St George Mining Ltd (ASX:SGQ) has intersected nickel-copper sulphide mineralisation up to 14 metres thick, extending the Stricklands prospect down-dip within the Mt Alexander Project in WA's north-eastern Goldfields.
The high-grade intersection in hole MARC128 is 100 metres down-plunge of a previous intersection in MAD71, which returned 17.45 metres at 3.01% nickel, 1.31% cobalt and 1.68 g/t total platinum group elements (PGEs) from 37.45 metres.
Shares have been up more than 16% to an intra-day high of 24.5 cents after reaching a new 12-month high of 25.5 cents earlier this week.
Mineralisation intersected in MARC128
“Extension of thick, high-grade mineralisation”
Executive chairman John Prineas said: “The mineralised intersection in MARC128 is outstanding as it confirms a significant down-plunge extension of the thick, high-grade mineralisation we first saw at Stricklands in MAD71.
“The thickness of the cumulative ultramafic and the volume of nickel-copper sulphides intersected at Stricklands by multiple drill holes supports the potential of additional significant mineralisation being intersected along this strike of the Cathedrals mineralised trend.
“The down-plunge area is largely untested by drilling and we are increasingly confident that further discoveries of nickel-copper sulphides will be made in this area.”
High-grade assays returned in MARC128
New conductors identified by DHEM surveys
The use of ongoing DHEM surveys has also delivered successful results.
Downhole electromagnetic (DHEM) surveys at the Radar prospect continue to light up strong drill targets, indicating that the drill-hole intersected the northern portion of the conductor with an extension of the conductor to the south-west.
At Investigators prospect DHEM surveys in MAD144, MAD145 and MAD147 have identified strong off-hole EM conductors that have been prioritised for immediate drilling.
At the Fish Hook prospect soil surveys have been completed across the 8-kilometre strike, targeting the interpreted ultramafic sequence as well as to follow-up the very strong nickel-copper soil anomaly identified by the trial soil survey completed last month.
A total of 1,260 samples were collected on nominally 200-metre spaced lines with 20-metre sample spacing.
Assay results are expected within four weeks and once the results have been assessed, an MLEM survey will be designed for Fish Hook to search for conductive targets that may represent sulphide mineralisation.
A DHEM survey will be completed in MAD153 to search for any conductive mineralisation around the hole.