Shree completed a review of the previous exploration at the Turondale Project and conducted an interpretation and target generation study.
The project covers 129.9 square kilometres and is 15 kilometres north of Bathurst, in a region that hosted Australia’s first gold rush during the 1850s.
The company has identified two priority target areas with the first covering possible extensions of historic workings at the Quartz Ridge and Box Ridge prospects held by Krakatoa Resources Ltd (ASX:KTA).
These prospects are typical gold-bearing quartz reefs of the Hill End Trough.
Gold mineralisation is hosted in north-south trending ‘pinch and swell’ quartz veins within folded volcanic and sediments.
The quartz veins have widths ranging from 0.3 metres to 3 metres and extend up to 2.4 kilometres along strike.
The second priority target area is near the historic alluvial and hard-rock workings at Cheshire Creek and Winburndale prospects, where highly encouraging geochemical results were reported by Nickel Mines Ltd (ASX:NIC).
Stream sediment samples returned highly anomalous assays of up to 2.5 g/t gold within several creeks draining radially from a hill 2 kilometres long and 1.5 kilometres wide.
Copper and lead values were also highly anomalous with values up to 3700 parts per million (ppm) copper and 980 ppm lead.
The source of the gold and base-metals is interpreted to be from the central hill that comprises a folded sequence of interbedded sediments and volcanic rock.
Planned work program
Shree intends to conduct a stream sediment sampling program over the northern portion of EL9017 to locate possible extensions of the Quartz Ridge and Box Ridge gold mineralised trends.
The sampling will also highlight any quartz reefs within the prospective north-south corridor that extends south on to EL9017.
Shree’s initial exploration will also consist of a stream-sediment sampling of the creeks draining radially from the hill at Cheshire Creek.
The company is negotiating land access with the various landowners for various parts of the exploration licence.
Exploration is underway on target areas that are within parts of the licence for which access has been granted.
Following stream sediment sampling, a grid-based soil sampling program along a geological mapping will be planned to identify the source of the mineralisation and generate targets for follow-up drilling.