St George Mining (ASX:SGQ) has completed a further four holes at the Windsor prospect, which is starting to look very promising. All holes intersected thick high MgO ultramafic with some intervals of elevated nickel.
Strategic investors like the unfolding St George story, highlighted by their support this week of a $1.6 million placement of 20 million shares at $0.08. St George last traded at $0.093.
The prospective high MgO ultramafic has been extended by 750 metres to the north and south of the DRAC38 discovery section and remains open in both directions, giving a total strike length of 1.5 kilometres.
John Prineas, executive chairman, commented:
“Exploration at Windsor is using systematic drilling and downhole EM concurrently to test for any massive nickel sulphides.
"The results so far are promising and continue to support the potential for a discovery here.
“At Desert Dragon, we will shortly commence drill testing well‐defined EM conductors in prospective geological positions.
"This drilling has the potential to deliver immediate exploration success.
“The most exciting phase of our drilling campaign is about to start.”
Windsor is part of the company's East Laverton Project in Western Australia.
Windsor drilling details
A further four drill holes have been completed at the Windsor prospect, bringing the total number of holes in this drilling campaign to ten for 3231 metres.
Two further drill holes are planned for Windsor, following which the drill rig will mobilise to the north to drill a range of nickel sulphide targets including the strong electromagnetic (EM) conductors at the Desert Dragon prospect.
Desert Dragon
The most northern target is the ‘North Dragon 1’ conductor at Desert Dragon North, and this will be the final target to be drilled in the current campaign.
St George said that this strong off-hole EM conductor was identified by a downhole EM (DHEM) survey on hole DDNDD0001 with advice from Newexco.
Newexco stated: "The off-hole late time anomaly and resulting model create a compelling target for further exploration and drill testing is recommended.”
Analysis
Key news flow in the near-term includes:
- Assays from Windsor will start in 2 weeks and follow for several weeks.
- Drilling of the powerful EM conductors at Desert Dragon to start in around 10 days.
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