Join our daily newsletter At The Bell to receive exclusive market insights
- St George Mining (SGQ) has reported early indications of base metal and gold mineralisation from its maiden drill program at the Paterson Project
- Multiple drill holes are said to have intersected rocks with potential mineralisation, identifying the presence of copper, lead and zinc
- The company is laying plans for a follow-up diamond drill effort to target areas of interest
- Results will need to be confirmed by laboratory assays but St George says the discoveries are “extremely encouraging” at this stage
- St George Mining shares are trading in the grey at 7.4 cents at 11:50 am AEST
St George Mining (SCQ) has reported early indications of base metal and gold mineralisation from its maiden drill program at the Paterson Project in Western Australia.
The company’s 10,000m drill programme commenced in early June, with multiple drill holes said to have intersected rocks indicating potential mineralisation in the project area so far.
Although the results will need to be confirmed by laboratory assays, St George said the discoveries so far were “extremely encouraging.”
The company referenced the presence of copper, lead, zinc and vanadium in the drills, which it said were typically associated with copper systems and could therefore indicate higher productivity for the area.
St George informed the market it is sourcing a diamond drill rig to commence a follow-up program to target areas of interest.
St George Mining Executive Chairman John Prineas said the initial results had exceeded the company’s expectations.
“These early observations are confirming our belief that our ground is fertile for base metal and gold mineralisation,” he said.
“Given these highly encouraging results, we are seeking to source a diamond rig to complete deeper drilling to further test these emerging high-value copper and gold targets.”
St George Mining shares were trading in the grey at 7.1 cents at 11:50 am AEST.
