Title Aboriginal Corporation.
Image source: company update
Read more about fieldwork at the expanded Dundas Project
Lachlan Fold Belt Project
➢ The period saw RC drilling intersecting multiple gold and silver lenses at Rock Lodge at the Lachlan Fold Belt Project in New South Wales.
Image source: company update
➢Also, drilling operation hit mineralisation in SRLRC02 (8m @ 1.08 g/t Au including 3m @2.12 g/t Au), west of SRLRC05. The intersections from SRLRC02 to SRLRC05 along with the historical drilling (including MYRC01) form a huge mineralised envelope.
➢RC drilling tested coincident IP chargeability anomalies and very anomalous gold, silver, arsenic and bismuth assays in soil and rock chip samples.
➢In January 2022, the company secured new Exploration Licence (EL9346) in the highly prospective Lachlan Fold Belt that spreads across the southwestern extension of anomalous gold in soil geochemistry that has two gold resources.
Kookynie West Project
➢ The Kookynie West Project in Western Australia reflects similarities with the geological setting of mineralisation at the Genesis Metals owned Ulysees Gold Project to the north, revealed a review of the project.
Arunta Joint Venture
➢The company finalised the sale of interest in Arunta Joint Venture to MGA. The transaction is valued at AU$1 million including AU$50,000 in cash and 4.75 million fully paid ordinary shares in the capital of MGA at a deemed issue price of AU$0.20 apiece.
SHH shares were trading at AU$0.009 per share midday on 27 September 2022.