Shree Minerals : New Gold Mineralised Quartz Veins Discovered

ASX Announcement

15th Nov 2021 onlyASX Code SHH

ACN 130 618 683

useCOMPANY DIRECTORS

Sanjay Loyalka

Director and

Company Secretary

personalAmu Shah

Non-Executive

Director

Davide Bosio

Non-Executive

Director

Martin Bennett

Technical Director

CONTACT DETAILS

Principal &

Registered Office

Unit 38

For18 Stirling Highway

NEDLANDS WA 6009

www.shreeminerals.com

T [phone]

1. [e-mail]

SHREE MINERALS LTD

New Gold Mineralised Quartz Veins

Discovered at Arunta Project

• Quartz vein returns values up to 15.26 g/t Au
• Additional areas of quartz veins located and remain to be tested
• Desktop studies identify historic pegmatite workings not previously sampled for lithium and rare earths

Shree Minerals Ltd ("Shree" or the "Company") is pleased to announce the discovery of a new gold mineralised quartz vein and identification of historic pegmatite workings at the Bruce prospect that forms part of the Arunta Joint Venture in the Northern Territory.

Geological mapping and prospecting in the area surrounding the original quartz veins and historic workings at the Bruce prospect has located a new ferruginous and partially gossanous quartz vein approximately 700m to the south. The quartz vein is a shallow north dipping thrust and strikes east-west similar to other veins in the area. The vein is 1-2m wide and extends for ~600m and possibly linking with a previously discovered quartz vein further to the east giving a total strike length of 2.1km. Rock chip sampling of an exposed 300m section of the quartz vein returned values up to 7.24g/t Au, however, the sample results show a large range suggesting that the gold has an uneven distribution in the vein ('nuggety gold'). A selected sample of ferruginous quartz from a possible extension of the vein 1.4km to the east assayed 15.26g/t Au.

Figure 1: EL31225 Location plan with prospects and occurrences

SHREE MINERALS LIMITED | ACN 130 618 683

www.shreeminerals.com

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Figure 2. Mapped quartz veins at Bruce prospect showing rock chip sample results.

Figure 3: New ferruginous quartz vein located at the Bruce prospect

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An interpretation of satellite images has revealed additional areas of quartz veins located 6km to the southeast of the Bruce prospect. These veins have not been visited or sampled by Shree or previous exploration companies. Rock chip sampling and mapping will be conducted during the next site visit.

Desktop studies have revealed that EL31225 also contains groups of historic workings that were targeting coarse flake mica from pegmatite veins eg Whistleduck, Millers Mica and Arcadia Mica (Figure 1). The pegmatites have not been assayed for lithium or rare earth elements (REE) in the past but following the boom in battery metals and the recent increase in the lithium price a selection of the numerous old workings will be sampled and analysed for lithium group elements and REE.

Figure 4: Historic pegmatite workings

Next Steps

In June 2021, the Company was planning RC drilling at the Bruce prospect to test the mineralised quartz vein. Subsequently additional mineralised quartz veins were discovered during reconnaissance mapping. The results of these rock chips have now become available as detailed in this announcement. Drilling will be planned after completion of further rock chip sampling and mapping of additional areas of quartz veins & pegmatites identified. Land access agreements with affect landholders and an Aboriginal heritage survey are required prior to drilling, in addition to environmental approvals through the NT Department of Industry, Tourism and Trade. Shree has been working with various stakeholders to progress the approvals.

Background

The Bruce Gold Prospect is located ~300km by road from Alice Springs and has good access. The prospect is 13km north of the Plenty Highway which has been sealed to the Harts Range town site with upgrade of the unsealed road to the east in progress.

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The gossanous and ferruginous quartz veins at Bruce extend for over 1.5km in an east-west direction within a sequence of mica schist, calcsilicate and amphibolite that form part of the Irindinia Gniess. The veins are 1-2m thick and dip at a shallow angle to the north (~15 degrees) and are interpreted to be thrust faults. Previous sampling by the Northern Territory Geological Survey (NTGS) returned a highest grade of 53g/t Au1.

Competent Person Statement

The review of historical exploration activities and results contained in this report is based on information compiled by Martin Bennett, a Member of the Australian Institute of Geoscientists. He is a fulltime employee of Shree Minerals Ltd. He has sufficient experience which is relevant to the style of mineralisation and types of deposits under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).

Martin Bennett has consented to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person's findings are presented have not been materially modified from the original reports.

Where the Company refers to the Mineral Resources in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed.

About Shree Minerals Limited

Shree Minerals Limited is an Australian diversified mineral exploration and mine development company whose vision is to create shareholder value through the successful exploration of prospective gold, base metal and iron ore projects and the development of these projects into production.

References

1 Baxter, J. 2005: Olympia Resources Limited. Reconnaissance mapping and soil sampling at Bruce's

Copper prospect EL9851, Northern Territory. Unpublished NT Open File Report CR2005/275.

The release of this document has been authorised by Sanjay Loyalka, Director.

For personal use only

APPENDIX 1

Rock Chip Sample Results and Locations

Sample Nos.	Easting	Northing	Au	Au-Rp1	Ag	Cu	Pb	Zn	Sb	W
BRR019	564006	7473824	357		0.15	87	6.4	9	0.34	1
BRR020	564035	7473829	970		0.4	149	2.6	238	0.07	62.1
BRR021	564072	7473843	49		X	120	4.3	7	0.26	0.9
BRR022	564148	7473843	585		0.62	232	1	5	0.05	5.7
BRR023	564194	7473839	639		0.14	173	2.3	8	0.08	26
BRR024	564230	7473843	6		X	170	17.3	79	0.1	0.2
BRR025	564267	7473846	>2000	7.244	0.68	297	11.3	31	1.14	0.4
BRR026	564957	7473914	149		0.07	27	2	4	0.06	0.1
BRR027	563704	7473743	10		X	3	0.9	2	X	X
BRR028	563531	7473774	11		X	68	1.1	8	0.06	14.4
BRR029	565632	7473969	>2000	15.362	0.63	74	7.5	7	2.39	0.4
BRR030	564414	7474418	179		0.1	118	6.6	12	0.06	0.3
UNITS			ppb	ppm	ppm	ppm	ppm	ppm	ppm	ppm
DETECTION			1	0.005	0.05	1	0.5	1	0.05	0.1
METHOD			AR10/MS FA25/OE	AR10/MS AR10/MS AR10/MS AR10/MS AR10/MS AR10/MS