- Shree Minerals (SHH) discovers a new gold mineralised quartz vein at the Bruce Gold Prospect at the Arunta joint venture Project in the Northern Territory
- Geological mapping and prospecting in the area uncovered a quartz vein up to two meters wide, stretching roughly 600 metres, which could extend for up to 2.1 kilometres
- Rock chip sampling from 300 metres of an exposed section of the quartz vein returned values up to 7.24 grams per tonne (g/t) gold
- Drilling is planned to take place after further rock chip samples are taken and mapping of additional areas of quartz veins and pegmatites is complete
- Shree Minerals last traded at 1.1 cents on November 12
Shree Minerals (SHH) has discovered a new gold mineralised quartz vein at the Bruce gold prospect of it Arunta Project.
The project, located in the Northern Territory, is held under a joint venture with Territory Lithium.
The company said geological mapping and prospecting in the area uncovered a new ferruginous and partially gossanous quartz vein approximately 700 metres to the south of historical workings.
The vein was up to two metres wide, extending for roughly 600 metres. The company said there is the possibility it may link with a previously discovered quartz vein further to the east, giving a total strike length of 2.1 kilometres.
Rock chip sampling from 300 metres of an exposed section of the quartz vein returned values up to 7.24 grams per tonne (g/t) gold. However, the sample results showed a large range suggesting that the gold has an uneven distribution in the vein.
A selected sample of ferruginous quartz from a possible extension of the vein 1.4 kilometres to the east assayed 15.26 g/t gold.
Meanwhile, an interpretation of satellite images revealed further areas of quartz veins around 6 kilometres to the southeast of the Bruce prospect, which have been untouched. The company said it will target this area with rock chip sampling and mapping during its next site visit.
Drilling is planned once further rock chip samples and mapping of additional areas of quartz veins and pegmatites is complete.
Shree Minerals last traded at 1.1 cents per share on November 12.