St George Mining Ltd (ASX:SGQ) has entered a trading halt as the company undertakes a capital raising, strengthening the balance sheet as it commences exploration at Mt Alexander.
It is anticipated that the company will recommence trading no later than 12 March 2018.
The emerging Western Australian nickel group recently commenced a major diamond and reverse circulation drill program at its Mt Alexander Project near Leonora.
READ: St George Mining to resume drilling targeting nickel-copper at Mt Alexander
The exploration program involves 20 drill holes for 2,510 metres of drilling.
Further drilling will be undertaken as results are assessed.
Consequently, the capital raising is likely to assist St George in funding this extensive exploration campaign.
Focus on Stricklands prospect
The majority of the planned drill holes are at the Stricklands Prospect where a drill hole completed late last year returned the best intersection to date at the Mt Alexander Project.
This included 17.45 metres at 3.01% nickel, 1.31% copper and 0.13% cobalt.