Shree Minerals pursuing growth opportunities outlines 12-month objectives

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Shree Minerals pursuing growth opportunities outlines 12-month objectives

 Shree Minerals pursuing growth opportunities outlines 12-month objectives

Summary

  • Shree Minerals highlights Strong potential for DSO and the Magnetite business streams at Nelson Bay River
  • Turondale in Lachlan Fold Belt to undergo a Reconnaissance geological mapping and geochemical sampling program
  • Golden Chimney & Ulysses South Project to trigger next big growth opportunities for Shree

Diversified metals explorer and miner, Shree Minerals Ltd. (ASX:SHH), released the presentation focussing on the “Iron ore & the Gold and base metals opportunity” at the Australian projects.

Shree in the recent past has made immense progress on diversifying the portfolio via securing highly prospective new tenements along with its current exploration projects and in the neighbourhood of recent mineral discoveries.

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

In addition to the substantial Iron ore opportunity at the flagship Nelson Bay River project, the metals player is pursuing exciting early to mid-stage highly prospective Gold & Base Metals opportunities in the Tier 1 mining jurisdictions.

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

Premium Nelson Bay River (NBR) Iron Ore Project in Tasmania

The flagship Nelson Bay River Project involved in the shipment and mining of iron ore stretches over the mining lease (3M/2011) on the north-west coast of Tasmania. Shree’s NBR project is located in the neighbourhood of the Savage River Iron ore project and the Rosebary base metals operations.

The iron ore project holds a mineral resource of 1.37 million tonnes of goethite-hematite DSO/BFO and 7.8 million tonnes of magnetite. Nelson Bay first produced DSO iron ores in November 2013 producing high purity Low Alumina DSO product with 58% Fe grade. The product was well received by the Chinese players, which further enhances the potential of further DSO operations at Nelson Bay River project.

The current mineral resource has been estimated by limited (<1 km) drilling activity on the northern extent of the 4 kilometres aeromagnetic anomaly. The 3D aeromagnetic inversion study further indicated the continuation of the mineralisation along strike and at depth.

Shree plans to follow a systematic phased approach for operations at the Nelson Bay River including the DSO and the Magnetite ore mining operations at the project site. Shree has been pursuing opportunities at NBR and strives to gain permits for the resumption of mining operations.

Read Here: Shree Minerals completes placement with $1.2 million committed

Turondale Gold Project

The wholly owned Turondale Gold Project includes the Exploration Licence Application (ELA6004) in the neighbourhood of Bathurst in the fecund East Lachlan Fold Belt of New South Wales.

The Lachlan Fold Belt hosts World class Gold-Copper operations including Newcrest Mining’s Ridgeway, Evolution Mining’s Lake Cowal, Alkane Resources’ Tomingley and the mega development project such as the Regis Resources’ McPhillamys and Alkane Resources’ Boda.

Strong gold, copper, silver and lead anomalies have been indicated near the historical mine workings with gold grades in soil and stream sediments up to 2.55 grams per tonne. Shree plans to conduct a Reconnaissance geological mapping and geochemical sampling program.

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

Fraser Dundas Project

The 100% owned Fraser Dundas project expanses across 2 exploration licence applications in the Albany Fraser Province on a major structural corridor in the neighbourhood of world class gold deposits.

The project area hosts untested geochemical anomalies in under explored region, enhancing the exploration potential for the gold project. The thin transported cover blankets the historically explored area.

The ELA63/2048 tenement remains underexplored, even though the presence of auger anomalies of length up to 6 kilometres have been confirmed. The historical auger drill records gold grades up to 3.5 grams per tonnes of Gold. An in-fill auger sampling and RAB/AC drilling campaign is planned at the project site.

Arunta Joint Venture, A Gold & Base metals partnership with Territory Lithium

SHH arrived onto a Farm-in partnership agreement and joint venture (JV) with the Territory Lithium P/L to discover the base metals and gold projects in the Northern Territory.

Arunta JV Source: Shree Minerals Presentation 30 September 2020

Arunta JV Source: Shree Minerals Presentation 30 September 2020

Edwards Creek Project – A highly prospective Copper deposit with mineralisation similar to the KGL Resources’ Jervois Copper mine. Historical diamond drilling program on the deposit by CRA intercepted grades of 2.5% Cu and 0.67% Pb. A step out Reverse Circulation (RC) drilling has been required along the mineralisation trend.

Bruce Gold Project – Rock chip sampling program at the gossanous quartz veins was undertaken by the NT Geological Survey returning gold grades of up to 53 grams per tonne. Shree has already completed a Rock chip sampling and an orientation soil sampling program at Bruce’s Prospect. A field reconnaissance and sampling have been scheduled on the regional veins to assess the similarities of the gossanous characteristics as observed at the Bruce Gold project.

Golden Chimney and Ulysses South Projects: Another feather in Shree’s Cap

Shree owns and advances on the Golden Chimney & Ulysses South projects in the Leonora geological terrain. The gold projects share the geological terrain with the Sons of Gwalia Gold mine which holds 1.9m Oz of gold having past gold production of 4m Oz.

Golden Chimney and Ulysses South Projects Source: Shree Minerals Presentation 30 September 2020

Golden Chimney and Ulysses South Projects Source: Shree Minerals Presentation 30 September 2020

The gold mineralisation at the Golden Chimney is closely associated with sulphides primarily pyrites in the quartz gabbro/dolerite deposits. Induced Polarization (IP) geophysical surveys are required for identifying the pyrite altered mafic sequence and assess targets.

Historical exploration on the tenement E40/384 at the Ulysses South Project was subjected to an aeromagnetic interpretation, soil sampling, RAB and RC drilling activities. Anomalous drill holes at the project have displayed requirement of a follow up drilling program.

On 30 September 2020, Shree ended the trading session at $0.012 a share with a spike of 20% in day’s trade.

All financial information pertains to Australian Dollar unless stated otherwise.

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