St George Mining (ASX:SGQ) - Executive Chairman, John Prineas (centre)
Executive Chairman, John Prineas (centre)
Source: St George Mining
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  • St George Mining (SGQ) has launched a share purchase plan to raise up to $1.6 million
  • Eligible shareholders can apply for up to $20,000 worth of shares at $0.08 per share
  • The funds will support upcoming exploration programs at the high‐grade Mt Alexander Nickel‐Copper Sulphide Project
  • St George’s recent geophysical surveys have identified potential down‐plunge extensions of the shallow mineralisation as well as potential deeper deposits
  • Company shares are down 7.53 per cent and are trading for 8.6 cents each

St George Mining (SGQ) has launched a share purchase plan to raise up to $1.6 million.

Eligible shareholders will be entitled to apply for up to $20,000 worth of shares at $0.08 per share. The share purchase plan is expected to close on May 29 2020.

The funds will support exploration programs at St George’s high‐grade Mt Alexander Nickel‐Copper Sulphide Project, which is located near Leonora in the Goldfields region of Western Australia.

The project lies 120 kilometres south‐southwest of the Agnew‐Wiluna Belt, which hosts numerous world‐class nickel deposits. Mt Alexander comprises five granted exploration licences including; E29/638, E29/548, E29/962, E29/954 and E29/972.

“We are pleased to offer our loyal shareholders an opportunity to increase their holding in St George ahead of our major drill programme at Mt Alexander,” Executive Chairman John Prineas said

“We have already made four high‐grade nickel‐copper sulphide discoveries over a 5.5km strike of the Cathedrals Belt. We believe that if the high‐grade mineral system is that long, it must also be deeper than the extent of the current shallow discoveries,” John added.

St George’s latest geophysical surveys have identified potential down‐plunge extensions of the shallow mineralisation and potential deeper deposits.

The company will soon undertake a drill program to test these high priority targets.

Company shares are down 7.53 per cent and are trading for 8.6 cents each at 2:24 pm AEST.

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