St George Mining Ltd (ASX:SGQ) has received assays from its maiden drill program confirming high grade nickel-copper sulphide mineralisation at the Investigators Prospect within the Mt Alexander project located in Western Australia.
One hole intersected over 13.5 metres of mineralisation with a high grade interval grading up to 7.93% nickel, 2.75% copper and 4.81 g/t platinum group elements (PGEs).
Assay results have been received for six drill holes completed at Investigators with assays pending for another two drill holes.
John Prineas, executive chairman, commented: “Investigators was completely unexplored at the start of the year.
“In a short space of time, we have confirmed the presence of an extensive shallow nickel‐copper system with high grades that compare very favourably with established nickel mines in Western Australia.”
Drill result details
Drill holes MAD31 to MAD34, MAD37 and MAD38 were drilled at the Investigators Prospect.
MAD31: Over 5 metres of nickel‐copper sulphide mineralisation including the high grade interval of 1.57 metres at 6.26% nickel, 2.71% copper, 0.18% cobalt and 4.91 g/t total PGEs from 111.67 metres including 1.01 metres at 7.98% nickel, 3.13% copper, 0.22% cobalt and 5.90 g/t total PGEs;
MAD32: Over 9 metres of nickel‐copper sulphide mineralisation including the high grade interval of 1.92 metres at 4.58% nickel, 1.52% copper, 0.14% cobalt and 3.83g/t total PGEs from 51.6 metres including 0.77 metres at 7.82% nickel, 2.5% copper, 0.24% cobalt and 6.31 g/t total PGEs;
MAD33: Over 10 metres of nickel‐copper sulphide mineralisation including the high grade interval of 1.01 metres at 5.81% nickel, 2.33% copper, 0.22% cobalt and 4.32 g/t total PGEs;
MAD34: Over 4.5 metres of nickel‐copper sulphide mineralisation including the high grade interval of 2.79 metres at 1.63% nickel, 0.53% copper, 0.05% cobalt and 1.24 g/t total PGEs including 0.19 metres at 7.34% nickel, 1.53% copper, 0.22% cobalt and 3.27 g/t total PGEs;
MAD37: Over 13.5 metres of nickel‐copper sulphide mineralisation including the high grade interval of 1.27 metres at 5.63% nickel, 2.16% copper, 0.17% cobalt and 3.86 g/t total PGEs from 122 metres including 0.72 metres at 7.93% nickel, 2.75% copper, 0.23% cobalt and 4.81 g/t total PGEs; and
- MAD38: Over 2.5 metres of nickel‐copper sulphide mineralisation including the high grade interval of 0.1 metres at 12.8% nickel, 5.54% copper, 0.25% cobalt and 11.52 g/t total PGEs from 26.3 metres.
The Mt Alexander Project is located 120 kilometres south-southwest of the Agnew-Wiluna belt which hosts numerous world class nickel deposits.
The project comprises four granted exploration licences – E29/638, E29/548, E29/962 and E29/954.
The Cathedrals, Stricklands and Investigators nickel-copper discoveries are located on E29/638, which is held in joint venture by Western Areas Ltd (25%) and St George (75%).
St George is the manager of the project.
With only a small amount of drill holes completed at Investigators, there is strong exploration upside to extend and discover further mineralisation at the prospect.
The assay results confirm that drilling has intersected thick units of mineralised ultramafics with numerous intervals of high grade nickel-copper-PGE sulphides.
In addition to high grades of nickel and copper, the mineralisation also includes high values for cobalt and PGEs.
Significantly, the mineralisation is located at shallow depths between 25 metres to 125 metres below surface.
The combination of shallow depth and high grades of nickel, copper and PGEs is likely to be very favourable for the economics of any potential mining operation at the Mt Alexander Project.
Shares in St George are trading up 75% year to date, currently priced at $0.13.