Shree Minerals firms up new copper-gold targets at Bruce project
Shree described the results as “encouraging”, explaining the mineralised quartz veins appeared to more extensive than initially thought.
Shree Minerals (ASX: SHH) has firmed up new targets at its Bruce copper and gold project in the Northern Territory.
The company has completed initial fieldwork at the project which was designed to test extensions to mineralised quartz veins and gauge extent and thickness of soil cover.
As part of the program, 22 rock chips were collected along with 57 auger soil samples.
Shree noted that sampling had uncovered to new mineralised centres, with the first located 250m south of the known mineralised quartz veins and the second about 1.5km southeast of the veins.
Rock chips assayed up to 0.52 grams per tonne gold and 1.07% copper.
Shree described the results as “encouraging”, explaining the mineralised quartz veins appeared to more extensive than initially thought. This is despite mineralised being mostly obscured by shallow sand cover and only sporadic outcrop in some locations.
The company added deeper and coarser samples collected with a powered auger will likely be more effective at delineating the extent of the mineralised quartz veins under cover.
As Shree advances towards drilling it plans to undertake additional reconnaissance geological mapping, rock chip and soil sampling programs.
This will include using a larger auger to penetrate the sand cover and extract samples from depths of 1-2m.
However, this requires regulatory approvals before it can begin.
Bruce copper gold project
In June, Shree executed a joint venture agreement with Territory Lithium to earn into Bruce and other gold and base metal assets in the NT.
Collectively called the Arunta joint venture, the other projects include Box Hole and Edwards Creek, which are prospective for lead, zinc and copper.
The projects span about 380 square kilometres and are near the Jervois copper-silver project which has a resource of 26.6Mt at 1.47% copper and 24.7g/t silver.
Under the joint venture, Shree can earn an initial 50% stake by spending $50,000 on exploration.
After this stage, the parties can elect to participate in the joint venture 50:50 or Shree can sole fund further exploration to up its stake.