Shree Minerals Ltd (ASX:SHH) has obtained positive results from geochemical sampling at the Edwards Creek and Bruce Projects in the Northern Territory.
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 and base metal prospects and occurrences.
Edwards Creek Project
Sixteen rock chip samples were taken at Edwards Creek and were submitted to the laboratory for analysis of gold, copper and multi-elements. The sampling returned best results of 0.8% Cu, 2.64% Zn and 0.91% Pb.
Sampling of the prominent siliceous gossanous ridge returned a best result 0.6% Cu, 0.21% Pb and 0.27% Zn. Two other samples taken 40m and 80m along the gossanous ridge to the south contained >0.4% Cu and up to 2.64% Zn and 0.9% Pb. Gold values were low with a maximum result of 0.07g/t Au.
A sample taken 300m along strike to the northeast within the prospective horizon returned a result of 0.82% Pb, 0.35% Zn and 0.05% Cu in more carbonate rich rocks indicating zonation of base metal mineralisation.
Sampling at a newly discovered malachite stained ironstone unit 700m to the east of the main gossan ridge returned a maximum value of 0.81% Cu with low levels of lead and zinc.
The sampling has confirmed the results reported by previous exploration companies, but significantly, the results also suggest the mineralisation extends further than the main gossan that was the priority target for previous exploration companies.
Background
The Edwards Creek Project (EL32420) is located ~75km north-northeast of Alice Springs and was granted for a six year term that will expire on 25th March 2027. The project forms part of the Arunta Joint Venture between Shree Minerals and Territory Lithium Pty Ltd covering an area of ~380 square kilometres in the highly prospective Arunta Region in the Northern Territory.
The Edwards Creek prospect is centred on a ‘siliceous gossan’ that forms a prominent brown ferruginous ridge. Green malachite staining prompted the acquisition of exploration licences over the prospect in the 1970s.
In 1980, CRAE identified an electromagnetic (EM) conductor associated with the siliceous gossan and drilled two diamond drill holes (DD80EC01 and DD81EC02) intersecting stratabound base metal mineralisation. Better historic results include. 4.5m at 2.25% Cu, 0.11% Pb, 1.54% Zn, 0.14 g/t Au from 47.45m1 in hole DD80EC02. Includes 0.72m at 7.11% Cu, 1.9% Zn, 0.24 g/t Au.
Territory Exploration Pty Ltd acquired new EM data over Edwards Creek in 2017 and identified a strong EM conductor that was interpreted to be caused by sulphide mineralisation at depth.
Two reverse circulation holes were drilled to test the conductor intersecting relatively weak zones of copper mineralisation in a clay zone. No further work was conducted.
Bruce Gold Project
Eighteen rock chip samples were collected and submitted to the laboratory for analysis of gold and multi-elements. The best result was 13.3g/t Au, 0.1% Cu in sample BRR003 taken from the same location as the Northern Territory Geological Survey (NTGS) sample result that returned a grade of 53g/t Au2. A second sample of the quartz vein taken nearby assayed 0.7g/t Au.
Sampling along a second east-west trending quartz vein 100m to the north assayed 6.9g/t Au but samples along strike had a maximum of 0.4g/t Au.
A sample of malachite stained quartz-ironstone near a shallow historic working returned a value of 0.98g/t Au and 2.76% Cu.
The sampling has confirmed the high gold values reported previously but 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.
Background
The Bruce Gold Prospect is located ~300km by road from Alice Springs and has good access.
The gossanous and ferruginous quartz veins at Bruce extend for over 1.5km in an east-west direction within a sequence of mica schist, calcsilicate and amphibolite that form part of the Irindinia Gniess. The veins are 1-2m thick and dip at a shallow angle to the north (~15 degrees) and are interpreted to be thrust faults (Figures 7-9). Olympia Resources conducted two traverses of RC drilling in 2008 to test a small portion of the quartz vein immediately west of the access track.
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.