St George Mining retains SPEC BUY recommendation from Argonaut after significant discovery
The discovery at the newly named Radar bodes well for future discoveries at the Bullets, Fish Hook and West End prospects.
Company
ASX:SGQ
St George Mining Ltd is focused on developing critical minerals projects in Brazil and Western Australia. In Brazil, the company has entered into a binding agreement to acquire the high-grade niobium-REE Araxa Project in Minas Gerais. In Western Australia, St George is progressing a portfolio of quality exploration and development projects that are focused on critical metals for the clean energy future.
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The discovery at the newly named Radar bodes well for future discoveries at the Bullets, Fish Hook and West End prospects.
The Radar Prospect area is concealed by 10 metres of sand cover, highlighting the effectiveness of electromagnetic techniques in detecting sulphide mineralisation in the Cathedrals Belt.
The company’s securities will remain in trading halt until Tuesday, September 3, or when an announcement is made to market.
Early drilling success supports the potential to increase the volume of high-grade mineralisation at Mt Alexander, with several EM conductors lined up for drilling.
The first target is an EM conductor at Investigators prospect with modelled conductivity of 82,000 siemens.
A diamond drill rig has arrived at Mt Alexander and drilling of a large number of electromagnetic conductors will start this week.
New funding secured through an institutional‐led placement endorses the quality of the Mt Alexander Project.
The Mt Alexander project is 120 kilometres SSW of the Agnew-Wiluna belt, which hosts numerous world-class deposits.
Assays of soil samples from the Fish Hook Prospect have returned highly anomalous values for nickel, copper and platinum group elements.
The next drilling program will start at Mt Alexander on July 22, 2019 with about 6,000 metres planned and additional metres likely to be added as further targets are prioritised for drilling.
Funding will go towards drilling high-grade targets as well as electromagnetic anomalies across the Mt Alexander Project.
The company has received strong placement support from existing shareholders and new investors.
The company’s securities will be placed in trading halt until the beginning of trade on Thursday June 20 or when an announcement is made.
The Mt Alexander Project is 120 kilometres south-southwest of the Agnew Wiluna belt which hosts world-class nickel deposits.
The company will commence an extensive drill program once the program of works is approved.
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Fairbridge drilling was designed to serve as a platform for DHEM surveys to investigate potential for conductive sulphide mineralisation below nickel-copper gossans.
The company is managing the Goldfields project in a joint venture with Western Areas.
The first ever drilling at Fairbridge is scheduled to commence next week.
The company’s West End and Fairbridge prospects will be targeted for continuations of the high-grade nickel-copper mineralisation.