St George Mining (ASX: SGQ) has reported further outstanding assay results from ongoing diamond drilling at its 100%-owned Araxá rare earths and niobium project in Minas Gerais, Brazil.
The latest batch of assays for a further 16 diamond drill holes confirms multiple intercepts of thick, high-grade mineralisation from surface including:
- 101m @ 4.72% TREO and 0.65% Nb₂O₅ from surface in AXDD065 including:
- 32.55m @ 6.65% TREO and 0.54% Nb₂O₅ from 30m;
- 111.3m @ 3.85% TREO and 0.66% Nb₂O₅ from surface in AXDD067 including:
- 16.5m @ 7.58% TREO and 0.73% Nb₂O₅ from 17.5m
- 11.55m @ 4.29% TREO and 1.16% Nb₂O₅ from 61.45m
- 110.6m @ 3.73% TREO and 0.57% Nb₂O₅ from surface in AXDD069 including:
- 68m @ 4.82% TREO and 0.68% Nb₂O₅ from 0m
- 13m @ 6.43% TREO and 0.72% Nb₂O₅ from 17m
- 99.4m @ 3.95% TREO and 0.76% Nb₂O₅ from surface in AXDD075 including:
- 33m @ 4.32% TREO and 0.49% Nb₂O₅ from 0m
- 51.4m @ 4.62% TREO and 0.87% Nb₂O₅ from 46m
- 160.65m @ 3.74% TREO and 0.54% Nb₂O₅ from surface in AXDD077 including:
- 38.85m @ 8.52% TREO and 0.99% Nb₂O₅ from 77.15m
- 15.35m @ 13.86% TREO and 1.19% Nb₂O₅ from 79.65m
- 90.2m @ 3.11% TREO and 0.51% Nb₂O₅ from surface in AXDD078 including:
- 16m @ 5.83% TREO and 0.78% Nb₂O₅ from 28m
The new results continue to demonstrate the strong continuity and thickness of the extensive high-grade mineralisation at Araxá, further increasing the confidence in the resource – the largest and highest-grade carbonatite-hosted rare earths resource in South America – and the potential for additional resource upgrades.
Commenting on the latest batch of exceptional assay results, St George executive chairman John Prineas said:
“The large resource upgrade announced last week was a tremendous landmark in further entrenching the Araxá project as a world-class niobium and rare earths development opportunity.
“We are excited that the drilling is continuing with more exceptional thick, high-grade hits from surface being reported. These results give confidence that another material resource upgrade will be delivered in due course.
“The latest results have again highlighted the dual commodity focus at Araxá – rare earths and niobium, two of the most sought-after critical metals.
“Neither China nor the US has a domestic supply of niobium, giving our world-class niobium resource – a commodity that is critical to the manufacture of weapons and other military hardware – added importance at this time of heightened geopolitical tension.
“Our project is located in the world’s premier niobium address, adjacent to CBMM’s niobium mine that accounts for 80% of global supply. The long history of niobium mining in this region provides a distinct commercial advantage to St George, creating ready access to infrastructure and expertise in niobium mining operations.
“Drilling is continuing 24/7 with three diamond core rigs and one RC rig, and 23 drill holes at the laboratory with assays pending. In addition to strong newsflow on drill results, we are accelerating workstreams in our development studies and shareholders can expect more updates on our pathway to production.”
