St George Mining (ASX:SGQ) has capped off a very successful 2016 by outlining increased potential for nickel-copper sulphides at the Mt Alexander Project in
Western Australia.
The company last traded at $0.135, which is double the share price at the start of the year, and during the period has raised new capital through two placements and a share purchase plan.
St George is now valued at circa $34 million, compared to $10 million a year ago.
Mt Alexander
During the year St George acquired the Mt Alexander project on competitive terms, and has now identified further EM anomalies in the Cathedrals Belt by the fixed loop electromagnetic (FLEM) SAMSON survey.
The new anomalies include targets deeper than any previously explored by St George.
The next steps include infill EM surveys to be completed over several new anomalies to finalise modelling of the targets.
This will allow for a drill program planned for Quarter 1 2017 to test for massive nickel-copper sulphide mineralisation.
John Prineas, executive chairman, commented:
"The deep search EM survey at the Cathedrals Belt is picking up EM conductors that were not identified by previous EM surveys.
"This supports the decision to utilise the SAMSON EM technique and suggests that the nickel-copper sulphide mineralisation in the Belt is more extensive than previously interpreted.
"With a 100% success rate in testing EM conductors in this Belt, these new targets are an outstanding opportunity to discover more nickel‐copper sulphides.
"2017 is shaping up as an exciting year for St George and we are looking forward to commencing our drill program at Mt Alexander in the New Year."