Growth-focused Western Australian nickel company St George Mining Limited (St George) has released its 2021 Annual Report.
Writing in the report, executive chairman John Prineas said summarised an extremely busy and highly successful year for the company.
“The focus at our flagship high‐grade Mt Alexander Project, in Western Australia’s Goldfields region, was to test the deeper extensions of the host‐intrusive unit at the Cathedrals Belt.
“Breakthrough success came with MAD199, which delivered the deepest and western most occurrence of massive sulphides discovered to date – more than 11m of high‐grade mineralisation from 333.5m downhole.
“The significance of the discovery cannot be understated – it confirms that the large intrusive unit at the Cathedrals Belt is fertile for nickel‐copper sulphides at depth and demonstrates the excellent potential to discover further high‐grade mineralisation in other underexplored areas of the Cathedrals Belt.
“At the same time, we are progressing the scoping study on a starter mine based on the small but high‐grade and near‐surface Stricklands deposit.
“During the year we also launched the maiden drill programme for our Paterson Project, in the Paterson Province of Western Australia’s East Pilbara region. This region is one of Australia’s most exciting exploration frontiers and St George’s presence there complements our focus on high‐quality, high‐grade exploration opportunities.
“In line with St George’s focus on adding value for shareholders through high‐quality exploration, the Company has secured two exploration licences about 150km east of Perth in Western Australia’s Wheatbelt region. The tenure covers two unexplored belts that are interpreted to be splays off the mobile belt that hosts the Moora‐Julimar‐Yarawindah area where Chalice Mining and other explorers have recently made significant discoveries.
“The Company’s very positive results in 2021 were against the challenging background of the ongoing COVID‐ 19 pandemic.
“Despite the pandemic, the nickel price is continuing to rise with nickel demand from the EV market accelerating and industry players scrambling to secure long‐term supplies of this key battery mineral.
“A dearth of exploration success across Australia ensures St George is well positioned to attract attention from investors looking for exposure to significant new high‐grade nickel sulphide discoveries. Our Mt Alexander Project, located in a Tier 1 mining jurisdiction and close to existing infrastructure, is one of only a handful of high‐grade nickel sulphide discoveries and unique because it also contains copper, cobalt and platinum group metals.”