- St George Mining (SGQ) identifies new nickel targets at its Mt Alexander project in Western Australia
- The company completed a fixed loop electromagnetic survey which highlighted five targets, one of which was found just four kilometres from the high-grade Cathedrals deposit
- St George says the discovery is “very encouraging” and plans to drill test the targets, as well as some separate lithium targets, during this quarter
- SGQ shares are up a healthy 14.7 per cent to trade at 3.9 cents each at 3:09 pm AEDT
St George Mining (SGQ) has identified new nickel targets at its Mt Alexander project in Western Australia.
The company completed a fixed loop electromagnetic (FLEM) survey to further constrain the anomalous response detected in the moving loop electromagnetic survey completed a couple of months ago.
The FLEM survey successfully discovered five EM anomalies, one of which is reportedly highly compelling.
The “P1” target is a large conductor that sits four kilometres south of the high-grade Cathedrals massive sulphide deposit which is near the Cathedrals Belt.
P1 covers a 400-metre by 200-metre area and has a conductivity of 7650 siemens with a late-time EM response.
St George also identified the P2, P3, P4 and P5 targets which are mid-to-late time conductors and lie within an area extending for approximately 700 metres by 400 metres.
Executive Chair John Prineas said the initial findings are “very encouraging”.
“The FLEM data indicates a larger and more conductive anomaly, referred to as P1 that has a geophysical signature consistent with massive sulphides,” Mr Prineas said.
“In addition, P1 occurs south of a large, distinctive seismic reflector with an interpreted source below the granite intrusion and bounded by faults that may be related to the Cathedrals massive sulphide mineralisation.”
The company plans to drill the newly-identified nickel targets this quarter, alongside another program that will test lithium targets at the Mt Alexander project.
SGQ shares were up a healthy 14.7 per cent to trade at 3.9 cents each at 3:09 pm AEDT.