Shree Minerals Limited (ASX:SHH) has entered into an option to acquire the Golden Chimney Project from Carmicheael Prospecting Limited on October 4, 2018, through a share based payment of 9 million ordinary shares.
Following the grant of the license, Shree Minerals has started preparations to immediately begin exploration activities to determine the prospectivity for minerals, in particular gold.
In position to execute “clear exploration strategy”
Shree Minerals executive director Sanjay Loyalka said: “We have been eager to commence exploration activities on the Golden Chimney Gold Project.
“The project has now received formal granting and the company is in a position to execute a clear exploration strategy to determine the prospectivity of these prospective gold assets.
“WA gold has been a strong sector and the Leonora province has re-emerged as a historic gold region and we look forward to updating shareholders on the progress in WA while we also continue to advance the Nelson Bay Iron Project in Tasmania.”
The company has already started preparations to immediately start exploration activities to determine the prospectivity of the project.
Initial steps prior to applying for relevant permitting and the beginning of drilling will focus on but is not limited to:
A more detailed review of historic reports and data mining;
The registering and digitising of remaining historic results from scanned reports;
Reviewing and tabulating mineral occurrences and alteration within the Melita complex and Niagara Igneous Formation; and
Collecting rock specimen samples from key geological units across prospects and historic mines.