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Shree Minerals (ASX:SHH) - Executive Director, Sanjay Loyalka (centre) - The Market Herald
Executive Director, Sanjay Loyalka (centre)
Source: The Examiner
  • Initial fieldwork at Shree Minerals' (SHH) Bruce copper-gold project in the Northern Territory has uncovered two new mineralised zones
  • A total of 22 rock chips and 57 shallow auger soil samples were taken by Shree geologists, with assays up to 0.52 grams per tonne gold and 1.07 per cent copper
  • The combined results of the rock chip and auger programs indicate the existence of a more widespread quartz vein system than previously thought
  • The company is planning further programs of reconnaissance geological mapping, rock chip sampling and soil sampling to generate drill targets
  • Shree Minerals closed Friday's session 23.08 per cent higher at 1.6 cents

Initial fieldwork at Shree Minerals' (SHH) Bruce copper-gold project in the Northern Territory has uncovered two new mineralised zones.

Successful sampling

22 rock chips and 57 shallow auger soil samples were taken by Shree geologists.

Results returned indications of two new mineralised centres: one 250 metres south of known mineralised quartz veins; the other 1.5 kilometres to the southeast of the same structure.

Rock chips from the first zone contained up to 0.52 grams per tonne (g/t) gold and 1.07 per cent copper.

When taken together, the combined results of the rock chip and auger programs indicate the existence of a more widespread quartz vein system than previously thought.

The veins are mostly obscured by shallow sand cover with only sporadic visible outcrops of the vein system.

The soil sampling program was conducted using only a handheld auger to a maximum depth of 750 millimetres.

The company believes deeper and coarser samples collected with a vehicle-mounted auger will be more effective in hunting the extent of the veins undercover.

Next steps

The company is planning further programs of reconnaissance geological mapping, rock chip sampling and soil sampling to generate targets for drilling.

A grid-based soil sampling program will test all areas with quartz veins within the
principal east-west trending mineralised zone.

Based on the results of that program, a larger vehicle-mounted auger will be used to penetrate the sand cover and take samples from a depth of one-to-two metres.

The vehicle-mounted auger program will require additional approvals from the NT Government Mining Compliance Group and Aboriginal Groups to go ahead.

Reverse circulation drill targets will be generated based on the results of the next sampling programs.

Any area with robust and coherent anomalous gold and pathfinder geochemistry will be tested.

The Bruce project is part of Shree's Arunta joint venture with Territory Lithium. Shree can earn up to a 50 per cent interest with a $50,000 exploration spend.

Shree Minerals closed Friday's session 23.08 per cent higher at 1.6 cents.


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