St George Mining Ltd (ASX:SGQ) has completed an institutional‐led placement that has raised additional funding for its high‐grade nickel‐copper sulphide project at Mt Alexander in the northeastern Goldfields of WA.
The company has issued 33,000,000 ordinary shares at 10 cents per share to raise $3.3 million.
It is worth noting that the new funding is in addition to a $3 million institutional‐led placement earlier this month.
St George Mining executive chairman John Prineas said: “We appreciate the backing of new and existing shareholders for our upcoming exploration programmes at Mt Alexander – programmes which have the potential to be significant near‐term value drivers.
“A diamond drill rig has arrived at Mt Alexander and drilling of a large number of electromagnetic (EM) conductors will start this week. We are confident that this major drill programme will identify additional high‐grade mineralisation that could significantly increase the resource potential at our advanced prospects in the Cathedrals Belt.
“Exploration at earlier stage targets will also be accelerated – with a focus on the Fish Hook Prospect in the underexplored eastern extension of the Cathedrals Belt and the West End Prospect near the Ida Fault – both of which offer excellent potential for a new greenfields discovery.
“Its an exciting time to be expanding exploration activities at Mt Alexander with heightened investor interest in the nickel sulphide market.”