St George Mining Limited (ASX: SGQ) has entered into a binding agreement for an option to acquire 100% of the Woolgangie Project, located in the Eastern Goldfields of Western Australia.
Woolgangie, which comprises nine exploration licences (granted or in application) with a total area of 1,200km2, is located in an established mining region of the Eastern Goldfields extending south-west of Coolgardie and west of Kambalda.
Seven of the exploration licences (two granted and five in application) cover a 70km strike of the Ida Fault with large sections of an adjacent outcropping and concealed greenstone belt that hosts pegmatites with potential for lithium. Two additional exploration licences (in application) with observed pegmatite occurrences extend ~25km along the western margin of the established lithium region that hosts the Bald Hill mine, the Dome North Project of Essential Metals (ASX: ESS), the Mt Marion mine of Mineral Resources (ASX: MIN) and the Buldania project of Liontown Resources (ASX: LTR).
Woolgangie is considered prospective for lithium, nickel-copper sulphides and ionic clay-hosted rare earths mineralisation and complements St George’s focus on building a portfolio of highly prospective lithium and other critical metals projects across Western Australia.
St George is planning significant exploration activity at Woolgangie this year including field mapping and outcrop sampling, soil surveys, airborne magnetic surveys, ground electromagnetic surveys and drilling.
“This acquisition expands our project portfolio in Western Australia into a highly prospective but largely overlooked region and stamps St George as a dominant player in this area,” executive chairman John Prineas said.
“The option over Woolgangie provides a strategic and cost-effective pathway to grow St George’s already substantial lithium and critical metals opportunities in Western Australia, complementing our success at Mt Alexander and the potential of our other projects including Paterson, Ajana and Broadview Projects.
“We are excited by the potential for systematic exploration at Woolgangie to deliver a major discovery at this highly prospective but underexplored landholding.”
