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St George Mining (ASX:SGQ) - Executive Chairman, John Prineas
Executive Chairman, John Prineas
Source: Business News
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  • St George Mining (SGQ) confirms a high-grade nickel-copper discovery at depth at the Mt Alexander project
  • Hole MAD199 targeted the Cathedrals Belt, returning an interval of 11.07 metres of 1.58 per cent nickel and 0.71 per cent copper
  • The interval started at a depth of 333.5 metres and included higher-grade portions up to 6.54 per cent nickel and 2.96 per cent copper
  • A new seismic survey will now be used to further define potential deposits within the Cathedrals Belt
  • Shares in St George Mining are up 6.67 per cent to $0.08 at 10:33 am AEST

St George Mining (SGQ) says its latest batch of assays have confirmed a high-grade nickel-copper discovery at depth at the Mt Alexander project.

Hole MAD199 targeted the Cathedrals Belt, returning an interval of 11.07 metres of 1.58 per cent nickel and 0.71 per cent copper, starting at a depth of 333.5 metres.

Within that interval was a 3.9 metres interval of 3.98 per cent nickel and 1.8 per cent copper, which in turn included 1.28 metres at 6.54 per cent nickel and 2.96 per cent copper.

Executive Chairman John Prineas said the results are “a very important breakthrough in our exploration of the Cathedrals Belt.”

“The MAD199 discovery is the deepest occurrence of massive nickel-copper sulphides identified in the Cathedrals Belt and supports the prospectivity of more high-grade deposits at depth,” he said.

“With multiple strong EM conductors identified from MAD199 as well as from the first step-out hole at MAD201, we are confident of drilling more high-grade mineralisation in this area.”

While the search for nickel-copper sulphides at depth is still in its early stages, St George is looking to step up its exploration efforts with a seismic survey designed to further identify promising deposits.

Known as ‘eVibe’, it’s a new technique offered exclusively by New South Wales-based Ultramag Geophysics.

St George says more traditional methods are not considered feasible at the Cathedrals Belt because of their higher cost and lower resolution. However, eVibe applies a fraction of the force compared to conventional seismic hydraulic systems, but delivers a greater level of quality.

The seismic survey is scheduled to be completed in mid-July.

Shares in St George Mining are up 6.67 per cent to $0.08 at 10:33 am AEST.

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