St George Mining (ASX: SGQ) says assays have confirmed further thick and near-surface high-grade rare earth elements (REE) intercepts for follow-up drilling at the wholly owned Destiny project, supporting the potential for a large, consistent high-grade deposit in the Eastern Goldfields of Western Australia.
Assays have been returned for 13 of the 28 drill holes completed to follow up the high-grade total rare earth oxide (TREO) discovery announced by St George in December 2023. The returned assays confirmed more high-grade mineralisation, with grades up to 3,160ppm TREO to add to the high-grade 5,125ppm TREO intercept from the maiden drilling.
High-value magnetic rare earth oxides (MREO) – such as neodymium and praseodymium needed for magnets used in electric vehicle motors – comprise a high percentage of TREO and on average 19 per cent across all drill holes.
The assays also confirmed continuous high-grade intervals up to 34m thick in near-surface clay-hosted zones with continuity into basement rocks. The grades and thicknesses of high-grade intercepts are largely homogenous, indicating the potential for a very large, coherent high-grade REE deposit.
Drilling has extended the occurrence of high-grade TREO by 3km to a strike of more than 10km – drilling has not closed off the deposit, which is open in all directions.
“We are very pleased with the results of our follow-up drilling program, which has significantly expanded the lateral continuity of the rare earths mineralisation footprint at Destiny,” executive chairman John Prineas said.
“The latest assay results confirm that the near-surface high-grade mineralisation is widespread and consistent in grades and thickness across the 15km2 area tested by drilling to date. This is a very large footprint and – impressively – the mineralisation remains open in all directions.
“The attractiveness of the Destiny project is also underscored by the high proportion of heavy and magnetic rare earths in the mineralisation – with the magnetic rare earths such as neodymium and praseodymium highly sought-after by the clean energy sector.
“St George has also completed a gravity survey over several prominent magnetic features at Destiny that may be carbonatite intrusive and potentially associated with the REE mineralisation. Modelling of the data is in progress and will be fed into our next stage exploration push.
“We look forward to planning the next round of drilling at Destiny with a clear focus on establishing a significant deposit of mineralisation at what is shaping as a highly exciting REE discovery in a prime mining province.”
