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Shree Minerals (ASX:SHH) commences the exploration activities at Turondale project

  • January 20, 2021 08:44 PM AEDT
  • Hina Chowdhary
    Hina Chowdhary
    Director, Equities Research Hina Chowdhary
    1706 Posts

    Hina Chowdhary is the Director, Equity Research at Kalkine and has an extensive experience of about 15 years in the area of Research, which includes 5+ years in Equities Research particularly.She has earned a Master of Science degree from the renowne...

Shree Minerals (ASX:SHH) commences the exploration activities at Turondale project

Summary

  • A review of the historical exploration and a target generation study has already been completed.
  • Stream sampling campaign on the northern section of EL9017 has been planned to identify possible extensions of Box Ridge and Quartz Ridge mineralised trends.
  • The grid-based soil sampling and geological mapping program will follow the stream sampling program.

Iron ore and gold explorer, Shree Minerals Ltd. (ASX:SHH) announced the commencement of the ground activities at the wholly owned Turondale project (Exploration Licence 9017) in the renowned Lachlan Fold Belt of New South Wales. The Turondale project stretches over a 129.9 km² area and is located 15 kilometres north of Bathurst.

A review of the historical exploration at Turondale and a target generation study has already been completed.

Composite image of Turondale Source: SHH ASX Update 19 January 2021

Priority targets identified at the gold project

Shree has already identified 2 major priority target areas. The 1st one is extensions of the historical workings at Box Ridge and Quartz Ridge prospects, owned by Krakatoa Resources (ASX:KTA). These prospects hold potential for gold bearing quartz reefs of the Hill End trough.   

The gold mineralisation is hosted within the folded volcanics and sediments in the north-south trending ‘pinch and swell’ quartz veins. The quartz veins have a width of 0.3 to 3 metres and extend 2.4 kilometres along the strike.

Must Read: Shree Minerals highlights growth potential across portfolio in December report

The Quartz Ridge Reef was previous mined before 1878 with shallow shafts, pits, and drives. The rock chip sample results showcased extremely high grade from the samples at the Dead Horse Reef. The prematurely terminated RC drilling intercepted mineralised intersections of 2 metres with 6.5 g/t gold from 30 metres including, 1 metre at 10.4 g/t gold.

Anomalous river catchment area at Turondale Source: SHH ASX Update 19 January 2021

Another target area is situated in close proximity to the historical alluvial and hard rock workings at Winburndale and Cheshire Creek prospects, where Nickel Mines Ltd reported excellent geochemical results. The sediment samples (-80 mesh) demonstrated high anomalous grades up to 2.5 g/t gold within multiple creeks draining radially from a hill 2 kilo metres long and 1.5 kilo metres wide. The copper and lead values were highly anomalous with grades up to 3700 ppm Cu and 980 ppm Pb. The gold and base metal mineralisation is understood to originate from the central hill which includes a folder sequence of interbedded sediments and volcanic rock.

Read Here: SHH gears up for exploration at Turondale project in LFB

Exploration Program at Turondale project

Shree Minerals intends to conclude a stream sampling campaign on the northern section of EL9017 to identify any potential extensions of the Quartz Ridge and Box Ridge gold mineralised trends. The quartz veins from the stream sampling program will be sampled. The preliminary exploration program will also include a stream sampling program of the creeks at Cheshire Creek.

SHH is currently discussing the land access agreement with landowners for sections of the exploration tenement. The exploration activities have commenced on the tenement's targeted areas for which the access has been received. The grid-based soil sampling and geological mapping program will follow the stream sampling program to identify the origin of the mineralisation and generate targets for the follow up drilling.

Also Read: Shree Minerals flying high on grant of licence at Turondale

Shree Minerals ended at $0.019 a share on 20 January 2021 with a market capitalisation of 15.37 million.

 *All financial information pertains to Australian Dollars unless stated otherwise.

 

 


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