St George Mining Limited (ASX: SGQ) has entered into an agreement to acquire 100% ownership of seven lithium-prospective projects in Western Australia.
The new projects comprise 14 exploration licences – 13 granted and 1 in application – covering a total of 653km2. Several of the projects are located along strike from high-grade lithium deposits and established spodumene-producing lithium mines and include:
- the Split Rock Project, located ~25km north-west of the Earl Grey lithium deposit, which has a resource of 189Mt @ 1.50% Li2O, owned by Covalent Lithium – a joint venture between Wesfarmers (ASX: WES) and SQM (NYSE:SQM)
- the Buningonia and Buningonia North Projects, located in the same lithium province as Global Lithium’s (ASX: GL1) Manna Project and the Bald Hill Mine
- the Ten Mile West Project, located east of Liontown Resources’ (ASX: LTR) Buldania Deposit
- the Myuna Rocks Project, located near Allkem’s (ASX: AKE) operating Mt Cattlin Mine
These deals follow on from St George’s acquisition of the Woolgangie Project and the signing of the Mt Holland Area of Influence Agreement as the Company establishes a high-quality portfolio of hard-rock lithium assets in Western Australia to complement the early stage lithium exploration success at the Mt Alexander Project.
“This is a strategic move by St George to deliver a step-change in exploration opportunities in the world’s premier hard-rock lithium address of Western Australia,” executive chairman John Prineas said.
“Several of the projects being acquired are located in regions that have delivered very significant results for other explorers and led to the confirmation of high-grade deposits being developed or already underpinning mining operations. Exploration ground in these regions is highly sought after.
“The projects being acquired by St George are underexplored for lithium. Our focus will be on unlocking any resource potential through systematic exploration.
“The acquisitions are in line with our strategy to build and explore a high-quality portfolio of lithium assets in Tier 1 jurisdictions like Western Australia.”