St George Mining Ltd's (ASX:SGQ) Mt Alexander Project in Western Australia is becoming a hot spot as drilling at two EM conductors have returned further nickel-copper sulphide mineralisation.
This follows last months discovery of massive nickel-copper sulphides at a shallow depth of 30 metres below the surface.
It is no surprise that St George shares have been a hot ticket lately, surging from $0.088 in March to $0.23.
Drill holes MAD17 and MAD19 were completed by St George to test two separate downhole EM conductors located in the northern section of the Cathedrals Prospect below the Cathedrals ultramafic.
Both holes intersected nickel‐copper sulphide mineralisation where the EM conductors were modelled.
MAD17 intersected 6.5 metres of ultramafic‐hosted sulphide mineralisation from 164.5 metres which comprises:
- 4.5 metres of moderate increasing to strong disseminated sulphides (averages 0.65% nickel, 0.4% copper) with some interstitial stringer sulphides (the average was 2.1% nickel, 1% copper).
While the 2 metre interval averaged 4.3% nickel and 3.2% copper.
The results were based on XRF machine readings only and the nickel and copper content of the sulphide mineralisation will be confirmed when laboratory assays are available.
Promisingly, a total of four downhole EM conductors at Cathedrals have been tested in the current diamond drill program to date, with all four confirmed as nickel‐copper sulphide mineralisation.
This success rate provides encouragement to drill further EM conductors in prospective geological positions within the Cathedrals shear zone.
Further upside at Stricklands?
Drilling of MAD20 has commenced at the Stricklands Prospect, which has not been drilled before and it has six EM conductors which are planned for testing in this programme, which is 1 kilometres west‐southwest of the Cathedrals Prospect.
These EM conductors were identified by a fixed loop electromagnetic (FLEM) survey completed by BHP Billiton in 2010. They have similar geophysical responses to the massive nickel‐copper sulphide EM conductors drilled at the Cathedrals Prospect, and are also co‐incident with magnetic anomalies in the Cathedrals shear zone.
John Prineas, executive chairman, commented:
“Our drill program is continuing to deliver outstanding results with another two EM conductors confirmed as nickel‐copper sulphide mineralisation.
“Drilling has now commenced at the Stricklands Prospect where six previously untested EM conductors in prospective geological positions will be drilled.
“We have an excellent opportunity to make a discovery at Stricklands and the drilling results from these targets will be highly anticipated.”
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