Next Investors logo grey

Shree defines multiple targets ahead of drilling campaign

Published 06-AUG-2019 15:24 P.M.


3 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

Following the completion of reconnaissance mapping, sampling and infill auger soil sampling at the company’s Golden Chimney Project in Western Australia, the management of Shree Minerals Ltd (ASX:SHH) said on Tuesday that it has an improved understanding of the project.

Fieldwork has enhanced the geochemical anomalies at both Golden Chimney West and Golden Chimney East.

Altered felsic volcanic rocks at Golden Chimney West may be the source of the gold and multi-element anomaly that stretches over two kilometres in length.

Old gold workings were found at the Golden Chimney East gold and arsenic anomaly.

Commenting on these developments, Shree executive director Sanjay Loyalka said, “The gold anomalies identified have a scale and continuity that may indicate the presence of significant gold mineralisation, and we are excited to progress towards drilling at Golden Chimney.’’

Next Investors Image

Eight prospects defined, seven unexplored

Shree has defined eight prospects, but only Golden Chimney has been drilled by previous workers.

Multi-element anomalies have been outlined throughout the tenement.

As indicated below, at the Golden Chimney, Golden Chimney West and Golden Chimney East prospects, the anomalies are supported by aeromagnetic anomalies suggesting lithological or structural controls on the geochemistry.

Next Investors Image

Management is of the view that both the Golden Chimney and Golden Chimney West anomalies may be related to the same aeromagnetic anomaly.

At Golden Chimney West anomalous geochemistry extends to the east around the fold closure into a north easterly orientation.

Anomalous geochemistry then extends for a further 750 metres on the east limb of the fold closure.

At the Golden Chimney West Prospect, the main north-westerly orientated 10 ppb gold contour is 900 metres long and is coincident with anomalous multi-element geochemistry.

Historical rock chip assays up to 15 ppm gold have been recorded at Golden Chimney West.

An historical soil survey was completed at the Golden Chimney Prospect in 1993 on a local but unregistered grid.

This grid can now be tied into the Mapping Grid of Australia, following the discovery of old in-situ grid pegs during fieldwork completed by Shree.

The historical survey shows a robust and continuous gold anomaly that is open to the south-east as illustrated below.

Next Investors Image

Upcoming potential share price catalysts

The gold anomalies identified by the auger sampling have a scale and continuity that may indicate the presence of significant gold mineralisation.

Some gold anomalies are reinforced by multi-element signatures which may confirm the presence of gold mineralisation.

Also, new, previously untested areas, including Golden Chimney East, have multi-element anomalies that will be refined and possibly upgraded by the completed extensional auger sampling.

The Golden Chimney West Prospect is a significant, two kilometre long, gold and multi-element geochemical anomaly that is untested by drilling.

The auger anomaly has been confirmed and reinforced by historical soil sampling.

In-fill sampling on a 100 metres x 15 metres spaced grid will upgrade the anomaly to ‘drill ready’ status.

Assay results from the in-fill auger sampling are expected in two to three weeks.

The target generation phase will be followed by the drilling phase of higher priority targets which will begin with reverse circulation (RC) drilling of up to 200 metre deep holes.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.