Shree Minerals (ASX:SHH) - Executive Director, Sanjay Loyalka (right)
Executive Director, Sanjay Loyalka (right)
Source: Tasmanian Times
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Junior explorer Shree Minerals (SHH) has found two “standout” gold anomalies through stream sediment sampling at its Turondale Project in New South Wales
  • The company took on the stream sediment sampling program after completing a review of previous exploration and a target generation study at Turondale
  • Shree collected 74 stream sediment samples, with another 63 still to be collected as part of the program
  • Already, Shree has outlined two key gold anomalies in the project area, dubbed Oakey Creek and Box Ridge South
  • At the same time, Shree has reported highly anomalous assays of gold, copper and lead at another priority target near the Cheshire Creek and Winburndale prospects of the project area
  • Shree plans to take on further stream sampling work at the project, which will be followed by a soil sampling program
  • Shares in Shree Minerals closed 6.67 per cent lower today at 1.4 cents each

Junior explorer Shree Minerals (SHH) has found two “standout” gold anomalies through stream sediment sampling at its Turondale Project in New South Wales.

The company took on the stream sediment sampling program after completing a review of previous exploration and a subsequent target generation study at the Turondale Project in 2020.

The company decided stream sediment sampling would be the most cost-effective sampling technique to test the potential mineralisation of the area, and 74 stream sediment samples were collected from the project area for review.

With a further 63 samples still to be collected, Shree has already outlined two key gold anomalies in the area, dubbed Oakey Creek and Box Ridge South.

Shree said at Oakey Creek, high-anomalous assays of up to 126 parts per billion (ppb) of gold were discovered against statistical background assays of 1.4 ppb of gold.

Importantly, the anomalous samples are clustered together along Oakey Creek — suggesting the peak of 126 ppb of gold is no an isolated occurrence of gold.

At Box Ridge South, stream sediment samples revealed an anomalous zone where assays up to 4.5 ppb of gold were received against background assays of 1.4 ppb of gold.

Meanwhile, Shree has highlighted another priority target near workings at the Cheshire Creek and Winburndale prospects of the project area where strong geochemical results were reported from previous explorers in the 1970s.

From this region, stream sediment samples returned highly anomalous assays of up to 2.5 grams per tonne of gold, with several creeks draining radially from a hill two kilometres long by 1.5 kilometres wide.

Further, copper and lead anomalies were also found in this zone, with values up to 3700 parts per million (ppm) of copper and 980 ppm of lead.

What’s next?

Looking ahead, Shree said it plans to continue stream sediment sampling programs over the northern portion of the Turondale project to uncover possible extensions of the Quartz Ridge and Box Ridge mineralised trends.

The stream sediment program will also include the sampling of some creeks between Oakey Creek and Chesire Creek.

Once the stream sediment sampling is complete, Shree plans to begin a grid-based soil sampling program at the Tarondale area.

Shares in Shree Minerals closed 6.67 per cent lower today at 1.4 cents each. The company has a $10.61 million market cap.

SHH by the numbers
More From The Market Herald

" Solis Minerals (ASX:SLM) kicks off drilling at Mostazal copper project

Newly listed Solis Minerals (ASX:SLM) has hit the ground at its Mostazal copper project in Chile…
Aurum Resources (AUE)

" Aurum Resources (ASX:AUE) launches drilling campaign at Penny South gold project

Aurum Resources (ASX:AUE) commences reverse circulation drilling program at its flagship Penny South gold project in…

" Metal Hawk (ASX:MHK) shares jump on start of 2022 exploration at Berehaven

Metal Hawk (ASX:MHK) kicks off its 2022 exploration activities at its Berehaven nickel project in the…

" Minrex Resources (ASX:MRR) hits 11.86g/t gold at Queenslander

Minrex Resources (ASX:MRR) has intersected up to 11.86 grams of gold per tonne (g/t) from its…