Shree surges 14% following the return of promising assays

Published 04-JUL-2019 15:18 P.M.


2 minute read

Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.

In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.

The below articles were written under our previous business model. We have kept these articles online here for your reference.

Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.

Click Here to View Latest Articles

Shree Minerals Ltd (ASX:SHH) has received promising auger soil assays at its Golden Chimney project exploration licence E40/378.

The company’s completed auger exploration program consisted of 1072 shallow, vertical auger holes drilled on a 200 metre by 500 metre spaced grid.

Sampling has outlined and confirmed coherent gold and multi-element anomalism that enhances and extends historical gold soil geochemical anomalies.

These results featured gold anomalism in several auger holes with grades up to 74.5 ppb gold, supported by multi-element geochemistry.

Given that the results extend and upgrade known anomalies interpreted from widely spaced historical soil sampling surveys, it wasn’t surprising to see the company’s shares perform strongly on the back of this news.

Within an hour of the results being released, Shree’s shares were up more than 14%.

Highlighting the significance of these findings, Executive Director Sanjay Loyalka said, “We have entered an exciting period as the early indications from Golden Chimney highlight the fact that this project is mineralised and we move towards drilling these targets.

"Our gold and iron ore assets now represent two sectors that have been very strong in Australia and we look forward to updating shareholders as we add value to each of our key projects in the near term.”

Anomaly of more than 1.2 kilometres at Golden Chimney West

As a backdrop, the project occupies an area of about 65 square kilometres and is located in a region that hosts world-class gold deposits, being only 40 kilometres south of Leonora.

Golden Chimney West occupies an area of about 65 square kilometres and is located in a region that hosts world-class gold deposits.

One of these is the Sons of Gwalia Gold Mine which occurs within this geological terrain (1.9 million ounces in reserve at a grade of 7.5 g/t gold and past production of 4 million ounces).

Other significant and economic gold deposits include King of the Hills Mine (resources of 380,000 ounces), Tower Hill (resources of 625,000 ounces), and Kallis – Trump and Ulysses (760,000 ounces of gold in resources).

At Shree’s Golden Chimney West a coincident gold and multi-element anomaly stretches over 1200 metres in length.

Additionally, new and coincident gold and ardenite anomalies have also been identified.

As the drill bit starts turning in coming months, there is the potential for further share price momentum.

General Information Only

S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

Conflicts of Interest Notice

S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.

Publication Notice and Disclaimer

The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.

Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.

This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.


Discover Small Cap
Biotech Stocks

Join thousands of other Investors following our stock commentary for Free