St George Mining (ASX: SGQ) has secured a key exploration tenement adjoining its Destiny Project, in the eastern Goldfields of Western Australia.
Exploration licence E15/1687 – known as the Prince of Wales tenement – is contiguous with the Destiny Project tenement package and covers about 8km of the Ida Fault Zone, adding to the circa 90km stretch of the Ida Fault captured in the current Destiny Project landholding.
The prospectivity for lithium, nickel and gold mineralisation at Prince of Wales is supported by favourable geological features that include extensive greenstones adjacent to the Ida fault where it is cross-cut by a Proterozoic dyke.
St George is about to start the 2024 drill program for the Destiny Project to follow up last year’s rare earth discovery and test new lithium targets.
“The acquisition of the Prince of Wales tenement further strengthens our large and strategic land position at Destiny to give St George control of more than 100km of the Ida Fault, a major crustal bounding structure considered highly prospective for a range of mineralisation including lithium,” executive chairman John Prineas said.
“Prince of Wales covers an extensive area of greenstones along the Ida Fault, making it very attractive exploration ground and complementing the prospectivity of the broader Destiny Project tenure.
“The Kathleen Valley lithium deposit (156Mt @ 1.4% Li2O) of Liontown Resources and the Mt Ida lithium deposit (14.6Mt @ 1.2% Li2O) of Delta Lithium are two major lithium deposits associated with the Ida Fault. And just last October Wesfarmers agreed to pay Ora Banda Mining $26m for a 65% interest in the lithium rights over a package of tenements that cover approximately 140km of the Ida Fault, located about 40km north of our Destiny Project.
“Together with the 30km-stretch of the Ida Fault within our Mt Alexander Project, St George now has prospective tenure covering about 130km of highly sought-after exploration ground along the Ida Fault.
“With rare earths and lithium drill programs due to commence at the Destiny Project within weeks and lithium drilling also scheduled for this quarter at Mt Alexander, it is a very exciting time for the company and our shareholders.”