St George Mining Ltd (ASX:SGQ) has now commenced its highly anticipated diamond drilling program at the Mt Alexander Project in Western Australia.
The program will cover 1425 metres and test eleven targets for massive nickel-copper sulphide mineralisation.
The targets are untested EM conductors at the Cathedrals and Stricklands Prospects that coincide with magnetic anomalies.
The conductors being drilled have similar geophysical responses to the three EM conductors drilled in 2008 by BHP Billiton Nickel West, all of which intersected high grade nickel-copper sulphide mineralisation.
St George continues to attract investors, with shares in the company hitting a 12-month high intra-day today at $0.155.
The company recently completed a capital raising which included a $2.3 million placement. The Share Purchase Plan was five-times oversubscribed.
Vote of confidence from nickel expert
The project recently received a strong vote of confidence from Dr Martin Gole, a global nickel expert.
Dr Gole is the author and co-author of several landmark research papers on major deposits in the Yilgarn, including the giant Perseverance and Mt Keith nickel sulphide deposits in the world class Agnew-Wiluna belt.
St George’s technical team has already identified untested EM conductors in the Cathedrals Shear Zone which are outstanding targets for the discovery of further nickel‐copper sulphide mineralisation.
The latest findings by Dr Gole have highlighted the prospectivity of the underexplored Western Ultramafics in the Mt Alexander Greenstone belt.
John Prineas, executive chairman, St George Mining, commented:
“We have identified some outstanding targets for massive nickel-copper sulphides at Mt Alexander, and we are very pleased to have started drilling there.
“This program will provide the first ever test of the EM conductors at the Stricklands Prospect which we believe are highly prospective for the further discovery of massive nickel sulphides.
“We are very excited about the potential of these prospects and we look forward to reporting drill results soon.”
Mt Alexander
The Mt Alexander Project is located 120 kilometres south-southwest of the Agnew-Wiluna belt which hosts numerous world class nickel deposits.
The project comprises two granted exploration licences – E29/638 and E29/548.
The Cathedrals nickel-copper discovery and the Stricklands Prospect are located on E29/638, which is held in joint venture by Western Areas Limited (25%) and St George (75%).
St George is the Manager of the Project with Western Areas retaining a 25% non-contributing interest in the Project (in regard to E29/638 only) until there is a decision to mine.
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