Shree Minerals (ASX:SHH) reports progress at Dundas Project in September quarter - Kalkine Media

Highlights

• Shree Minerals continued to focus on building and developing its project portfolio exploration activity in the September 2022 quarter.
• The quarter saw successful completion of the flora and fauna surveys over planned areas of initial exploration activities within the Dundas project area.
• With POW application approved, the company plans to undertake RAB drilling to test the identified lithium pegmatite potential and gold anomalies along with power auger drilling across Dundas.

Shree Minerals Ltd (ASX:SHH) has been moving ahead with a relentless focus on its strategy of establishing a portfolio of quality assets and progressing them through advance exploration techniques and mine development.

The ASX-listed exploration company has shared its progress for the last three months ended 30 September 2022 in a recently released quarterly activity report. During the period, the company continued its efforts to seek new projects and implemented a process of continuous evaluation and prioritisation of its project portfolio.

Key advances on Dundas Project

During the September 2022 quarter, Shree Minerals completed the Spring Flora Surveys and Targeted Fauna Surveys within the Dundas Project area.

The company is doing preparations and holding discussions with the Department of Biodiversity, Conservation and Attractions (DBCA) for finalisation of a second Conservation Management Plan (CMP) for next stage of exploration being reverse circulation (RC) and diamond drilling for areas approved in first CMP and undergoing fieldwork in 2022-23.

The second CMP includes pegmatite intersections identified in northern areas of E63/2046, as well as exploration plans for ELA, E63/2136 and ELA, E63/2227.

Subsequent to the reported quarter, Shree secured approval for its Program of Work (POW) application.

Now, rotary air blast (RAB) drilling planned to test the identified lithium pegmatite potential will be conducted once the required surveys are completed, in the southern portion of the tenement E63/2046 as per the approved CMP. The approval also enables the company to undertake in-fill historical 1km spaced soil sample traverses in E63/2048 with a powered auger over the geochemical targets to refine and prioritise target for RAB and RC drilling.

Moreover, the company has concluded Heritage Survey in October 2022 in E63/2046 for planned RAB drilling.

Sale of Arunta Joint Venture  

In line with its growth strategy, Shree divested the interest in Arunta Joint Venture that was acquired in June 2020 to MetalsGrove Mining Ltd (ASX:MGA).

Shree is a substantial shareholder in MetalsGrove, which got listed on ASX in July 2022. In consideration for the acquisition of Shree’s rights, title, and interest in the JV, the company received AU$50,000 in cash and a shareholding of 4.75 million fully paid ordinary MGV shares, issued at a deemed issue price of AU$0.20 apiece.

Stock information: SHH shares were trading at AU$0.007 each on the ASX, in the early hours of 31 October 2022.