St George Mining Limited (ASX: SGQ) has provided its quarterly activities report for the quarterly period ended 31 December 2022.
HIGHLIGHTS:
Mt Alexander project – lithium
- Ongoing field mapping and outcrop sampling identifies numerous new pegmatite occurrences within a 15km north-south prospective pegmatite corridor parallel to the Copperfield Granite
- Assays up to 3.25% Li2O, 225ppm Cs2O, 53ppm Ta2O5 and 1.24% Rb from rock chip samples confirm lithium-bearing pegmatites
- 23 drill holes (RC and diamond) completed in St George’s maiden lithium drill programme with 20 drill holes intersecting pegmatites with visual lithium-bearing minerals (laboratory assays pending)
- St George expands its landholding at Mt Alexander with the 100% acquisition of Exploration Licence E29/1143 and application for Prospecting Licence P29/2680 providing St George nearcontinuous coverage over 15km of the prospective pegmatite corridor
- 2023 drill programme scheduled to commence in late February
Corporate
- $9.2 million of new funds raised during the quarter including strategic investments by Shanghai Jayson Co., Ltd and Sunwoda Electronic Co., Ltd
- St George signs MoU’s to pursue a strategic relationship for lithium business opportunities with three leading lithium-ion battery companies – Shanghai Jayson Co., Ltd, SVOLT Energy Technology Co., Ltd and Sunwoda Electronic Co., Ltd
- Strong backing from strategic investors supports the acceleration of exploration at Mt Alexander and provides a platform to grow the Company through expansion into additional lithium and other critical metals projects
Mt Alexander lithium targets grow
St George’s Mt Alexander project is emerging as a key landholding in an underexplored lithium province first identified by Red Dirt Metals (ASX: RDT) – see ASX Release by Red Dirt dated 28 September 2021 Mt Ida – A New Lithium Province.
Field mapping and rock chip sampling of pegmatites at Mt Alexander is ongoing. Two batches of assays for rock chip samples were received during the quarter.
The first batch comprised 42 samples with 13 samples returning high-grade lithium values of more than 1% Li2O. The highest value of lithium was identified in sample MARK238 which returned assays of 3.25% Li2O, 225ppm Cs2O, 53ppm Ta2O5 and 1.24% Rb. For further details of these rock chip samples see our ASX Release dated 7 November 2022 Drilling Intersects Pegmatites with Visible Lithium.
The second batch of rock chip assays comprised 79 samples. Assays showed elevated levels of pathfinder elements including a low K:Rb ratio that is indicative of fractionated pegmatites that are prospective for lithium mineralisation. For further details of these rock chip samples see our ASX Release dated 21 December 2022 More Positive Lithium Results at Mt Alexander.
Maiden lithium drilling
St George’s completed its first-ever lithium drilling during the quarter. Drilling was focused on testing several lithium-bearing pegmatite outcrops and confirmed that the fertile pegmatites extend from surface up to depths of 200m.
In total, 23 drill holes – both RC and diamond – were completed to test pegmatites for 2,409m drilled. Of those, 20 drill holes intersected pegmatites with intersections up to 13m thick.
Assays for the maiden drill programme are pending with unexpected delays in sample processing at the laboratory. For further details of the maiden drill programme see our ASX Release dated 21 December 2022 More Positive Lithium Results at Mt Alexander.
During the quarter Programmes of Work for the planned 2023 drilling were submitted to the Department of Mines and have been approved.
The 2023 drill programme is scheduled to commence in the final week of February. A further announcement outlining drill targets will be made prior to the start of drilling.
Additional lithium tenure acquired at Mt Alexander
St George increased its landholding across the highly prospective pegmatite corridor parallel to the Copperfield Granite with the 100% acquisition of Exploration Licence E29/1143 and application for Prospecting Licence P29/2680.
The additional ground is contiguous with St George’s existing Mt Alexander tenure providing nearcontinuous coverage over 15km of the pegmatite corridor, plus the critical contact with the Copperfield Granite – the interpreted source of the mineralised pegmatites.
For further details of the expanded landholding, see our ASX Release dated 7 November 2022 St George Increases Lithium Landholding.
