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St George Mining (ASX:SGQ) has uncovered the “thickest interception to date” at Araxá, spotting high-grade mineralisation that should help hike the rare earths and niobium project’s already significant resource estimate.
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The miner struck several broad results in Brazil, including 115.65 metres at 3.34% TREO and 0.34% niobium; easily the thickest ever encountered at Araxá.
St George is unsurprisingly excited, with executive chair John Prineas declaring that the company is “delivering exactly what we set out to achieve.” That, he continued, was “consistent, high-grade results that expand scale.”
“Drilling continues to deliver an extension of high-grade mineralisation to the west of the MRE footprint to demonstrate the system is open and extends beyond defined limits,” he explained. “We are excited about the pending results from further drilling completed in this area to the west of the estimate.”
Two other holes returned similarly broad, consistent mineralisation from surface in the same results package, St George reported. One hole, AXDD012, intersected 100.1 metres at 3.96% TREO and 0.4% Nb2O5. Another delivered 79.7 metres at 3.69% TREO and 0.4% Nb2O5. Together, they “highlight the potential to increase both the total tonnage and overall grading of the MRE” soon.
“Together, all this is laying a very solid foundation for our expectations to upgrade the JORC resource at Araxá and deliver significant positive outcomes for upcoming studies which will define the pathway for development,” Mr Prineas declared today.
Araxá hosts 40.6Mt at 4.13% TREO and 41.2Mt at 0.68% Nb2O5, making it the largest and highest-grade carbonatite-hosted rare earths resource in South America. The company has another 25 holes planned in the area.
The Market Link understands those next results Mr Prineas mentioned will come in through the next few weeks; drilling is “running 24/7.”
SGQ has already been up +280% YTD; it’s 9.5cps today.
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