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Shree Minerals (ASX:SHH) hits a major milestone at Ulysses South Project

Summary

  • Granting of Exploration Licence (E40/384) at Ulysses South Project recognised as a major milestone, clearing pathways for exploration and development activities
  • Historical exploration at Ulysses South Project suggest the presence of gold anomalies
  • Shree is concluding the compilation of all historical exploration data. Program of Work (POW) applied for the potential aircore drilling program

Gold explorer and Iron ore developer, Shree Minerals Ltd. (ASX:SHH) has announced the granting of the Exploration Licence (E40/384) at the wholly owned Ulysses South Project. This marks a milestone for Shree Minerals and clears the path for progress at the tenement in future.

Must Read: Shree Minerals’ (ASX:SHH) Fraser Dundas Gold Project Under Focus, Large anomalies identified

Background of the Ulysses South Project

The Ulysses South Project stretches over 65.4 square kilometres and is located only 6 kilometres north of Shree’s Golden Chimney exploration licence (E40/378). Newly granted tenement, which is only 5 km, south of the renowned Ulysses Group of gold mines holds indicated resource of 867,000 ozs gold.

The Ulysses South project is located in the prolific Leonora Geological Terrain. The region hosts substantial gold deposits including the Sons of Gwalia Gold mine ( mineral reserve of 1.9 Moz Au of 7.5 g/t Au), Tower Hill ( mineral resource of 625,000oz Au ), the King of the Hills Mine ( mineral resources of 380,000 oz Au) and Ulysses.

Also Read: Shree Minerals Ltd. (ASX:SHH) gaining momentum across Lachlan Fold Belt

Historical exploration results at E40/384 Source: Shree Minerals ASX Update 26 November 2020

Aberfoyle Resources conducted the historical exploration at exploration tenement (E40/384) area during 1995-1996.

The historical exploration included a soil sampling program on a 400m x 100m pattern within the tenement area. Soil was sieved to – 2 mesh and assayed for gold to a 1 ppb detection limit.

An initial north-south traverse of RAB drilling was conducted in 1996 by Aberfoyle to investigate soil anomaly A and other surrounding anomalies.

Four individual low-grade intervals in RAB drill hole - ROCW0375 including gold anomalies at the bottom of the drill hole (54 metres downhole) indicated the requirement of a follow-up drilling program.

Also Read: Shree Minerals’ Strong Gold Foothold with Golden Chimney amid Gold Record Highs

RAB drill hole (ROCW0387) is anomalous to the north. Both holes are spatially related to the soil anomaly A. The regolith mapping and drilling by Aberfoyle indicate that the tenement is underlain by laterite and weathered transported overburden up to a depth of 60 metres on the western edge of the tenement package. The soil anomalies may be more substantial than in a shallow blanketed terrain dominated by outcropping rocks.

Future Steps and the Way Forward

Currently, Shree is concluding the compilation of all historical exploration data available on the Ulysses South Project. The company will also carry out geological evaluation of the structural setting and assess the potential for mineralisation. The metals player has additionally lodged a Program of Work (POW) for approval with the WA Mines Department for the potential aircore drilling program in future.

Read Here: Bulls rain on Iron ore, Shree Minerals preps up for Nelson Bay

Shree Mineral ended at $0.012 a share on 26 November 2020.

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

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