Shree Minerals sets sights on exploration and development across Australian project portfolio

Shree Minerals Ltd (ASX:SHH) is focused on exploration and development of its range of projects across Tasmania, the Northern Territory, Western Australia and New South Wales. The company’s portfolio includes: The Rock Lodge (gold-silver-copper-zinc) and Turondale (gold-copper-silver-lead) projects in New South Wales; The Edwards Creek (copper - pictured above), Bruce Gold and Box Hole (lead-zinc) projects in the Northern Territory; The Nelson Bay River Iron Ore Project (NBR) in Tasmania; and The Fraser Dundas, Golden Chimney and Ulysses South gold projects in Western Australia. Shree Minerals director and company secretary Sanjay Loyalka said: “What sets us apart from our peers is that we have both a development project, which has near-term production and cash flow opportunity in a commodity which is doing very well, and we’ve got a suite of exploration projects which we believe that, while at the early stage, have got a lot of potential. “We’ve got a diversified basket of development and exploration projects and we have the technical skills within the company to progress them.” Rock Lodge a priority Loyalka said, while exploration licences were granted earlier for the Northern Territory projects, the company’s Rock Lodge Project in NSW is the priority. He said: “Our main focus this year will be our New South Wales projects as well as our Northern Territory projects. “In New South Wales, we’ve got two licences, one got granted earlier this year and one has just been granted. “We have started some preliminary work and in the next week or so our field geologists will head out to decide the priorities. “In our mind, the Rock Lodge Project in New South Wales is our most exciting project - based on historical test work we have seen.” Previous drill results at Rock Lodge include up to 5.36 g/t gold, 55.6 g/t silver, 0.12% bismuth, 0.8% copper and 1.46% zinc. Turondale Project plans At the Turondale Project, the company continues to compile previous exploration data, geological mapping and geophysical surveys to identify new targets, with the aim of undertaking geochemical stream-sediment sampling, soil sampling and geological mapping, followed by drilling. Highly anomalous gold, copper, silver and lead values were reported near historic workings with stream sediment and soil values up to 2.55 g/t gold – which the company considers very encouraging. Shree Minerals project locations. Edwards Creek exploration The company recently discovered new copper occurrences during its first site visit to the Edwards Creek Project in the Northern Territory (pictured above), with 16 rock chip samples taken and submitted to the laboratory for analysis of gold, copper and multi-elements. Shree will now engage a geophysical consultant to conduct remodelling of airborne electromagnetic data at Edwards Creek to assist with the targeting of further drilling. Additional geological mapping, rock chip sampling and detailed soil sampling is planned around the new copper occurrences. If the soil sampling is successful, the program may be extended to cover additional areas, particularly the north and east limb of the folded prospective horizon that contains undrilled lead-zinc occurrences. Arunta Joint Venture Edwards Creek forms part of the Arunta Joint Venture between Shree Minerals and Territory Lithium Pty Ltd covering an area of around 380 square kilometres in the highly prospective Arunta Region. Loyalka said: “We’re starting exploration in the Northern Territory with the Bruce Gold Project and the Edwards Creek Copper Project [and the Box Hole Project]. “Two of those exploration licences were only granted recently and one was there earlier, so we took the opportunity in late May for our exploration geologists to go and do field reconnaissance and mapping at Edwards Creek and Box Hole projects.” RC drilling at Bruce Gold The company is gearing up for a reverse circulation (RC) drilling campaign at the Bruce Gold Project after identifying priority drill target that run along a gossanous quartz vein spanning more than 1.5 kilometres in length. Promisingly, historical sampling along the vein, conducted by the Northern Territory Geological Survey, has returned as much as 53 g/t gold. Shree undertook a site visit at the gold asset last month to conduct additional quartz vein mapping and take a closer look at the project’s namesake Bruce prospect. In the coming weeks, the company will start planning its exploration program and seek approvals for an RC campaign. Nelson Bay River development Earlier this month, the company received comments from the Tasmanian Environmental Protection Agency (EPA) on its draft development proposal and environment management plan (DPEMP) for the Nelson Bay River Iron Ore Project (NBR) which was submitted in January. The company will now work with its technical consultants and the EPA to update the draft DPEMP with requested additional details and clarifications on the proposed mining operation and the management measures. With the improvement in the iron ore price since mid-2018, the company has been actively working to re-permit the NBR and the strategy has been to recommence the production of Direct Shipping Ore (DSO) resources from the existing open pit. Loyalka said: “We have this project in iron ore in Tasmania where we are going through a re-permitting process and once that’s complete, we’ll look at restarting that iron ore mine.” Western Australian projects At the Fraser Dundas Project, the company intends to infill historical 1 kilometre spaced soil sample traverses to refine and prioritise targets with auger work planned – after which anomalous gold in soil geochemistry will then be tested by RAB and RC drilling. Loyalka said: “The Fraser Dundas Project is still under applications. “At Ulysses, the licence has been granted but we will complete some test-work first.” Shree intends to use IP geophysics at Golden Chimney and Ulysses South to locate the pyrite altered mafic sequence and generate targets and then complete reconnaissance aircore drilling in the vicinity of historical holes.