Shree Minerals Ltd (ASX:SHH) has received encouraging rock sampling results of up to 13.3 g/t gold in gossanous quartz veins at Bruce Project in the Northern Territory, confirming the site's prospectivity.
Sampling of gossans and ironstone was also completed at Edwards Creek Project where assays of up to 0.6% copper, 2.64% zinc and 0.9% lead were returned.
A new copper occurrence has also been confirmed, 600 metres to the east of the main gossan with re-modelling of the electromagnetic data at Edwards planned prior to reverse circulation (RC) drilling.
Background and discussion
In May 2021, a reconnaissance trip was made to the Edwards Creek and Bruce projects to assess access, check previous geological mapping and conduct sampling of gold & base metal prospects and occurrences.
Around 16 rock chip samples were taken at Edwards, with sampling returning best results of 0.8% copper, 2.64% zinc and 0.91% lead.
This sampling has now confirmed the high gold values reported previously and suggests that gold mineralisation within the quartz veins is variable along strike - this could be caused natural variability in the quartz vein or could be the result of coarse gold.
More importantly, the results also suggest the mineralisation extends further than the main gossan that was the priority target for previous exploration companies.
Next steps
At Edwards Creek, Shree plans to remodel the electromagnetic data to better define the conductor identified by CRAE to assist with drill targeting.
The conductor was previously interpreted to be a possible planar sulphide-rich zone within a fault zone or stratigraphic unit, but drilling failed to intersect significant copper mineralisation at depth.
An alternative interpretation is that the conductor is a plunging shoot within strongly folded bedding.
Additional rock chip sampling and soil sampling will also be conducted to test along strike from the main gossan and the new copper occurrences within ironstone to the east.
At the Bruce project additional sampling and mapping is planned to better understand the structural controls of the gold mineralisation prior to a possible RC drilling program.
Discussions with landholders are in progress to gain the required approvals for the next stage of exploration including drilling.