Shree Minerals Ltd. (ASX:SHH) announced completion of an initial desktop review of the historical reports for Shree’s ELA6044 tenement application in the East Lachlan Fold Belt. The desktop review included identification of numerous priority targets for future exploration programs. The commencement of the field program awaits the granting of exploration licence and is anticipated over the upcoming months.
The Turondale Project is prospective for orogenic, porphyry and skarn related gold mineralisation and shares the regional geology with multiple multi-million-ounce deposits including Newcrest’s Cadia valley oeprations.
The historical soil and stream sampling program within the tenement area returned gold grades up to 2.6 g/t and 3,700 ppm copper and 5,000 ppm. Further on, Shree plans to continue compiling the historical exploration data including geological mapping and geophysical surveys to identify new targets.
Shree stated that the application for the Turondale Project is in line with the company’s strategy and plans to continue acquiring additional tenements as the opportunities arise.
Shree Minerals traded $0.016 a share on 8 September 2020 at 12:23 PM AEST, with a market capitalisation of $12.15 million.
All financial information pertains to Australian Currency unless stated otherwise.
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