- St George Mining has announced a $5.7 million placement of roughly 38 million ordinary shares, at a price of 15 cents per share
- The funds will support the company’s ongoing work at its Mt Alexander nickel copper project
- Recently, the project has returned positive results and St George plans to build on this with upcoming programs
- Maiden drilling is scheduled at the Fish Hook prospect next month as well as the testing of over 30 EM conductors
- Despite this news, St George Mining shares have gone down 5.56 per cent, with shares trading at 17 cents each
St George Mining will raise $5.7 million through a share placement of approximately 38 million ordinary shares priced at 15 cents apiece.
The capital raising will support ongoing exploration programs at the company’s flagship Mt Alexander nickel-copper sulphide project.
“St George is now well‐funded to extend our aggressive exploration programmes across Mt Alexander,” Executive Chairman John Prineas said.
Mt Alexander is located in the north-eastern Goldfields region of Western Australia.
The project comprises of four granted exploration licences including E29/638, E29/548, E29/962 and E29/954.
The Cathedrals, Stricklands and Investigators nickel-copper discoveries are located on E29/638. These are held in a joint venture by Western Areas Limited (25 per cent) and St George (75 per cent).
St George Mining holds a 100 per cent interest in the other three exploration licences.
The company has recently seen positive nickel and copper results which have suggested there is potential for larger nickel sulphide deposits at depth.
“The results of our recent deep drilling are particularly encouraging with significant intersections of mineralised ultramafic down‐plunge of the shallow high‐grade nickel‐sulphide deposits,” John continued.
The $5.7 million funding will allow St George to accelerate further testing of target areas.
Next up for the company is a reverse circulation drilling program as well as the testing of over 30 electromagnetic conductors at the Fish Hook and West End prospects.
“Drilling and other field activities will continue until the Christmas break, and we are excited about the potential to deliver more exploration success,” John concluded.
Despite the news, St George Mining shares have gone down 5.56 per cent, with shares trading at 17 cents each at 12:50 pm AEDT.