St George Mining (ASX: SGQ) has completed its first phase of drilling in 2013 at the Cambridge Nickel Project located in East Laverton, following up on broad zones of nickel mineralisation encountered from the 2012 drilling program.
Results are still pending from the current program, which comprised 10 reverse circulation drillholes for a total of 2,295 metres, and was designed to build on the success of the 2012 drilling program by testing for nickel sulphide.
Previous highlights from Cambridge include; 160 metres at 0.25% nickel from 8 metres to 168 metres; and 150 metres at 0.22% nickel from surface to 150 metres.
The company has identified extensive areas of ultramafic rocks with anomalous nickel levels from the X-ray fluorescence (XRF) analysis.
Exploration results to date at Cambridge have refined the company's understanding of the large anomaly, which further supports the consistency between Cambridge and the disseminated nickel sulphides located along the Stella Range Belt.
Preliminary indications are that a deeper diamond drilling program focussed on the centre of the ultramafic body would be required as part of the next phase of drilling.
A comprehensive review of all this data will be undertaken once the assay results are received.
Gold potential
Two areas of potential gold mineralisation were also encountered ay Cambridge, which the assays to also be examined for gold.
Capital raising
Last month St George placement 5 million shares at $0.16 to sophisticated investors, which raised $0.8 million.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.