St George Mining Ltd’s (ASX:SGQ) shares are trading about 9% higher intra-day at $0.18 after intersecting further nickel-copper sulphide mineralisation at the Mt Alexander Project in Western Australia.
The company’s drill hole returned 10.9 metres of nickel-copper sulphide mineralisation commencing from 56 metres downhole at the Stricklands prospect.
This included a 2.72-metre zone of massive and semi-massive nickel-copper sulphides with average XRF readings of 5% nickel and 1.5% copper (assays are awaited).
READ: St George Mining resumes drilling nickel-copper sulphide targets at Mt Alexander
St George executive chairman John Prineas said: “We are pleased to see that step-out drilling at Stricklands continues to intersect nickel-copper sulphides along the interpreted extension of the thick ultramafic that also hosts the outstanding intersection in MAD71.
“With additional drilling underway along strike from these thick intersections of sulphide mineralisation, there is an excellent opportunity to further extend the known mineralisation at Stricklands.”
READ: St George Mining completes capital raising as it embarks on Mt Alexander drill program
St George recently completed a private placement of shares to raise $4 million, paving the way for follow-up exploration after early-stage drilling success at the Mt Alexander Project.
The latest intersection of thick nickel-copper sulphides drilled 100 metres to the north-east of an earlier outstanding intersection supports the potential for further significant mineralisation within this ultramafic.
Significantly, the mineralised ultramafic at Stricklands may extend up to 400 metres along strike with an east-northeast orientation.
READ: St George Mining intersects thick nickel-copper sulphides in first hole of new program
Another six drill holes are planned at Stricklands in the current program, following which downhole electromagnetic (DHEM) surveys will be carried out in the completed drill holes.
While the DHEM surveys are being carried out, the drill rig will mobilise to the Investigators Prospect to complete five planned drill holes to test targets that include deep electromagnetic conductors.