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St George Mining (ASX:SGQ) has still not found the limits of the system at its Araxá rare earths project in Brazil, even with non-stop drilling across the site – and as the explorer looks, “exceptional results” just keep coming in.
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John Prineas, St George’s chairman, was all excitement today, declaring that mineralisation at the Brazilian project still remains open in all directions.
“It’s non-stop drilling at Araxá with exceptional results continuing to roll in,” the mining boss told shareholders. “Significantly, with mineralisation open in all directions, we still have not found the limits of the system.”
The ongoing, around-the-clock drill campaign on-site, which St George started up in late CY25, has already landed enough intercepts for the Australian company to now be exploring a volume upgrade for Araxá’s resource.
“The latest results from the Araxá project again highlight three of the favourable features that distinguish Araxá from other projects in development – very high grades, a resource that starts from surface and abundant volumes of both niobium and rare earths,” Mr Prineas explained. “These features have potential to be huge value drivers for Araxá as we move towards development studies.”
Notable intercepts from among the Brazilian results St George has been calling “exceptional” include 135.2 metres at 3.37% TREO and 0.58% Nb₂O₅, and 99.2m at 4.63% TREO and 0.16% Nb₂O₅, both from surface.
“We look forward to further assay results over the coming weeks and keeping shareholders updated as we continue our work at Araxá,” Mr Prineas said.
St George’s mineral resource estimate at Araxá currently stands at 41.2Mt at 0.68% nionium (at a 0.2% cutoff) and 40.6Mt at 4.13% rare earths. The project, acquired in February, sits beside CBM’s niobium operations.
Today, SGQ has been -6%, selling at 9.4cps.
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