Shree Minerals : Exploration Prospectivity Highlighted for Lithium at Dundas

ASX Announcement

2/2/2022.

onlyASX Code SHH ACN 130 618 683

SHREE MINERALS LTD

Exploration studies highlight excellent prospectivity including for Lithium at Dundas Project.

• Dundas Project in the Albany Fraser Orogen (AFO) are interpreted to occur along strike of the well-endowed Boulder Lefroy Fault Zone and the Zuleika Shear.
• World class lithium in pegmatite deposits are spatially related to these mineralised structural corridors to the north of Shree's ELs.
• Pegmatites have been recorded from historical drill logs within
  Shree's tenure.

COMPANY DIRECTORS

useSanjay Loyalka

Director and Company

Secretary

Amu Shah

Non-Executive Director personalD vide Bosio

Non-Executive Director

CONTACT DETAILS

Principal & Registered

Office

Unit 38

18 Stirling Highway NEDLANDS WA 6009

www.shreeminerals.com

T [phone]

E: [e-mail]

For

• Magmatic mafic ultramafic intrusions of the Nova Bollinger type may have been discovered immediately to the south of Shree's tenure, again in these structural corridors. Several aeromagnetic anomalies within Shree's tenements resemble these intrusive bodies and have the potential to contain nickel sulphides.
• Historical drilling intersections up to 3 g/t Au remain open and the associated soil geochemistry suggests the mineralisation is much more extensive than indicated by drilling.
• Broad zones (30m) of highly anomalous base metal sulphides occur in Shree's Exploration Licence application.

Shree Minerals Ltd ("Shree" or the "Company") Executive Director, Sanjay Loyalka said "We are delighted with the outcomes of technical studies at the Dundas Project that have concluded the presence of gold mineralisation and the identification of numerous coarse grained pegmatite intersections from past explorers has significant implications for additional discoveries within our tenements.

Shree considers the Dundas tenements to be ideally located within a major regional structural corridor containing world class deposits of gold and lithium. Prospective mafic and ultramafic rocks and untested gold and base metal and silver drilling intersections and geochemical soil anomalies lay adjacent to major regional structures. Their location in an under explored region leads Shree to rate the exploration potential of the project as very high.

Liontown's world class Buldania Lithium Project is only 25 kms away. The structural setting at Buldania (adjacent to Zuelika Shear) resembles the same settings within Shree's tenements, highlighted by major regional structures, as suggested from aerial magnetic images".

SHREE MINERALS LIMITED | ACN 130 618 683

www.shreeminerals.com

Figure 1. Location of the Shree's Dundas Project. Background image is the Regional aeromagnetic image (First vertical derivative) of the Kalgoorlie - Norseman portion of the Archaean Yilgarn Block. Gold mines and deposits and gold and lithium occurrences⁸ are also shown.

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The Dundas Project consisting of two Exploration Licences (E63/2046 and E63/2048) and one Explore Licence Application (E63/2136) is situated within the inferred SE extensions of the mineralised Norseman - Wiluna Belt of the Archaean Yilgarn Craton and comprises a tectonostratigraphic assemblage of mafic, ultramafic and sedimentary dominated units. A major northwest trending fault system transects the tenements and may represent south-east extensions of the prolifically mineralised and regionally continuous Zuleika and Boulder-Lefroy Fault systems, illustrated in Figure 1. Gold mines and deposits and gold and lithium occurrences⁸ are also shown.

As summarised in Figure 2, several metallogenic models exist that can be structurally related to the two fault systems. These include lithium-tantalum bearing pegmatites, magmatic mafic ultramafic intrusions and stratabound sedimentary Ag Cu Pb Zn Au, in addition to the structurally controlled orogenic gold mineralisation already identified within Shree's tenure eg T4RC drill holes. Due to the widespread but thin, transported cover seen within the tenements, Shree's exploration strategy is built upon the geophysical and geochemical characteristics of these targets

1. Lithium occurrences within the Dundas Project.

Shree has compiled a geological database of the structural controls and lithological characteristics of lithium occurrences within the Dundas Goldfield. The largest is the Buldania Lithium Project, Figure 2. It contains a Mineral Resource of 14.9 Mt @ 0.97% Li2O and 44 ppm Ta2O5 and occurs in a greenstone belt within the Zuleika Shear. The shear is interpreted to continue through Shree's tenements.

Greenstone belts are commonly hosts to rare-element pegmatites because they are both products of collisional tectonic processes. Rare-element pegmatites form in orogenic hinterlands related to plate convergence⁹. The pegmatites are products of extreme fractional crystallization of some granites, derived from melting of metasedimentary rocks in continental collision zones¹°.

Within Shree's tenement areas, aeromagnetic images display linear features suggestive of Archaean greenstone stratigraphy - mafic, ultramafic or Banded Iron Formation rock types, illustrated in Figure 2 and 3. Pegmatitic intrusions are often associated with Archaean greenstone stratigraphy and their presence has been recorded in the historical drilling, illustrated in Figures 3, 4 and 5. Reconnaissance traverses of RAC and RC drilling by Pan Australian Exploration Pty Ltd (PanAust) in the 1990's intersected gold mineralisation associated with the remnant greenstone belts. Many of the holes drilled also intersected pegmatites but these were not the target of the exploration at the time and were not assayed for lithium or lithium pathfinder elements.

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Figure 2. Surrounding mineralisation of the Dundas Project. Gold mines and deposits and gold and lithium occurrences⁸ within the prolifically mineralised Boulder Lefroy Fault Zone and the Zuleika Shear are also shown. Background image is a combination of the regional gravity and the first vertical derivative of the aerial magnetics.

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Figure 3. Historical data summary of Shree's E63/2046 and E63/2048, showing pegmatite

occurrences recorded in historical drilling logs. Soil geochemical contours up to 5 kms in length

and anomalous drilling intersections are also shown. Underlying image is the regional

aeromagnetic image. The location of the BLFZ and the ZS is interpreted from the aeromagnetic

data.

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An interpretation of the historical RC and RAB drilling logs in two areas, is illustrated in figures 4 and 5. This drilling, undertaken in 2014, was not focussed upon the lithium potential of pegmatite, but pegmatite occurrences, nonetheless, were recorded. Several RC holes recorded anomalous gold geochemistry coincident with pegmatite intervals, illustrated in Figure 4. Their presence has very significant implications for the lithium potential of the region.

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