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- St George Mining (SGQ) expands its Mt Alexander project in Western Australia with new land acquisitions
- The company secured exploration licence E29/1143 and applied for prospecting licence P29/2680, both contiguous with its Mt Alexander tenure
- Consideration for the new ground set SGQ back $50,000 in cash and 4.4 million in shares, along with a one per cent net smelter royalty on any minerals mined
- St George has observed extensive pegmatite outcrops over the newly acquired land and plans to undertake field mapping and sampling in the coming weeks
- SGQ shares dip 1.92 per cent to trade at 7.7 cents at 3:00pm AEDT
St George Mining (SGQ) has expanded its Mt Alexander project in Western Australia with new land acquisitions.
The company secured exploration licence E29/1143 and applied for prospecting licence P29/2680.
Both licences are contiguous with the company’s Mt Alexander tenure, providing continuous coverage over 15 kilometres of the pegmatite corridor.
The area also spans across the Copperfield Granite which is the interpreted source of the mineralised pegmatites.
Consideration for the new ground set SGQ back $50,000 in cash and 4,475,319 in shares.
The company will also pay a one per cent net smelter royalty in regard to any minerals
mined on E29/1143.
St George has observed extensive pegmatite outcrops over the newly acquired land, and plans to undertake field mapping and sampling in the coming weeks
Given that significant exploration is underway in this region by other explorers, St George Mining’s Executive Chairman John Prineas said SGQ is “delighted” to have consolidated a large continuous tenement package.
“This is a very exciting time for the Company as we grow the scale and quality of our lithium project at Mt Alexander and continue drill programmes to identify further lithium bearing pegmatites below surface.”
SGQ shares dropped 1.92 per cent to trade at 7.7 cents at 3:00pm AEDT.
