The expansion of exploration follows St George receiving firm commitments for a placement of shares to raise $3 million at an issue price of 10 cents per share.
Strong investor support for the placement highlights the rarity of projects like Mt Alexander – a high‐grade nickel‐copper sulphide discovery located in a tier-one mining jurisdiction – and the potential for St George’s upcoming drill and exploration programs to deliver significant value.
Funds raised from the placement will further strengthen St George’s balance sheet and will be used to expand exploration programs at Mt Alexander with a particular focus on:
• Extending the major drill program that is scheduled to commence this month. Already, 42 EM conductors have been prioritised for drilling. Any additional EM targets identified by ongoing EM surveys at the Cathedrals Belt will be included in the drill program that has been extended on an open‐ended basis.
• Accelerating exploration at the new Fish Hook Prospect. A comprehensive soil survey will be rolled out across the 8,000 metres strike length of the prospect area, to follow‐up on the highly anomalous nickel‐copper soil anomaly recently identified at Fish Hook. This will be followed by optimised EM surveys to detect any bedrock conductors under cover. Drill targets at Fish Hook will be added to the extended drill program for the Cathedrals Belt.
St George Mining executive chairman John Prineas said: “We thank all shareholders for their ongoing support and welcome our new investors as we continue to advance the Mt Alexander Project.
“It is very pleasing to be able to expand the upcoming drill programme which, with its large number of EM drill targets, is expected to identify further significant mineralisation and increase the resource potential of our known discoveries at Investigators, Stricklands and Cathedrals.
“We are also excited to have the opportunity to fast‐track work programmes at the Fish Hook Prospect – an early stage target with potential to yield a significant greenfields discovery.”