Shree Minerals Limited (ASX: SHH) forms a part of diversified mineral exploration operations along with the development of mines. The company aims to create shareholder value through the successful exploration of prospective mineral tenements and developing these ore bodies into production.
The company today, on 29th May 2019, provided the update in relation to its current activities across Western Australia and Tasmania assets.
The company has been actively pursuing re-permitting activities forming part of the development process of the Direct Shipping Ore project at Nelson Bay River Iron Project in North West Tasmania, after the recent improvement in the iron ore prices. SHH’s technical studies include various field surveys/work advanced with the near completion of the draft Development Proposal and Environment Management Plan.
The field geochemical exploration program has been completed at the Golden Chimney Project located in the Eastern Goldfields of WA. 1,040 sieved soil samples were collected from auger holes drilled along 200 metres spaced traverses submitted to an analytical laboratory for analysis. The results from this program are anticipated within the next three to four weeks.
The company confirmed that it is compliant with ASX Listing Rule 12.1, which is exhibited by the capital raising via rights issue during November 2018, actively pursuing re-permitting activities forming part of development at NBR, granting and successful exercise of option to acquire Golden Chimney Gold Project, and approval of program of works and commencement of exploration activities at Golden Chimney.
In addition, the company recently announced that the auger soil sampling program had been completed at its Golden Chimney project, exploration licence E40/378. The project occupies an area of 65.4 square kilometres and is located 40 kilometres south of Leonora, within the prolifically mineralised Leonora Geological Terrain. The world-class deposit known as the Sons of Gwalia Gold mine (1.9 Moz Gold in reserve at a grade of 7.5 g/t Gold and past production of 4 Moz Gold) also occurs within this geological terrain. Other significant and economic deposits include King of the Hills Mine (resources of 380,000oz Au), Tower Hill (625,000oz Au in resources) and Kallis – Trump and Ulysses (760,000oz Au in resources).
Geochemical Field Exploration Program (Source: Company Reports)
The wholly-owned NBR Project of the company, including Mining Lease 3M/2011, is engaged in the mining and shipment of iron-ore. NBR was previously producing a direct shipping product until it was placed on care and maintenance since June 2014, following sharp iron ore price falls.
The company has applied to the Circular Head Council to get a permit under the Tasmanian Land Use Planning & Approvals Act for the direct shipping iron operations in the month of August 2018. This was referred by the Council to the Tasmanian EPA who issued draft guidelines for public consultation and commented for preparation of a DPEMP. These guidelines have now been finalised, and final guidelines were issued during November 2018.
At market close on 29th May 2019, the stock of Shree Minerals Limited was trading at $0.005, down 16.667%. The stock provided negative returns of 27.27% and 14.29% over the past six months and three months period, respectively; however, over the last one month, the return stood at 20.0%. Its 52-week high price stands at $0.017, and 52-week low price stands at $0.004.
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