Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

CATALINA RESOURCES LTD Capital/Financing Update 2019

Aug 19, 2019

64716_rns_2019-08-19_6b9ccfb2-4724-4a69-916b-72e8235fe669.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

==> picture [125 x 42] intentionally omitted <==

ASX Announcement 20 August 2019

SHREE MINERALS LTD

OUTSTANDING DRILL TARGETS IDENTIFIED AT GOLDEN CHIMNEY Highlights

  • Regional and confirmatory infill auger sampling have identified outstanding drill targets at the Golden Chimney Project

ASX Code SHH

ACN 130 618 683

COMPANY DIRECTORS

Sanjay Loyalka Director and Company Secretary

Andy Lau Non-Executive Director

Amu Shah Non-Executive Director

Davide Bosio Non-Executive Director

CONTACT DETAILS

  • Rock chip assays up to 30 g/t Au and 15 g/t Bi confirm that the Golden Chimney East multi element geochemical anomaly is a significant drill target.

  • Strong auger and rock chip assays at the Golden Chimney West prospect have identified coherent multi element anomalism over a length of 1.7 km on the limbs of a major fold axis.

  • The anomalies at Golden Chimney East and Golden Chimney West indicate significant mineralised systems in previously undrilled areas.

  • Drilling of defined targets to commence soon

Shree Minerals Ltd (“Shree” or the “Company”) is very pleased to advise that assays have now been received from a reconnaissance mapping, and infill auger soil sampling program at its Golden Chimney project, exploration licence E40/378 that consisted of 240 shallow, vertical auger holes drilled on a 100m x 50m spaced grid. Previous auger sampling by Shree, completed on a 200m x 100m grid, generated widespread, coherent near-surface gold and multi-element anomalies located over mafic and felsic volcanic rocks.

Fieldwork and the infill auger sampling have enhanced the geochemical anomalies at both Golden Chimney West and Golden Chimney East. Altered felsic volcanic rocks at Golden Chimney West are anomalous in Au, Bi and Ag. Previously unknown old gold workings were found at the Golden Chimney East gold and arsenic anomaly. Sampling of the mullock dumps returned assays up to 30 g/t Au.

Principal & Registered Office Unit 38 18 Stirling Highway NEDLANDS WA 6009

www.shreeminerals.com

T +61 8 6150 7565 F +61 8 9389 1199

SHREE MINERALS LIMITED | ACN 130 618 683 www.shreeminerals.com

GOLDEN CHIMNEY PROJECT

The project occupies an area of 65.4km² and is located 40km south of Leonora, within the prolifically mineralised Leonora Geological Terrain (Figure 1). Significant gold deposits in the area include the Sons of Gwalia Gold mine (1.9 Moz Au in reserve at a grade of 7.5 g/t Au), the King of the Hills Mine (resources of 380,000oz Au), Tower Hill (625,000oz Au in resources) and Ulysses (760,000oz Au in resources).

==> picture [417 x 393] intentionally omitted <==

Figure 1. Regional location of the Golden Chimney Project, E40/378.

Discussion of recent activity by Shree.

Shree’s recently completed infill auger exploration program consisted of 240 shallow, vertical auger holes drilled on a 100m x 50m spaced grid and completed using a 4WD mounted auger drill rig. The preferred sample horizon was either a carbonate rich layer (tested by hydrochloric acid) or, where absent, a soil colour change representing a redox soil horizon. At the end of each hole a sieved (-240 µ) sample was collected for analysis by a multi element assay method. Elements analysed included Au, As, Cu, Pb, Zn, Bi, Mo, Sn, Li, Rb, Ti, Ni and Co.

Assays from the infill auger program returned strong Au anomalism in several auger holes with grades up to 38.5 ppb Au supported by multi – element (Cu, As, Bi,) geochemistry. These assays have confirmed anomalies from the first auger program, allowing the company to review and confidently plan drilling programs and provide a better understanding of the geological controls on gold mineralisation.

Page | 2

Figure 2 illustrates the geochemical soil contours derived from the completed auger traverses. Coherent near-surface gold anomalism is located over mostly mafic and felsic rocks as interpreted from aeromagnetic images and geological mapping. Aerial magnetic anomalies are coincident and parallel to geochemical contours, adding further weight to the validity of the geochemical anomalies.

Only the Golden Chimney prospect, illustrated in figure 2, has been drilled by previous workers.

Appendix 1 lists the infill auger sample coordinates, depth where the sample was taken in each hole and the gold (in ppb), As and Bi assays.

==> picture [452 x 395] intentionally omitted <==

Figure 2. Multi-element (Au, Cu) soil contours derived from Shree’s auger program. Also illustrated is the location of all auger samples and the interpreted position of the regional fold axis. The underlying image is the aerial magnetics.

Golden Chimney West and Golden Chimney East Prospects.

Multi-element anomalies have been outlined throughout the tenement, as illustrated in Figure 2. Both the Golden Chimney and Golden Chimney West anomalies are related to the same aeromagnetic anomaly. At Golden Chimney West anomalous geochemistry extends to the east around the fold axis into a north easterly orientation. Anomalous geochemistry then extends for a further 600m on the east limb of the fold axis, as illustrated in Figure 2.

Page | 3

At the Golden Chimney West Prospect (see Figure 3), the main north westerly orientated 10 ppb Au contour is 900m long and is coincident with anomalous multi element geochemistry including As, Cu and Bi. Four separate areas are outlined by the very anomalous 20ppb Au geochemical contour and where individual soil assays up to 60 ppb Au and 5.7 ppm Bi have been received. These areas represent significant drill targets.

Historical rock chip assays up to 15 ppm Au have been recorded at Golden Chimney West. Fieldwork by Shree located outcropping altered, NW-SE striking felsic volcanic rocks. Alteration consisted of excess silica, chlorite, epidote and opaques. Significantly, this rock assayed 25 ppb Au and occurs within Shree’s geochemical contours.

==> picture [452 x 421] intentionally omitted <==

Figure 3. Golden Chimney West multi element geochemistry contours on the aerial photo. Auger sample locations are also shown. Four separate areas are outlined by the very anomalous 20ppb Au geochemical contour. Within these areas individual soil assays up to 60 ppb Au and 5.7 ppm Bi have been received.

A new coincident Au, Bi, Cu and As geochemical auger anomaly has been identified at the Golden Chimney East Prospect (Figure 4). Within the 20 ppb Au soil contour , i ndividual soil assays up to 38 ppb Au and 104 ppm As have been received . Figure 2 illustrates the regional location of Golden Chimney East.

Page | 4

Fieldwork by Shree located previously unknown old prospecting gold workings (see insert in Figure 4). Several rock chip samples were collected from the old mullock dumps and assays up to 30.5 g/t Au were received. These dumps were made up of goethitic and calcareous felsic volcanics, containing thin quartz veinlets. The geochemical anomaly containing the old workings is at least 400m long in a NE SW direction. It represents an exception drill target .

Appendix 2 lists all rock chip samples collected and sample coordinates and lithologies.

==> picture [452 x 404] intentionally omitted <==

Figure 4. Golden Chimney East showing multi element geochemical contours. Auger sample locations are also shown. Photo insert shows the location of an old gold working and its proximity to the geochemical contours. Rock chip assays up to 30 g/t Au were received from sampling the mullock around the working. Within the 20 ppb Au soil contour , i ndividual soil assays up to 38 ppb Au and 104 ppm As have been received.

Next Steps

Target Generation Phase. The gold anomalies generated by the auger sampling have a scale and continuity that may indicate the presence of significant gold mineralisation. Some gold anomalies are reinforced by multi-element signatures which may confirm the presence of gold mineralisation. Aerial magnetic anomalies are also coincident and parallel to geochemical contours, adding further validity to the geochemistry. Also, new, previously untested areas, including Golden Chimney East, have exciting multi element anomalies that represent exceptional drill targets.

Page | 5

Drilling of the defined targets phase. The company has commenced planning of drilling of the targets discussed in this announcement & has received the approval of a Program of Work (POW) by the WA Mines Department for the proposed drilling program. The preparatory work includes the completion of a statutory cultural heritage survey.

The drill program may consist of RC drilling of up to 10 -12 holes to depths of approximately 150 m. It is envisaged that drilling will commence in next few weeks.

Competent Person Statement

The review of historical exploration activities and results contained in this report is based on information compiled by Michael Busbridge, a Member of the Australian Institute of Geoscientists and a Member of the Society of Economic Geologists. He is a consultant to Shree Minerals Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Michael Busbridge has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.

About Shree Minerals Limited

Shree Minerals Limited is an exploration and mine development company including being engaged in mining and production of iron ore and dense media magnetite at its Nelson Bay River Iron Project in the north-western Tasmania.

Contact Details

Sanjay Loyalka Executive Director +61 8 6150 7565

Davide Bosio Non-Executive Director +61 8 9263 5210

Page | 6

APPENDIX 1. In fill auger sample details.

Auger Sample numbers, coordinates are in the MGA94 Zone 51 (GDA94), hole depths and assay data (Au, As, Bi).

Sample_ID Easting Northing Sample
Depth,
m
Au
**ppb **
As
**ppm **
Bi
**ppm **
Sample_ID Easting Northing Sample
Depth,
m
Au
**ppb **
As
**ppm **
Bi
**ppm **
SMAA1073 334876 6756452 0.5 3 2.8 0.18 SMAA1129 337876 6755901 0.5 -0.5 5.4 0.06
SMAA1074 334874 6756400 0.5 2.5 2.4 0.22 SMAA1130 337879 6755858 1 1 5.8 0.04
SMAA1076 334874 6756349 1 1 2 0.2 SMAA1131 338098 6755451 0.1 3 6.8 0.26
SMAA1077 334870 6756301 0.5 3 3.8 0.26 SMAA1132 338102 6755399 0.5 6 3.2 0.14
SMAA1078 334876 6756248 0.5 3.5 2.8 0.14 SMAA1133 338103 6755344 1 5 2.6 0.1
SMAA1079 334877 6756199 0.5 5 3.2 0.18 SMAA1134 338105 6755301 1 4 5.6 0.18
SMAA1080 334880 6756153 0.5 4.5 3 0.18 SMAA1135 338107 6755254 0.5 2 3.4 0.24
SMAA1081 335115 6756197 1 1 3.2 0.2 SMAA1136 338102 6755202 0.5 1.5 2.2 0.22
SMAA1082 335124 6756148 0.5 2.5 2.8 0.2 SMAA1137 338105 6755156 0.5 2 2.6 0.2
SMAA1083 335124 6756102 0.5 3 2.8 0.16 SMAA1138 338096 6755102 0.5 0.5 0.6 0.04
SMAA1084 335116 6756047 0.5 1 3.2 0.22 SMAA1139 338345 6755621 0.5 8.5 3.6 0.16
SMAA1085 335127 6756000 0.5 1.5 2.2 0.2 SMAA1140 338302 6755624 0.5 1.5 2.8 0.2
SMAA1086 335126 6755951 0.5 1.5 2.4 0.16 SMAA1141 338360 6755524 0.5 1.5 3.6 0.22
SMAA1087 335125 6755901 0.5 1.5 2.6 0.2 SMAA1142 338344 6755478 0.5 4.5 4.2 0.14
SMAA1088 335124 6755849 1 0.5 3.4 0.2 SMAA1143 338349 6755421 0.5 6 5.2 0.18
SMAA1089 335130 6755805 0.5 1 2.8 0.2 SMAA1144 338347 6755376 0.5 9.5 5.2 0.14
SMAA1090 335124 6755745 0.5 0.5 2.2 0.22 SMAA1145 338354 6755326 0.5 6.5 3.4 0.16
SMAA1091 335124 6755702 0.5 3.5 2.2 0.1 SMAA1146 339445 6754052 0.5 3.5 2.4 0.14
SMAA1092 335115 6755649 0.5 0.5 2.4 0.22 SMAA1147 339499 6754053 0.5 3.5 3.6 0.08
SMAA1093 335132 6755604 0.5 1.5 2.2 0.16 SMAA1148 339446 6754145 0.5 4 2.6 0.1
SMAA1094 335126 6755553 0.5 1 2.4 0.24 SMAA1149 339447 6754202 0.5 4.5 2.4 0.1
SMAA1095 335123 6755500 0.5 4 2.6 0.22 SMAA1151 339445 6754247 0.5 6.5 3 0.16
SMAA1096 335375 6755259 0.5 2.5 2.2 0.14 SMAA1152 339442 6754298 0.5 2.5 3.4 0.2
SMAA1097 335375 6755312 0.5 1.5 2 0.16 SMAA1153 339446 6754345 0.5 1.5 2 0.2
SMAA1098 335380 6755365 0.5 1 1.8 0.16 SMAA1154 339449 6754399 0.5 2.5 1.8 0.2
SMAA1099 335369 6755411 0.5 3.5 2 0.18 SMAA1155 339451 6754448 0.5 2.5 1.4 0.24
SMAA1100 335365 6755463 0.5 1.5 2.4 0.2 SMAA1156 339192 6754456 0.5 3.5 2.8 0.2
SMAA1101 335375 6755511 0.5 3 2.2 0.12 SMAA1157 339198 6754403 0.5 6.5 3 0.18
SMAA1102 335377 6755825 0.5 1.5 2.2 0.18 SMAA1158 339206 6754351 0.5 3.5 3.6 0.18
SMAA1103 335378 6755871 0.5 1.5 4.8 0.22 SMAA1159 339203 6754301 0.5 3 2.8 0.18
SMAA1104 335372 6755923 0.5 4 6.8 0.14 SMAA1160 339199 6754248 0.5 3.5 2.2 0.14
SMAA1105 335371 6755969 0.5 2 3.2 0.22 SMAA1161 339206 6754204 1 2.5 2.2 0.14
SMAA1106 335369 6756021 0.5 7 2.8 0.14 SMAA1162 339203 6754158 1 4 2 0.12
SMAA1107 335375 6756073 0.5 0.5 3.6 0.22 SMAA1163 339204 6754102 1.5 6 2.2 0.1
SMAA1108 335373 6756124 0.5 3 9 0.22 SMAA1164 339205 6754057 1 7 2.4 0.08
SMAA1109 337627 6756032 0.5 30 3 0.14 SMAA1165 339198 6754003 1 4 3 0.06
SMAA1110 337620 6755982 0.5 2 3.2 0.24 SMAA1166 337251 6754704 0.5 3 33.2 0.16
SMAA1111 337629 6755932 0.5 1.5 2.8 0.22 SMAA1167 337253 6754749 0.5 4.5 4.8 0.14
SMAA1112 337622 6755879 0.5 7.5 1.8 0.08 SMAA1168 337256 6754649 0.5 3 3 0.1
SMAA1113 337623 6755830 0.5 8 2.8 0.14 SMAA1169 337259 6754603 1 1.5 2.8 0.14
SMAA1114 337619 6755783 0.5 2.5 3 0.14 SMAA1170 337260 6754552 1 1 2.4 0.24
SMAA1115 337623 6755729 0.5 3 3 0.12 SMAA1171 337252 6754503 0.5 1 2.6 0.16
SMAA1116 337747 6755749 0.5 3.5 3.8 0.18 SMAA1172 337252 675453 1 2.5 2.8 0.16
SMAA1117 337745 6755799 0.5 3.5 2.4 0.08 SMAA1173 337252 6754401 0.5 2.5 3.6 0.1
SMAA1118 337750 6755847 0.5 1 1.6 0.04 SMAA1174 337255 6754358 0.5 2.5 3.8 0.2
SMAA1119 337749 6755899 0.5 1.5 1.6 0.06 SMAA1176 337252 6754297 1 3 4.6 0.12
SMAA1120 337753 6755955 0.5 7.5 2.2 0.14 SMAA1177 337253 6754297 1 0.5 2.4 0.22
SMAA1121 337740 6755999 0.5 1 2 0.18 SMAA1178 337254 6754203 1 0.5 2.4 0.22
SMAA1122 337876 6756207 0.5 1 2.6 0.16 SMAA1179 337246 6754149 0.5 1.5 4 0.24
SMAA1123 337876 6756150 0.5 2 5 0.14 SMAA1180 337254 6754109 0.5 2.5 2.6 0.2
SMAA1124 337749 6756103 1 9.5 3.2 0.08 SMAA1181 337251 6754051 1 6 3 0.08
SMAA1126 337879 6756060 0.5 2.5 2.6 0.16 SMAA1182 337253 6754001 1.5 2 2.6 0.12
SMAA1127 337873 6756003 0.1 1 2.8 0.14 SMAA1183 337253 6753951 1 1.5 3.4 0.2
SMAA1128 337876 6755947 0.5 2 4.8 0.08 SMAA1184 337762 6753422 0.5 3.5 3 0.1

Page | 7

Sample_ID Easting Northing Sample
Depth,
m
Au
**ppb **
As
**ppm **
Bi
**ppm **
Sample_ID Easting Northing Sample
Depth,
m
Au
**ppb **
As
**ppm **
Bi
**ppm **
SMAA1185 337754 6753374 0.5 4 2.6 0.08 SMAA1253 335874 6752637 0.5 2 1.6 0.42
SMAA1186 337756 6753321 0.5 2.5 3.4 0.2 SMAA1254 335878 6752584 1 3 2.6 0.2
SMAA1187 337755 6753274 0.5 5 4 0.04 SMAA1255 335631 6752405 1 2.5 2.2 0.26
SMAA1188 337756 6753220 0.5 2.5 3.8 0.18 SMAA1256 335624 6752445 0.5 1 1.8 0.32
SMAA1189 337749 6753169 0.5 5.5 10.6 0.06 SMAA1257 335628 6752497 0.5 4 2.2 0.26
SMAA1190 337760 6753123 0.5 3 3.4 0.14 SMAA1258 335631 6752554 0.5 3 2 0.66
SMAA1191 337624 6753051 0.5 1.5 2.8 0.14 SMAA1259 335621 6752594 0.5 4.5 3 0.2
SMAA1192 337621 6753101 0.5 3.5 5.4 0.14 SMAA1260 335620 6752658 0.5 3.5 2.8 0.42
SMAA1193 337623 6753145 0.5 9 36.2 0.24 SMAA1261 335368 6752597 0.5 1.5 2.8 0.26
SMAA1194 337624 6753199 0.5 5 11.4 0.16 SMAA1262 335372 6752547 0.5 5.5 1.6 0.12
SMAA1195 337623 6753254 0.5 38.5 104 0.82 SMAA1263 335378 6752497 0.5 9 2.8 0.68
SMAA1196 337622 6753298 0.5 5.5 7.4 0.24 SMAA1264 335374 6752456 0.5 23.5 3 0.36
SMAA1197 337368 6753460 0.5 4 1.2 0.1 SMAA1265 335374 6752406 0.5 7.5 1.6 1.06
SMAA1198 337371 6753411 0.5 4.5 1.6 0.14 SMAA1266 335371 6752352 0.5 8.5 1.8 0.28
SMAA1199 337369 6753361 0.5 2.5 2.8 0.12 SMAA1267 335120 6752248 0.5 11 1 0.2
SMAA1200 337375 6753312 0.5 1 3.2 0.22 SMAA1268 335128 6752299 0.5 10 1.6 0.5
SMAA1201 337377 6753262 0.5 5 4.4 0.18 SMAA1269 335123 6752347 0.5 7.5 2 0.58
SMAA1202 337375 6753220 0.5 5.5 5 0.14 SMAA1270 335129 6752395 0.5 7.5 1.8 0.62
SMAA1203 337374 6753159 0.5 10.5 4.6 0.16 SMAA1271 335121 6752455 1.5 7 2 0.64
SMAA1204 337375 6753112 0.5 11.5 4 0.18 SMAA1272 334868 6752295 1.5 1.5 1.2 0.26
SMAA1205 337373 6753062 0.5 9.5 3.6 0.22 SMAA1273 334870 6752335 1 1.5 1.6 0.28
SMAA1206 337372 6753006 0.5 7 3.6 0.28 SMAA1274 334872 6752385 0.5 1.5 1.6 0.28
SMAA1207 336997 6753005 0.5 7.5 3.6 0.22 SMAA1276 334876 6752445 0.5 3 1.6 0.46
SMAA1208 336996 6753065 0.5 8 3.4 0.12 SMAA1277 334871 6752485 0.5 4 2.2 0.5
SMAA1209 336996 6753111 0.5 6 3.6 0.14 SMAA1278 334878 6752541 0.5 1.5 2.2 0.44
SMAA1210 336998 6753158 0.5 3.5 3.2 0.18 SMAA1279 334877 6752592 1 2.5 2.4 0.36
SMAA1211 337006 6753209 0.5 5 3.4 0.22 SMAA1280 334876 6752635 1.5 2.5 2.4 0.5
SMAA1212 337000 6753265 0.5 1.5 2.6 0.2 SMAA1281 334875 6752695 1 0.5 2 0.36
SMAA1213 336999 6753307 0.5 5 3.4 0.22 SMAA1282 334870 6752734 0.5 1.5 2.6 0.24
SMAA1214 336997 6753355 0.5 1.5 2 0.14 SMAA1283 334877 6752785 0.5 0.5 2.4 0.46
SMAA1215 337001 6753413 1 2 1.6 0.04 SMAA1284 334870 6752835 0.5 2 3.2 0.28
SMAA1216 337002 6753455 0.5 5 2.4 0.14 SMAA1285 334879 6752881 0.5 1 2.6 0.22
SMAA1217 336749 6753251 0.5 5.5 2.8 0.16 SMAA1286 334875 6752946 0.5 -0.5 2.8 0.26
SMAA1218 336753 6753204 0.5 3 3.4 0.24 SMAA1287 334880 6752990 0.5 2.5 3.2 0.34
SMAA1219 336754 6753150 0.5 5.5 2.6 0.18 SMAA1288 334631 6753056 1 1 1.8 0.42
SMAA1220 336756 6753101 0.5 1.5 3 0.24 SMAA1289 334619 6753002 1 1 1.8 0.42
SMAA1221 336754 6753054 0.5 3.5 2.8 0.22 SMAA1290 334623 6752945 1 1 2 0.42
SMAA1222 336754 6753004 0.5 3 3 0.2 SMAA1291 334630 6752899 1.5 1.5 2.2 0.42
SMAA1223 336624 6752950 0.5 2 3.2 0.3 SMAA1292 334626 6752849 0.5 1.5 2.2 0.38
SMAA1224 336625 6752999 0.5 3 3.2 0.26 SMAA1293 334628 6752805 1 0.5 2.6 0.34
SMAA1226 336628 6753051 0.5 4.5 3.6 0.24 SMAA1294 334621 6752754 1 1 2.2 0.34
SMAA1227 336626 6753099 0.5 3 3.6 0.24 SMAA1295 334624 6752699 0.5 6 2.8 0.74
SMAA1228 336630 6753154 0.5 6 3.4 0.2 SMAA1296 334631 6752643 1 5.5 3.6 0.76
SMAA1229 336373 6753308 0.5 3 5 0.26 SMAA1297 334624 6752605 0.5 1.5 2.4 0.28
SMAA1230 336377 6753260 1 3 2.6 0.08 SMAA1298 334632 6752554 0.5 9.5 2.2 0.4
SMAA1231 336373 6753211 0.5 1 3 0.28 SMAA1299 334627 6752504 0.5 10.5 2.8 0.28
SMAA1232 336373 6753165 0.5 3 3.6 0.22 SMAA1300 334376 6752704 0.5 5.5 0.8 0.44
SMAA1233 336373 6753112 0.5 2 3.2 0.34 SMAA1301 334378 6752751 0.5 8.5 1.6 1.02
SMAA1234 336379 6753060 0.5 1.5 2.6 0.3 SMAA1302 334376 6752802 1 16 3.4 0.48
SMAA1235 336372 6753010 0.5 1 2.6 0.28 SMAA1303 334371 6752849 0.5 27 2.8 2.3
SMAA1236 336375 6752965 0.5 1.5 2.6 0.22 SMAA1304 334376 6752895 0.5 9.5 3.2 0.72
SMAA1237 336379 6752910 0.5 1.5 3 0.2 SMAA1305 334368 6752942 0.5 5 2.6 0.62
SMAA1238 336373 6752859 0.5 5.5 5.4 0.24 SMAA1306 334378 6753001 0.5 2 2.8 0.52
SMAA1239 336370 6752812 0.5 5 3 0.18 SMAA1307 334379 6753054 0.5 3 3.4 0.42
SMAA1240 336378 6752759 0.5 5.5 4 0.2 SMAA1308 334376 6753104 0.5 5.5 3.2 0.32
SMAA1241 336128 6752647 0.5 1.5 2.2 0.14 SMAA1309 334374 6753149 0.5 5.5 2.2 0.58
SMAA1242 336130 6752949 0.5 4 3.4 0.14 SMAA1310 334379 6753204 1 2.5 2.8 0.58
SMAA1243 336121 6752895 0.5 1.5 3 0.54 SMAA1311 334120 6753019 0.5 1.5 1.8 0.38
SMAA1244 336130 6752856 0.5 1 2.8 0.28 SMAA1312 334119 6752960 0.5 10 3.8 0.74
SMAA1245 336128 6752805 1 2 2.8 0.28 SMAA1313 334126 6752908 0.5 4.5 2.6 0.48
SMAA1246 336124 6752746 0.5 1.5 2.2 0.22 SMAA1314 334129 6752860 0.5 2 2.2 0.92
SMAA1247 336128 6752708 0.5 1 2 0.22 SMAA1315 334124 6752810 0.5 2 2 1.06
SMAA1248 335871 6752835 1 2.5 2.4 0.4 SMAA1316 334124 6752762 1 3 1 0.18
SMAA1249 335870 6752785 1 2 2.6 0.4
SMAA1251 335872 6752732 0.5 2 2.2 0.4
SMAA1252 335882 6752685 1 2.5 2.2 0.32

Page | 8

APPENDIX 2. Rock chip sample details. Assays in ppm unless noted otherwise. Coordinates are in the MGA94 Zone 51 (GDA94).

.

Sample
ID
Easting Northing Comments Au
**ppb **
As Cu Bi
1015001 336653 6753300 Quartz veiningin sheared mafic rock. 2.5 9.6 161 0.1
1015002 336565 6753438 Quartz veiningwith box-works in sheared mafic rock. 177 19.8 164 2.06
1015003 336565 6753438 Altered felsic volcanic containing quartz and opaques. 1110 35 197 0.8
1015004 334312 6752888 Opaque rich veinquartz. 12 1.2 127 5.08
1015005 334370 6752835 Silicic felsic with tinyopaques and applegreen alteration. 7 1.2 18 0.82
1015006 334370 6752835 Silicic felsic with tiny opaques and apple green alteration, quartz
veins.
8 1.6 18 1.1
1015007 334436 6752835 Random samplingof float rocks 24 1.2 21 2.4
1015008 336556 6753369 Old RAB HOLE RCGC015 from Golden Chimney. 0-4m 3.5 34.2 11 0.12
1015009 336556 6753369 Old RAB HOLE RCGC015 from Golden Chimney. 4-8m 0.5 22.8 9 0.04
1015010 336556 6753369 Old RAB HOLE RCGC015 from Golden Chimney. 8-12m 0.5 11.8 13 0.06
1015011 336556 6753369 Old RAB HOLE RCGC015 from Golden Chimney. 12-16m 0.5 12 15 0.08
1015012 336556 6753369 Old RAB HOLE RCGC015 from Golden Chimney. 16-18m,EOH 0.5 15.4 8 0.06
1015013 336568 6753360 Old RAB HOLE RCGC016 from Golden Chimney. 0-4m 7.5 27.2 14 0.08
1015014 336568 6753360 Old RAB HOLE RCGC016 from Golden Chimney. 4-8m 0.5 18.2 10 0.12
1015015 336568 6753360 Old RAB HOLE RCGC016 from Golden Chimney. 8-12m -0.5 9.8 6 0.04
1015016 336568 6753360 Old RAB HOLE RCGC016 from Golden Chimney. 12-16m 0.5 10.4 9 0.02
1015017 336568 6753360 Old RAB HOLE RCGC016 from Golden Chimney. 16-18m,EOH 1 9.8 7 0.9
1015018 336578 6753348 Old RAB HOLE RCGC018 from Golden Chimney. 0-4m 6 92.4 16 0.18
1015019 336578 6753348 Old RAB HOLE RCGC018 from Golden Chimney. 0-4m 0.5 36 9 0.08
1015020 336578 6753348 Old RAB HOLE RCGC018 from Golden Chimney. 0-4m -0.5 21.4 10 0.06
1015021 336578 6753348 Old RAB HOLE RCGC018 from Golden Chimney. 0-4m -0.5 11.8 6 0.04
1015022 336578 6753348 Old RAB HOLE RCGC018 from Golden Chimney. 0-4m -0.5 9.4 10 0.02
1015023 337563 6753088 Goethite rich andquartz veiningin softyellow felsic schist. 7.5 30 39 4.38
1015024 337505 6753177 Quartz rich ironstones surroundingshaft mullock dump. 7700 49.8 30 1.58
1015025 337505 6753177 Ferruginous vein in felsic volcanic saprolite,mullock dump. 30500 32.8 53 15.2
1015026 336585 6753340 Old RAB HOLE RCGC019 from Golden Chimney. 0-4m 14.5 145 44 0.46
1015027 336585 6753340 Old RAB HOLE RCGC019 from Golden Chimney. 4-8m 31.5 248 63 0.48
1015028 336585 6753340 Old RAB HOLE RCGC019 from Golden Chimney.8-12m 10.5 529 51 0.5
1015029 336585 6753340 Old RAB HOLE RCGC019 from Golden Chimney. 12-16m 9.5 68 24 0.16
1015030 336585 6753340 Old RAB HOLE RCGC019 from Golden Chimney. 16-18m,EOH 93.5 93.4 38 0.46
1015031 336594 6753328 Old RAB HOLE RCGC020 from Golden Chimney. 0-4m 13.5 563 138 1.72
1015032 336594 6753328 Old RAB HOLE RCGC020 from Golden Chimney. 4-8m 7 112 160 1.22
1015033 336594 6753328 Old RAB HOLE RCGC020 from Golden Chimney. 8-12m 4 143 320 0.76
1015034 336594 6753328 Old RAB HOLE RCGC020 from Golden Chimney.12-16,EOH 5.5 122 371 0.7
1015035 336609 6753310 Old RAB HOLE RCGC021 from Golden Chimney. 0-5m 12 46 58 0.64
1015036 336609 6753310 Old RAB HOLE RCGC020 from Golden Chimney. 5-9,EOH 4 34.8 96 0.3
1015037 336600 6753310 Old RAB HOLE RCGC022 from Golden Chimney. 0-4m 4 37.2 47 0.66
1015038 336609 6753310 Old RAB HOLE RCGC022 from Golden Chimney.4-8m 1.5 20.4 52 0.08
1015039 336609 6753310 Old RAB HOLE RCGC022 from Golden Chimney. 8-12m 2 12.8 58 0.36
1015040 336609 6753310 Old RAB HOLE RCGC022 from Golden Chimney.12-16,EOH 15 14.2 123 0.28
1015041 336610 6753300 Old RAB HOLE RCGC023 from Golden Chimney. 0-4m 3.5 7.2 43 0.3
1015042 336610 6753300 Old RAB HOLE RCGC023 from Golden Chimney. 4-8m 1.5 3.2 42 0.2
1015043 336610 6753300 Old RAB HOLE RCGC023 from Golden Chimney.8-12m 1.5 4.8 99 0.2
1015044 336610 6753300 Old RAB HOLE RCGC023 from Golden Chimney. 12-17m,EOH 1.5 4.8 226 0.36
1015045 336625 6753290 Old RAB HOLE RCGC024 from Golden Chimney. 0-5m 3.5 11.6 23 0.18
1015046 336625 6753290 Old RAB HOLE RCGC023 from Golden Chimney.5-9m 1.5 2.6 16 0.16
1015047 336625 6753290 Old RAB HOLE RCGC023 from Golden Chimney.9-13m 1.5 2.6 36 0.1
1015048 336625 6753290 Old RAB HOLE RCGC023 from Golden Chimney.13-16m,EOH 15 1.8 46 0.18
1015057 336552 6753350 Old RAB HOLE RCGC017 from Golden Chimney. 0-4m 5.5 158 41 0.28
1015058 336552 6753350 Old RAB HOLE RCGC017 from Golden Chimney. 4-8m 1.5 68.2 22 0.24
1015059 336552 6753350 Old RAB HOLE RCGC017 from Golden Chimney.8-12m 3 91.8 22 0.22
1015060 336552 6753350 Old RAB HOLE RCGC017 from Golden Chimney. 12-17m,EOH 2 17.2 23 0.14

Page | 9

JORC Code, 2012 Edition – Table 1 report

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
Sampling Nature and quality of sampling (eg cut Soil samples were collected by auger drilling. Sample
techniques channels, random chips, or specific depths for each hole drilled are provided in Appendix
specialised industry standard 1. Samples were collected at the bottom of each hole
measurement tools appropriate to the and sieved to - 240 µ (-60 mesh) and weighed
minerals under investigation, such as between 200 – 250 grams and placed into paper
down hole gamma sondes, or handheld MINSAM bags.
XRF instruments, etc). These examples
10% Hydrochloric acid was used to check for
should not be taken as limiting the carbonate within the soil profile. If significant
broad meaning of sampling. carbonate was seen during drilling it was the
Include reference to measures taken to preferred sample depth from which the sample was
ensure sample representivity and the collected instead of the bottom of hole. Most holes
appropriate calibration of any had some degree of carbonate present. Appendix 1
measurement tools or systems used. illustrates carbonate reaction in each sample.
Aspects of the determination of Rock chip samples were collected at various outcrops
mineralisation that are Material to the and from the mulloch of old diggings. Using a hand-
Public Report. held pick, rock chips were taken weighing approx.
In cases where ‘industry standard’ work 500-800 grams. These samples were placed into a
has been done this would be relatively calico bag. 60 samples were collected. Sample
simple (eg ‘reverse circulation drilling locations are provided in Appendix 2.
was used to obtain 1 m samples from The samples are considered to effectively represent
which 3 kg was pulverised to produce a the soil and rock at the point of collection. Sampling
30 g charge for fire assay’). In other included Shree Minerals’ standard QAQC procedures
cases more explanation may be including the insertion of standards and duplicate
required, such as where there is coarse samples, at the rate of 1 standard (or duplicate) for
gold that has inherent sampling every 25 unknown samples, into the total sample
problems. Unusual commodities or batch that was submitted to the assay laboratory.
mineralisation types (eg submarine All samples were delivered to Bureau Veritas (BV)
nodules) may warrant disclosure of Laboratory in Kalgoorlie for preparation and assay.
detailed information. All Samples were pulverized to 85% passing 75 µ.
Analysis details: Au and As (0.5 ppb detection limit)
determined by aqua regia digestion and ICP-MS (BV
Method AR005). Additional elements (Co, Cu, Pb, Zn,
Li, Ni, Rb, Mo, Ti, Sn) determined by aqua regia
digestion and ICP-MS(BV Method AR102).
Drilling Drill type (eg core, reverse circulation, Auger drilling was performed by Gyro Drilling P/L of
techniques open-hole hammer, rotary air blast, Kalgoorlie using a 3.5-inch diameter auger bit with 1.5
auger, Bangka, sonic, etc) and details m length auger rods. Drilling required a two-man
(eg core diameter, triple or standard operation of the auger mounted rig on the back of a
tube, depth of diamond tails, face- Toyota Landcruiser 4WD vehicle. All holes drilled
sampling bit or other type, whether core vertically. Figure 2 of this announcement illustrates
is oriented and if so, by what method, the auger rig in action.
_etc). _
Drill sample
Method of recording and assessing Sample recovery was assessed visually via the
recovery core and chip sample recoveries and sample size collected into the paper MINSAM bags.
results assessed. Recovery was usually 80-90% but was lower (50%) in
Measures taken to maximise sample rare near surface samples. All samples after sieving
recovery and ensure representative weighed between 200-250 grams.
nature of the samples.
Whether a relationship exists between
sample recovery and grade and
whether sample bias may have
occurred due to preferential loss/gain of
fine/coarse material.
Logging Whether core and chip samples have Geological logging of soils was undertaken. Sample
been geologically and geotechnically number, soil colour, carbonate content, depth, GPS
logged to a level of detail to support location was recorded. No geotechnical logging was
appropriate Mineral Resource required as the program is early stage exploration.
estimation, mining studies and Geological loggingwasqualitative at 0.25m intervals

Page | 10

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
metallurgical studies. and was recorded at the sample depth. The recording
Whether logging is qualitative or was done at a level commensurate with the early
quantitative in nature. Core (or costean, stage of exploration.
channel, etc) photography.
The total length and percentage of the
_relevant intersections logged. _
Sub- If core, whether cut or sawn and N/A
sampling whether quarter, half or all core taken. Dry soil samples were collected at the drill collar.
techniques
and sample
preparation
If non-core, whether riffled, tube
sampled, rotary split, etc and whether
sampled wet or dry.
All soil and rock samples were delivered to Bureau
Veritas (BV) Laboratory in Kalgoorlie for preparation
and assay. Samples were pulverized to 85% passing
For all sample types, the nature, quality 75 µ.
and appropriateness of the sample The samples are considered to effectively represent
preparation technique. the soil and rock at the point of collection. Sampling
Quality control procedures adopted for included Shree Minerals’ standard QAQC procedures
all sub-sampling stages to maximise including the insertion of standards and duplicate
representivity of samples. samples, at the rate of 1 standard (or duplicate) for
Measures taken to ensure that the every 25 unknown samples, into the total sample
sampling is representative of the in situ batch that was submitted to the assay laboratory.
material collected, including for instance
Auger Samples were collected at the bottom of each
results for field duplicate/second-half hole or a carbonate horizon and sieved to - 240 µ (-
sampling. 60 mesh) and weighed between 200 – 250 grams.
Whether sample sizes are appropriate Sieving was undertaken to enhance the geochemical
to the grain size of the material being anomaly to background ratio.
_sampled. _
Quality of The nature, quality and appropriateness
All auger and rock samples were delivered to a
assay data of the assaying and laboratory reputable assay laboratory (Bureau Veritas (BV))
and procedures used and whether the Laboratory in Kalgoorlie. Analysis details: Au and As
laboratory technique is considered partial or total. (0.5 ppb detection limit) determined by aqua regia
tests For geophysical tools, spectrometers, digestion and ICP-MS read-out (BV Method AR005).
handheld XRF instruments, etc, the Additional elements (Co, Cu, Pb, Zn, Li, Ni, Rb, W)
parameters used in determining the determined by aqua regia digestion and ICP-MS
analysis including instrument make and read-out (BV Method AR102).
model, reading times, calibrations Aqua Regia digestion of oxidized soil and rock
factors applied and their derivation, etc. samples (in which these shallow soils are very
Nature of quality control procedures oxidized) is considered a total digestion of the
adopted (eg standards, blanks, sample.
duplicates, external laboratory checks) N/A
and whether acceptable levels of Sampling included Shree Minerals’ standard QAQC
accuracy (ie lack of bias) and precision procedures. Checks were also provided by Gyro
have been established. Drilling including the insertion of appropriate
standards and duplicate samples, at the rate of 1
standard (or duplicate) for every 25 unknown
samples, into the total sample batch that was
submitted to the assaylaboratory.
Verification The verification of significant Analysis of the accuracy of the above QAQC
of sampling intersections by either independent or procedures is within acceptable limits.
and alternative company personnel. N/A
assaying The use of twinned holes. Sample data was recorded by hand and then
Documentation of primary data, data transferred to a standard Excel spreadsheet on a
entry procedures, data verification, data laptop computer in the field. This file was then
storage (physical and electronic) provided to a Shree Minerals database administrator
protocols. in Perth. Assay files were emailed from BV labs to a
Discuss any adjustment to assay data. Shree Minerals database administrator.
No assaydata was adjusted.
Location of Accuracy and quality of surveys used to
All auger holes and rock chip coordinates were
data points locate drill holes (collar and down-hole located by a handheld GPS, which are considered
surveys), trenches, mine workings and accurate to +/- 5m in the Northing and Easting.
other locations used in Mineral Auger and rock chip sample locations are in
Resource estimation. Appendices 1 & 2 respectively.
Specification of the grid system used. The grid system used is MGA94 Zone 51 (GDA94).
Quality and adequacy of topographic Topographic control is maintained using topographic
control. maps.
Data Data spacing for reporting of Auger holes were drilled on lines with 50m spacing
spacing and Exploration Results. between holes and along lines 100m apart. As
distribution Whether the data spacing and creeks, trees and large rocks were often encountered
distribution is sufficient to establish the along lines, auger holes may be misplaced by up to
5m.

Page | 11

Criteria JORC Code explanation JORC Code explanation Commentary Commentary
degree of geological and grade N/A as no resource estimate is made.
continuity appropriate for the Mineral No sample compositing has been applied for such
Resource and Ore Reserve estimation shallow holes where only one sample was collected.
procedure(s) and classifications
applied.
Whether sample compositing has been
_applied. _
Orientation Whether the orientation of sampling All auger holes were drilled vertically and did not
of data in achieves unbiased sampling of possible reach depths to allow rock structures to be seen.
relation to structures and the extent to which this N/A
geological is known, considering the deposit type.
structure If the relationship between the drilling
orientation and the orientation of key
mineralised structures is considered to
have introduced a sampling bias, this
should be assessed and reported if
material.
Sample The measures taken to ensure sample Auger samples were placed into paper MINSAM bags
security security. measuring 10 cm x 5 cm. They were then placed into
larger polyweave bags which were sealed with cable
ties before transport by Gyro Drilling to the BV lab in
Kalgoorlie. A sample submission outlining assay
instructions were provided to BV by a Shree
geologist.
BV maintains the chain of custody once the samples
are received at the laboratory, with a full audit trail
availablevia theBV website.
Audits or The results of any audits or reviews of At this stage of exploration, no external audit or
reviews sampling techniques and data. review has been undertaken.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code explanation JORC Code explanation Commentary
Mineral tenement Type, reference name/number, Augur holes were all completed within the granted E40/378
and land tenure location and ownership which is 100% owned by Shree Minerals. Shree Minerals
status including agreements or
material issues with third
parties such as joint ventures,
partnerships, overriding
royalties, native title interests,
exercised its option to acquire E40/378 on the 7 March 2019
from Carmichael Prospecting Company Pty Limited.
Landownership is leasehold with the tenement located within
the Melita Pastoral property.
historical sites, wilderness or Shree has signed a standard Indigenous Land Use Agreement
national park and (ILUA) covering E40/378.
environmental settings.
The security of the tenure held
at the time of reporting along
with any known impediments to
obtaining a licence to operate in
Ground activity and security of tenure are governed by the WA
Dept. Mines, Industry Regulation and Safety (DMIRS) via the
Mining Act 1978. Shree Minerals is unaware of any
impediments to exploration on this license.
the area.
Exploration done Acknowledgment and appraisal Most of the historical work within the project was undertaken during
by other parties of exploration by other parties. the period from 1993 to 2001. This work included:
Detailed soil and rock sampling by Money Mining at the Golden
Chimney and Golden Chimney West prospects in 1993. This
work resulted in the discovery of the Golden Chimney prospect
where rock chip assays up to 207 g/t Au and a robust soil
anomaly measuring 100m x 150m in area was identified.
Regional soil sampling and 102 stream sediment samples by
Aberfoyle in 1995 identified the Golden Chimney West prospect.
28 RC holes for 1,092m within the Golden Chimney prospect
were drilled by Money Mining and Aberfoyle between 1993 and
1996. This drilling intersected broad zones of low-grade gold
mineralisation including26m @ 0.36g/t Au in RCGC014 from

Page | 12

Criteria JORC Code explanation JORC Code explanation Commentary
6m, 15m @ 0.46 g/t Au in RCGC07 from 12m and 5m @ 0.47
g/t Au in RCGC011 from 102m.
In a large regional program Barminco collected 370 BLEG
samples in the northern third of the area now covered by
E40/378 in 1998. Low order anomalies (5 ppb Au) were
generated.
Given the highly residual regolith in the project area, the
sampling programs are considered meaningful, but sample line
spacing (500m) is considered too coarse to identify the
mineralised haloes typical of some existing gold deposits seen
intheLeonora area.
Geology Deposit type, geological setting E40/378 is located 40km south of Leonora (Figure 1) within the
and style of mineralisation. Leonora Gold field. The world class deposit known as the Sons
of Gwalia Gold mine occurs within this geological terrain (1.9
Moz Au in reserve at a grade of 7.5 g/t Au and past production
of 4 Moz Au).
The project geology is dominated by greenstones that
comprise a bimodal volcanic rock association, exhibiting an
interfingering sequence of felsic and mafic lavas. Several
dolerite sills and dykes are magnetite bearing and form
prominent aeromagnetic high linears in aeromagnetic images
(for example see Figure 3).
Mafic rocks, mainly dolerites, are the most common host rocks
to mineralisation in the Leonora area and in many deposits
including Golden Chimney, the mafic rocks appear to be Fe
rich and occurring within fractionated zones that become
gabbroic, containing more feldspar and quartz.
Drilling by Money Mining at the Golden Chimney prospect in
1993 encountered a mineralised structure passing through a
felsic quartz hornblende fractionated gabbroic intrusive. The
structure contains common coarse crystalline arsenopyrite.
Other sulphide minerals include pyrite and chalcopyrite.
Drill hole A summary of all information Details of the infill auger collars, depths of each hole are
Information material to the understanding of provided in Appendix 1 and illustrated in Figure 2.
the exploration results including
a tabulation of the following
information for all Material drill
holes:
o easting and northing of the
drill hole collar
o elevation or RL (Reduced
Level – elevation above sea
level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and
interception depth
o hole length.
If the exclusion of this
information is justified on the
basis that the information is not
Material and this exclusion
does not detract from the
understanding of the report, the
Competent Person should
clearly explain why this is the
case.
Data aggregation In reporting Exploration Results,
N/A
methods weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high grades)
and cut-off grades are usually Material
and should be stated.
Where aggregate intercepts
incorporate short lengths of high grade
results and longer lengths of low grade
results, the procedure used for such
aggregation should be stated and

Page | 13

Criteria JORC Code explanation JORC Code explanation Commentary
some typical examples of such
aggregations should be shown in
detail.
The assumptions used for any
reporting of metal equivalent values
_should be clearly stated. _
Relationship These relationships are particularly N/A
between important in the reporting of
mineralisation Exploration Results.
widths and If the geometry of the mineralisation
intercept lengths with respect to the drill hole angle is
known, its nature should be reported.
If it is not known and only the down
hole lengths are reported, there should
be a clear statement to this effect (eg
‘down hole length, true width not
_known’). _
Diagrams Appropriate maps and sections (with Refer to the diagrams in this announcement for relevant
scales) and tabulations of intercepts plans including a tabulation of auger hole collars in
should be included for any significant Appendix 1 and recently collected rock chip samples in
discovery being reported These should Appendix 2.
include, but not be limited to a plan
view of drill hole collar locations and
_appropriate sectional views. _
Balanced Where comprehensive reporting of all Comprehensive and unbiased reporting of the
reporting Exploration Results is not practicable, exploration results has been provided in this
representative reporting of both low announcement.
and high grades and/or widths should
be practiced to avoid misleading
reporting of Exploration Results.
Other substantive
Other exploration data, if meaningful Due to the early stage of exploration, no other
exploration data and material, should be reported substantive exploration data has been completed.
including (but not limited to): geological
observations; geophysical survey
results; geochemical survey results;
bulk samples – size and method of
treatment; metallurgical test results;
bulk density, groundwater,
geotechnical and rock characteristics;
potential deleterious or contaminating
substances.
Further work The nature and scale of planned Further work is detailed in the body of the report but
further work (eg tests for lateral includes, if warranted, RC drilling of anomalous soil and
extensions or depth extensions or rock chip geochemistry.
large-scale step-out drilling).
Diagrams clearly highlighting the areas
of possible extensions, including the
main geological interpretations and
future drilling areas, provided this
information is not commercially
sensitive.

Page | 14