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Shree Minerals delivers an action-packed June quarter with key advances made across its projects

Summary

  • In the June quarter, Shree Minerals secured new exploration licences at the Rock Lodge project in NSW as well as at the Edwards Creek copper and Box Hole zinc & lead projects in NT.
  • Shree is planning an RC drill program at the Bruce Gold prospect and has been seeking approvals to test the gossanous quartz veins.
  • The explorer has received comments from the Tasmanian Environmental Protection Agency (EPA) for the Development Proposal & Environment Management Plan (DPEMP) draft.

Iron ore and gold exploration and development company Shree Minerals Ltd. (ASX:SHH) has shared the activities report for the quarter ending on 30 June 2021, outlining the major events and milestone achieved during the period.

Rock Lodge Prospect: A Premium Gold Asset in the Lachlan Fold Belt

During the June quarter, Shree was granted exploration tenement EL9155 (formerly ELA 6147), which includes the historical Rock Lodge gold workings in the Lachlan Fold Belt of NSW.  The Rock Lodge prospect stretches over 163 km² and is prospective for orogenic, skarn related gold and Intrusion Related Gold Systems (IRGS) mineralisation.

Cross section at Rock Lodge Source: SHH company report 30 July 2021

 The regional neighbourhood of the East Lachlan Fold Belt holds a long heritage of mineral production, which includes gold (80 Mozs), copper (13 Mt), lead, zinc, silver and tin. In the past five decades, the prospect has been explored by only two companies conducting RC and diamond drilling campaigns. A total of seven target zones including the Monaro Prospect and the Bobundara Gold Mine were delineated from geochemical and geophysical surveys at Rock Lodge but haven’t been followed up.

Desktop Study: Shree had undertaken a desktop study at the project, revealing two very strong untested IP anomalies at the Rock Lodge Prospect, both of which are over 350m long.

Northern IP Anomaly - The anomalous rock chips samples recorded grades up to 2.52 g/t Au, 10.2 g/t Ag along with anomalous arsenic, bismuth, and copper.

Southern IP Anomaly - The anomaly is located just 1 km south of the northern IP anomaly and has not yet been sampled or drill tested.

Next Steps at the minerals project include –

Geophysical Surveys: An extensive aerial magnetic survey has been planned at the gold project. Furthermore, Induced Polarisation (IP) survey will also be considered to identify drill targets.

Soil and Rock Sampling: The soil sampling program has been planned for the zones with outcroppings. A hand-held auger grid sampling (200mx50m) campaign has been planned on priority targets.

Regional Stream Sediment Sampling: The stream sediment sampling program has been planned over the highly prospective Ordovician age rock formations.

Drilling and Land Access: The drill targets have been delineated by the geophysical and geochemical sampling which would be conducted once the discussions with landholders for land access agreements are finalised.

Edwards Creek copper and Box Hole zinc & lead projects of Northern Territory

The company secured new exploration licences at Edwards Creek copper and Box Hole zinc & lead projects in the Northern Territory during the quarter. The projects are a part of the Arunta Joint Venture between Shree Minerals and Territory Lithium Pty Ltd in the renowned Arunta Region.

Multiple new copper occurrences have been discovered during the first field visit to the Edwards Creek Copper Project. In May 2021, a reconnaissance trip was conducted to review access and examine the location of copper and base metals occurrences, discovered by the previous explorers and the Northern Territory Geological Survey.

Arunta Joint Venture projects Source: SHH company report 30 July 2021

So far, 16 rock chip samples have been collected at Edwards Creek and shared for assay analysis of gold, copper and multielement. The assay results are pending and will be released in due course.

Reconnaissance mapping at the broader Edwards Creek area led to the discovery of previously unknown copper occurrences, just 750m east of the main gossan.

What’s Next?

Shree plans to involve a geophysical consultant to remodel the electromagnetic data at Edwards Creek to target subsequent drill programs. Following the remodelling efforts, the old drill holes can be entered for conducting a downhole electromagnetic survey.

Additional exploration programs include geological mapping, rock chip sampling and an extensive soil sampling, which have been planned in the area surrounding the new copper occurrences.

Reconnaissance mapping of the quartz veins and workings at the Bruce Gold Project

During May 2021, a site visit was conducted on the Bruce Gold Project for the additional mapping of the quartz veins and workings at the Bruce Gold Prospect as well as for collecting additional rock samples along the mineralised trend. Shree has already delineated drill targets at the project and will undertake planning and approvals for the proposed RC drill program.

Shallow workings on quartz veins at Bruce Gold Project (L), Malachite (R) Source: SHH company report 30 July 2021

Next Steps

A total of eighteen rock chip samples were collected and sent for gold and multielement assaying. Shree proposes a RC drill program at the Bruce Gold prospect and has been seeking approvals to test the gossanous quartz veins.

An extensive quartz vein mapping has been planned to understand the structural setting and facilitate the targeting for the upcoming drill program. Additionally, reconnaissance mapping and sampling activities are also on the cards at the project.

Currently, the negotiations are underway between the landholders and the native land owners to secure the land access for drilling.

Gold anomalies delineated at Turondale Project

Ground activities at the Turondale project delineated substantial gold assays from drainage geochemistry. The Turondale project is located in the exploration licence 9017 in the Lachlan Fold Belt of NSW.

Stream sediment anomalies at the Turondale project Source: SHH company report 30 July 2021

Shree completed an assessment of the previous exploration activities at its Turondale project in 2020 and also undertook an interpretation and target generation study. Subsequent to the target generation study, stream sediment sampling was recognised as the most efficient sampling technique. A total of 74 stream sediment samples have been collected ? i have added it to complete the sentenceat Turondale and as many as 63 more samples will be collected in the future.

The exploration campaign will include a stream-sediment sampling program at the project. A grid-based soil sampling program and geological mapping will also be conducted to generate drill targets for the follow up activities.

Nelson Bay River Iron Project

SHH received EPA comments on draft DPEMP (“development proposal & environment management plan”)  as part of re-permitting process of the direct shipping iron ore (“DSO”) project at the Nelson Bay River Iron Project (“NBR”).

Nelson Bay River Iron ore project Source: SHH company report 30 July 2021

The comments were received from the Tasmanian Environmental Protection Agency (EPA) for the Development Proposal & Environment Management Plan (DPEMP) draft which was submitted for the recommencement of mining activities at the Nelson Bay River Iron Project (NBR) in January 2021.

Shree is collaborating with the technical consultants and the EPA to make the required amendments to the draft DPEMP. Committed to generating values for its shareholders, Shree seeks to continue to advance on the iron ore project.

Next Leg of Mineral Projects Under Planning

Shree settled AU$600,000 following the completion of the AU$3 million equity placement in March 2021. During the June quarter, the exploration and evaluation activities worth AU$131,000 were undertaken.

Shree continues to look for exploration and early development of Gold and Base Metals opportunities across Australia. The company has applied for exploration tenements at the Hale River project in NT and Prince of Wales project in NSW.

Shree traded at AU$0.013 a share on 2 August 2021 at 11:01 AM AEST with a market capitalisation of AU$12.75 million.

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