St George Mining (ASX: SGQ) announced, a drilling update on Nickel-Copper Sulphide at Mt. Alexander project, which is located 120-kilometre South-Southwest of the Agnew-Wiluna Belt hosting, numerous world-class nickel deposits. It comprises of five granted exploration licenses – E29/638, E29/548, E29/962, E29/954, and E29/972.
Mt Alexander Project
St George Mining Limited (ASX: SGQ) and Western Areas Limited (ASX: WSA) are into a Joint Venture (75% :25%) for the Mt. Alexander Project, located on E29/638, where nickel-copper-cobalt PGE discoveries have been made.
New geophysical surveys completed at the undrilled Fairbridge Prospect have confirmed, that within 1,000 metres east-west strike of the Fairbridge Prospect, highly chargeable anomalies have been identified. Several anomalies identified are co-incident with nickel-copper sulphide gossans at the surface. The survey data showed that the mineralized ultramafic units drilled at the Stricklands, and Cathedrals Prospects carried on into the Fairbridge area, and had further stretched, down-plunge to the north. It is expected that drilling at Fairbridge will commence in the coming days.
West End Prospect
The drilling at West End and Investigators Prospects confirmed, extensions of the Cathedrals Belt (Belt) which comprised of completion of six drill holes at the new West End Prospect. All the holes intersected at the west extension of the fault structure, held the mineralized ultramafic, which was under the Belt. Additionally, four extensional drill holes with intercepted and disseminated nickel-copper sulphides are completed at the Investigators Prospect.
Downhole Electromagnetic Surveys
Company’s Downhole Electromagnetic (DHEM) surveys are currently, work in progress. It is concurrently being used, with drilling to find out any conductive targets around completed drill holes. Further, it was reported that surveys on completed drill holes at West End prospect commenced yesterday (6 March 2019). The further drilling is in the planning phase for West End, and Investigators would follow a review of the DHEM survey results.
St. George Mining’s executive chairman, Mr John Prineas stated that the drill programme at Mt. Alexander which comprised of 10 completed drill holes were fully operational. The initial drill results were encouraging, especially after the final modelling of the new conductive targets, at the Fairbridge Prospect. It would give them confidence for further exploration success in their first ever drilling at Fairbridge, which would be commencing from next week.
In a recent update, St. George Mining announced, that administrative office address had been changed to Suite 2, 28 Ord Street, West Perth WA 6005. However, its registered address, and contact numbers would remain unchanged.
On stock information front, St George Mining (ASX: SGQ) shares last traded at A$0.170 (as on March 7, 2019) with the market capitalization of ~$50.68 Mn. Its loss per share was reported at 0.017 AUD. Its 52- weeks high had been noted at A$0.230 and 52- weeks low at A$0.105. Its absolute return for 3 months, 1 year, and 5 years are 17.24%, -15%, and 70% respectively.
Western Areas (ASX: WSA) shares last traded at A$2.360 (as on March 7, 2019) with the market capitalization of ~$645.57 Mn. Its current PE multiple is at 76.13x, and its earnings per share were noted at 0.031 AUD. Its 52- weeks high has been noted at $3.93, and 52- weeks low at $1.835. Its absolute return for 3 months, 1 year, and 5 years are 15.12%, -24.6%, and -31.79% respectively.
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