St George Mining's (ASX:SGQ) hi-impact drilling program is closing in on the centre of a VMS-style base metal system at the wholly-owned East Laverton Property in Western Australia.
Provisional spot XRF values of up to 6.5% copper associated with quartz vein hosted sulphides.
Hole DDRDD0007 has now been completed to depth of 490 metres, and encountered multiple thick sequences of ultramafic and mafic units.
The hole intersected ultramafic sequences from:
- 180 metres to 223 metres;
- 224 metres to 259 metres;
- 321 metres to 341 metres;
- 371 metres to 435 metres;
- 441 metres to 452 metres; and
- 458 metres to 461 metres.
St George said there were multiple metal and sulphur rich zones in mafic and sediment units with several occurrences of chalcopyrite visible in the drill core.
Interim results indicate that DDRDD0007 has intersected a more central position of the VMS-style base metal system at Desert Dragon Central, which is consistent with the company's geological model.
John Prineas, executive chairman, commented:
“The widespread chalcopyrite and higher spot copper values encountered in DDRDD0007 indicate that we are moving closer to the centre of a VMS-style base metal system.
“This is an excellent result and adds to the growing evidence of a significant metal-rich horizon at Desert Dragon Central that is prospective for massive sulphide mineralisation.
“The two new targets at Desert Dragon Central are very robust and compelling drill targets with a number of very favourable co-incident features.
“Each of the three remaining drill targets – at Dragon 5, Dragon 13 and the very powerful EM conductor at Dragon 9 – have the potential to deliver a major discovery.”
New high priority targets for drilling
Two new priority drill targets have been generated by ongoing analysis of exploration data – ‘Dragon 5’ and ‘Dragon 13’, which are ready for immediate drill testing.
Drilling of hole DDRDD0002 is underway at ‘Dragon 13’, and will test a large gravity anomaly co-incident with an EM conductor and adjacent to prominent base metal geochemical anomalism in previous drilling.
Dragon 13 is situated in a major regional fold of the ultramafic belt, which is a favourable structural setting for the concentration of massive sulphide mineralisation.
Analysis
Assays are highly anticipated from St George's hi-impact drilling program.
Adding to the potential, in the latest drilling visible chalcopyrite was observed in both the mafic units intercalated with the ultramafic horizons and within the overlying sedimentary rocks.
The copper values from the spot XRF analysis were up to 6.5% copper, which was identified within quartz veins in sediments at a 117 metre down the hole.
Assays from the lab will flow through in coming weeks.
The company had $1.6 million in cash at the end of June 2015.
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