St George Mining (ASX:SGQ) continues to expedite exploration programs across its portfolio, and has now commenced maiden drilling at the Atlas gold prospect today.
Atlas has not been drilled previously, and is positioned within the company's wholly-owned East Laverton Project in Western Australia.
Investors like the St George gold and nickel exploration strategy, with shares in the company trading over 50% higher than the start of 2016, based on the most recent $0.105 share price.
John Prineas, executive chairman, commented:
“The major gold discoveries in our region are an illustration of the gold potential in this part of the North Eastern Goldfields.
"Our exploration so far is very encouraging with strongly anomalous gold encountered in drilling and by soil surveys.
“Our targets have never been systematically explored for gold – until now. Our drill programs have an opportunity to deliver a major discovery.”
Discoveries made in the region include Tropicana (+8MozAu) and Gruyere (+5MozAu).
Drilling details
There is the potential for a multi-million ounce gold discovery at East Laverton, as highlighted by previous discoveries in the region.
The prominent soil anomaly at Atlas has a strike length of 5,000 metres and a geochemical signature (Au-Mo-As) which is typical of major gold deposits in the North Eastern Goldfields.
Importantly, the soil anomaly straddles the interpreted contact between the greenstones and the sediments.
Cambridge North
St George has also added the Cambridge North gold target to the current gold-focussed drill program.
Cambridge North joins the Ascalon, Bristol and DDD010 targets as priority gold targets for the company during 2016.
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