Shree Minerals Ltd (ASX:SHH) is saying eureka after uncovering new gold targets at its Kookynie West Project south of Leonora in Western Australia’s Goldfields.
The gold prospects were discovered at two of Kookynie’s tenements — the Ulysses South and Golden Chimney exploration licences — during a field program.
Interestingly, the newfound gold targets bear some similarities to Genesis (TSX:GDC) Minerals Ltd's nearby Ulysses Gold Project, which boasts a mineral resource of more than 1.6 million gold ounces.
Shree’s tenements also rub shoulders with the famed Sons of Gwalia mine — which has produced around 6 million gold ounces and has 2.2 million in reserve — and Red 5 Ltd (ASX:RED)’s King of the Hills mine, with a 4.1-million-ounce gold resource.
As it works to further unlock Kookynie’s prospectivity, Shree is planning an auger soil sampling program over the gold anomalies identified during the reconnaissance programs.
Ulysses South
It seems many of the litholigcal and structural features that control mineralisation at the Ulysses Gold Project are also present at Ulysses South.
Shree has conducted auger soil sampling over the entire tenement on a 400-metre by 50-metre grid.
Although the alluvial cover in some locations impacted the program, it still returned up to 273 parts per billion (ppb) gold in a background with less than 5 ppb.
Rotary air blast drilling across Ulysses South hit a 4-metre gold intersection, grading at 0.16 g/t from 43 metres.
Other results include 4 metres at 0.18 g/t gold and an end-of-hole intersection totalling 4 metres at 0.14 g/t from 45 metres.
Results from this expedition have not yet seen follow-up exploration, representing a possible target for future work programs.
Map of Ulysses South, showing the location of Genesis Minerals Ulysses and Admiral-Butterfly resources. Gold mineralisation is controlled by dolerite units and northwest-trending faults.
Golden Chimney
Roughly five kilometres south of Ulysses South lies the Golden Chimney tenement, which also bears some lithological and structural similarities to its neighbouring tenement and Genesis’ tenure.
As with Ulysses South, Shree completed an auger soil sampling program over the tenement, honing in on a 250-metre by 50-metre grid.
This expedition picked up gold anomalies at the Golden Chimney, Golden Chimney West and Golden Chimney East prospects, where there is a small, historical working.
A drill bit last turned the soil here in 2019, where Shree intersected broad zones of low-grade gold mineralisation that bore the occasional high-grade zone.
Results included:
- 15 metres at 0.46 g/t gold from 12 metres;
- 8 metres at 0.50 g/t from 47 metres; and
- 25 metres at 0.75 g/t from 8 metres, including 1-metre at 10.83 g/t from 30 metres.
In addition to the three main prospects, the auger soil sampling identified gold anomalies that coincide with several other interpreted dolerite intrusions.
However, these anomalies are less coherent, so they’ll require closer-spaced sampling to better delineate.
Next on the agenda
Shree plans to conduct additional auger soil sampling at Golden Chimney and Ulysses South to better define the gold anomalies prior to possible further drilling.
Sampling will take place on a 125-metre by 50-metre grid, generating roughly 300 samples.
Any coherent anomalies generated by the sampling will be mapped if there is adequate exposure.
Environmental approvals for the work program were lodged in late September and should be approved within four weeks.
Ultimately, Shree hopes its next steps will bring it closer to unlocking Kookynie West’s broader prospectivity.