Shree Minerals Ltd (ASX:SHH) has added exploration upside to its Arunta Joint Venture Project in the Northern Territory with the discovery of high-grade gold sampled from within a quartz vein rich in iron content, and various historic lithium-prospective pegmatites identified through desktop studies.
Just 700 metres to the south of the Bruce prospect, rock sampling from the newly discovered quartz vein returned values up to 7.24 g/t gold, however, sample results represented a large range of values, indicating inconsistent or ‘nuggety’ gold mineralisation within the vein.
The mineralisation is 1-2 metres wide and at least 600 metres long, indicating a total potential strike length of up to 2.1 kilometres due to a possible extension of the vein 1.4 kilometres to the east which returned rock samples of up to 15.26 g/t gold.
An interpretation of satellite imagery identified additional areas of quartz mineralisation 6 kilometres to the southeast of the Bruce prospect. These veins are so far untested historically or by Shree, but the company plans to conduct rock chip sampling and mapping during the next site visit.
Historic pegmatites
A desktop study revealed that tenement EL31225 contains historic workings targeting coarse flake mica from pegmatite veins at the Whistleduck, Millers Mica and Arcadia Mica workings.
These pegmatites have not been assayed for lithium or rare earth elements, but following the recent boom in battery and other critical metals, and the increase in the lithium price, a selection of old workings will be sampled and analysed for lithium group elements and rare earth elements.
Next steps
In June 2021, Shree Minerals was planning RC drilling at Bruce prospect to test the mineralised quartz vein, but reconnaissance mapping revealed additional mineralised quartz veins.
The company will design a drilling campaign after completion of further rock chip sampling and mapping of additional areas of quartz veins and pegmatites identified.
Land access agreements with affected landholders and an Aboriginal heritage survey are required prior to drilling, in addition to environmental approvals through the NT Department of Industry, Tourism and Trade. Shree has been working with various stakeholders to progress the approvals.
About Shree Minerals
Shree Minerals Limited is an Australian diversified mineral exploration and mine development company whose vision is to create shareholder value through the successful exploration of prospective gold, base metal and iron ore projects and the development of these projects into production.