Highlights
- Shree Minerals has lodged tenement applications in Laverton Province, the second-highest endowed gold district in Western Australia behind Kalgoorlie.
- The company plans to pursue opportunities in gold, nickel, and rare earth elements in the highly endowed region.
- The Laverton Province, which contains nearly 30 million ounces of gold, hosts several important gold and nickel deposits.
- The company expects the tenements to be granted in 2023.
Shree Minerals Ltd (ASX:SHH) shares traded 7.142% stronger at AU$0.007 apiece on 1 November 2022. The surge in the stock price was seen after the ASX-listed company announced an update on highly prospective tenement applications within the Laverton Province of Western Australia.
The company expects to tap opportunities for gold, nickel, and rare earth elements (REEs) in the region.
With nearly 30 million ounces of gold, the Laverton Province is the second-highest endowed gold district in Western Australia. Also, the Laverton gold district is the highest-growth gold district in Australia over the last 25 years.
There are numerous significant gold and nickel deposits in the region, such as Wallaby (> 8Moz), Sunrise Dam (>10Moz), Granny Smith (>2Moz, closed) and Lancefield (>2Moz, closed), Windara Nickel (combined 85K tonnes nickel sulphide).
Lynas Rare Earth operates the Mt Weld Carbonatite REE complex, only 2kms south of Shree’s exploration licence application E38/3697.
Shree eyes tenements in highly endowed Laverton district
Overall, the company has secured a 100% interest in seven tenement applications covering an area of 6,600 hectares in the Laverton district.
The landmark business development activity falls in line with the company’s strategy of building a portfolio of quality assets and enhancing them through use of advance exploration techniques, mine development and process of continuous evaluation and prioritisation of its project portfolio.
Within the tenements, Shree has identified a series of very prospective under-cover gold and nickel mineralisation drill targets, which have been generated using an integrated approach after detailed interpretation of aeromagnetic and gravity images, historical exploration drilling programs and the mineralisation models developed from other gold deposits.
Image source: SHH update
The company is actively pursuing the process to enable grant of the tenements which include negotiation of access agreements with concerned parties, heritage agreements with regional native title parties, etc.
The company expects the tenements to be granted in 2023.
Meanwhile, desktop studies will get underway to firm up exploration plans.