St George Mining Ltd’s (ASX:SGQ) shares were trading about 8% higher intra-day after receiving further strong drilling results from the Mt Alexander Project in the Goldfields of Western Australia.
The latest drill hole (MAD108) successfully intersected massive sulphides at the Investigators prospect with assays returning:
• 8.4 metres at 2% nickel, 0.96% copper, 0.06% cobalt, 2.59 g/t total PGEs (platinum group elements) from 199 metres, including 1.37 metres at 6.83% nickel, 2.88% copper, 0.21% cobalt, 5.58 g/t total PGEs from 206.03 metres.
Schematic cross-section of drill holes
This is a very significant result because it extends the down plunge strike of previous high-grade intersections (MAD60 section).
St George Mining executive chairman John Prineas said: “Our geological model of Investigators indicates that the mineralised ultramafic unit dips to the north at an angle of 30 degrees with potential for additional and thicker mineralisation in the down dip direction.
“This has been confirmed by the results from MAD108, which was a 110m step-out from the high-grade intersection of MAD60. With high-grade mineralisation starting from just 25 to 30 metres from surface, this is a significant increase to the footprint of mineralisation at Investigators.”
READ: St George Mining drilling update confirms down plunge mineralisation
Drill hole MAD114 was also drilled from the same collar as MAD108 to test a proximal extension to the west of the MAD108 massive sulphides.
MAD114 intersected 13.03 metres of mineralisation with assays pending.
Further step-out drilling is underway on the MAD60 section, with MAD119 – a 150 metres step-out from MAD108 – currently being drilled to a downhole depth of 350 metres.
Further step-out drilling will be planned as ongoing drill results are reviewed.