HIGHLIGHTS:
- $4 million raised via oversubscribed placement
- Funds to expand and accelerate aggressive drilling programme at Mt Alexander
- Drilling of high-grade nickel-copper sulphide targets at Mt Alexander to commence shortly
- Preparatory earthworks for drilling already completed and drill rig arrival imminent
Emerging Western Australian nickel company St George Mining Limited (ASX: SGQ) (“St George” or “the Company”) is pleased to announce it has successfully raised $4.0 million from institutional and sophisticated investors via a placement at an issue price of $0.18 per share (“Placement”).
The Placement was oversubscribed and secures for St George further funding to expand and accelerate its exploration and drilling programmes at the Company’s high-grade Mt Alexander nickel-copper sulphide project near Leonora, in the north-eastern Goldfields.
John Prineas, Executive Chairman of St George Mining, said:
“We are delighted with the strong demand for the Placement from new investors and existing shareholders.
“This capital raising strengthens St George’s ability to deliver further shareholder value through continued exploration success, with the strong investor demand for the Placement testament to the potential of our exciting Mt Alexander project.
“Drilling is scheduled to commence this week after extensive rainfall caused delays, a resumption we know all investors have been keenly awaiting.
“Our exploration success at Mt Alexander has identified an extensive mineral system with high-grade nickelcopper-cobalt-PGE sulphides over a strike of some 4km, with drilling last year delivering the best results to date.
“Drill hole MAD71 at the Stricklands prospect – with 17.45m of nickel-copper sulphides from 37m downhole – is the kind of thick and high-grade mineralisation which highlights the resource potential at Mt Alexander, something this drilling campaign will continue to test.”
