Shree Minerals’ (ASX:SHH) Turondale project in Lachlan Fold Belt Under Spotlight

  • October 16, 2020 07:09 PM AEDT
  • Team Kalkine
Shree Minerals’ (ASX:SHH) Turondale project in Lachlan Fold Belt Under Spotlight

Summary

  • Shree Minerals applied for the exploration licence (ELA6044) in the neighbourhood of major Gold-Copper mining discoveries and the largest mining operations in Australia
  • Priority targets at the wholly owned Turondale project already identified, a compilation of historical exploration data underway
  • Major Gold-Copper opportunities identified along 2 distinct reef trends and the historical mining centres with sample gold grades up to 2.6 g/t Gold, 3,700 ppm Copper and 5,000 lead

Iron ore & Gold miner and explorer, Shree Minerals Ltd. (ASX:SHH) has been on a shopping spree in 2020, acquiring premium gold projects with Turondale gold project being the latest addition to its robust portfolio.

Gold & base metals exploration Projects supplemented by Iron Ore Development Plans

Shree is nearing recommencement of mining operations at the Nelson Bay River Iron Ore project in north-west Tasmania. Shree Minerals seek to secure re-permits for the DSO (Direct Shipping Ore) project at the Nelson Bay River project. NBR project is mine-ready and may commence production at short notice with existing development already in place.

Shree building a mega portfolio in the homeland Australia Source: Shree Minerals Presentation 30 September 2020

Shree building a mega portfolio in the homeland Australia Source: Shree Minerals Presentation 30 September 2020

Riding high on robust portfolio, Shree has expanded its horizons across premium gold and base metals project in major mineralisation zones including –

  • Turondale gold project in the Lachlan Fold Belt,
  • Fraser Dundas project in the Albany Fraser Belt
  • Golden Chimney & Ulysses South project In West Kookyine
  • Box Hole, Edwards Creek and Bruce Gold project In Arunta Region

Shree is committed to value creation for its shareholders and investors with a particular focus on the early-stage and advanced gold and base metal projects.

Interesting Read: Shree releases Annual Report, expanding portfolio and commencing Nelson Bay

Turondale in the Lachlan Fold Belt

In late July this year, Shree lodged an application for the exploration licence (ELA6044) in the world class Lachlan Fold Belt of New South Wales. The wholly owned Turondale project stretches over 129.9 square kilometres, north of Bathurst in the neighbourhood of major gold and copper mining operations.

Turondale tenement application in the East Lachlan Fold Belt Source: Shree Minerals 8 September 2020Turondale tenement application in the East Lachlan Fold Belt Source: Shree Minerals 8 September 2020

The au courant audience must note that the east Lachlan fold belt holds a long heritage of gold (80 Moz), copper (13 Mt), lead, silver, zinc and tin production. Numerous large scale gold and copper operations such as the Newcrest mining’s Cadia valley, Evolution mining’s Lake Cowal and Alkane Resources’ Tomingley gold mines are also located in the regional neighbourhood of east Lachlan fold belt. The region came into the spotlight after Alkane Resources’ mega gold discovery at Boda prospect where the drilling program registered a 502 metres long intercept at 0.48 g/t Au and 0.2% Cu.

Must Read: Shree in the Lachlan Fold Belt, Applies for Exploration Licence in the neighbourhood of recent discoveries

The tenement application holds strong prospective for orogenic, porphyry, and skarn related gold mineralisation. The gold project is interpreted to include a folded sequence of Devonian era sediments with litho-structural similarities to the Pure Alumina’s Hill End gold mine which holds mineral resources of over 501,552 ounces of gold.

Reef trends & Sediment anomalies within the tenement

Shree identifies over 9 gold occurrences within the Turondale tenement application area. The gold workings are shallow and comprise of shafts and alluvial mining centres with almost no exposure to modern exploration techniques.

Interesting Read: Shree Minerals identifies priority targets at Turondale Project, outlines systematic Exploration programs

Shree recently concluded an initial desktop review of the historical reports and previous exploration data which resulted in identifying high priority targets at Turondale. Further on, the Turondale project is surrounded by Krakatoa Resources’ EL8942 and EL8940 tenements.  The Krakatoa’s EL8942 hosts 2 distinct reef systems including –

  • Quartz Ridge – An auriferous quartz vein shoots trending north-east over a strike length of 1,400 metres. The Quartz Ridge has demonstrated the presence of high-grade gold anomaly with grade up to 1,535 g/t.
  • Box Hill – The Box Hill trend is a 2.4 km long gold reef system which is interpreted to strike north-south using aeromagnetic imagery.

Both the reef systems are interpreted to extend into the Turondale project area. Nickel Mines Ltd. in 1972 conducted an aerial and ground survey for the gold mineralisation within the EL1974. Soil and stream sediment samples were collected demonstrating gold, copper, silver, and lead anomalism in the historical mining centres. The soil and sediment samples resulted in grades up to 2.6 g/t Gold, 3,700 ppm Copper and 5,000 lead.

Read Here: Shree Minerals pursuing growth opportunities outlines 12-month objectives

Shree plans to compile the historical exploration data, geological mapping, and geophysical survey to identify priority targets for the upcoming exploration programs at Turondale. The on-ground exploration program would commence once the exploration licence is granted.

Shree traded at $0.013 a share, registering an increase of 18.18% against the previous close with a market capitalisation of $8.90 million.

(All financial information pertains to Australian Dollar unless stated otherwise.)

 

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