Emerging WA nickel company St George Mining (ASX: SGQ) has expanded its drill program for the Mt Alexander Project, near Leonora, and is scheduled to resume shortly. The program will commence with the testing of four new EM conductors at the Investigators Prospect. Diamond drilling of these conductors is planned to commence on 8 July 2018. To support the drilling program, St George has secured $2.5 million via a placement.
HIGHLIGHTS:
- Expanded diamond and reverse circulation (RC) drill programme approved for Mt Alexander
- Drill programme will commence with:
- Diamond drilling of four new electromagnetic (EM) conductors at the Investigators Prospect
- Definition drilling at the Stricklands Prospect using both RC and diamond drilling
- New funding secured for escalation of drilling at Mt Alexander
Emerging West Australian nickel company St George Mining Limited (ASX: SGQ) (“St George” or “the Company”) is pleased to announce that the drill programme for the Mt Alexander Project, located near Leonora in the north-eastern Goldfields, has been expanded and is scheduled to resume shortly.
The drill programme will commence with the testing of four new EM conductors at the Investigators Prospect, as reported in our ASX Release dated 19 June 2018 New EM Conductors Ready for Drilling at Mt Alexander (see Figure 1). Diamond drilling of these conductors is planned to commence on 8 July 2018.
The first EM conductor to be drilled will be MAD98: X1, which is modelled with a very strong conductivity of 67,000 Siemens and is situated down dip from the significant intersection in MAD60.
This conductor is an outstanding target for massive nickel-copper sulphides and has the potential to significantly extend the down dip extent of nickel-copper sulphide mineralisation on the MAD60 section to a strike of about 320m (see Figure 2).
At Stricklands , definition drilling will continue with a combined diamond and RC drill programme designed to fully delineate the extent of the mineralisation across the +400m strike of the Stricklands ultramafic.
To support the expanded drill programme at Mt Alexander, the Company has secured additional funding of approximately $2.5 million via a private placement of ordinary shares at an issue price of $0.14 per share (Placement).
St George Mining Executive Chairman, John Prineas said:
“We are excited to launch the next phase of the 2018 drilling campaign at Mt Alexander with an expanded programme that will see multiple drill rigs in action.
“The potential at Mt Alexander continues to grow and we are delighted to be able to accelerate this year’s exploration programme.”
Figure 1 is a long section of Investigators and highlights the mineralised ultramafic intersected to date over a part of Investigators with a 1,000m strike. The EM conductors to be drilled are also illustrated.
