Emerging West Australian nickel company St George Mining Limited (ASX: SGQ) (“St George Mining” or “the Company”) is pleased to confirm that a total of 12,524,500 unlisted Private Series Options will be issued to eligible shareholders, being those shareholders registered as at the Record Date of 12 February 2018.
If you are an eligible shareholder, you will receive a Holding Statement confirming your allocation of Private Series Options on or around 19 February 2018. The Company will contact option holders prior to the expiry date to outline the courses of action available. The Private Series Options have an exercise price of $0.25 per St George Mining share and will expire on 23 April 2018 – St George’s Day 2018.
Further details of the Private Series Options are contained in the Prospectus, which will be mailed to eligible shareholders tomorrow. Drilling at the Company’s flagship Mt Alexander Project, west of Leonora in the Eastern Goldfields, is scheduled to commence next week.
Adverse weather conditions throughout the Eastern Goldfields over the past few weeks have delayed the arrival of the drill rig to site. Arrangements are now on track for arrival of the rig next week.
DRILLING OF WINDSOR X3 CONDUCTOR - UPDATE
30 January 2018
- Drill hole WINDD012 completed to a downhole depth of 340.1 metres to test the Windsor X3 conductor
- Large, late-time EM conductor identified below WINDD012 by downhole electromagnetic (DHEM) survey
- New drill hole WINDD013 commenced to test the revised modelled EM plate (600m x 225m)for Windsor X3
St George Mining Limited (ASX: SGQ) (‘St George Mining’ or ‘the Company’) is pleased to provide an update on the drilling of nickel sulphide targets at the Windsor prospect, situated at St George’s 100% owned East Laverton Project in Western Australia.
Drill hole WINDD012 has been completed to a downhole depth of 340.1m to test Windsor X3, a late-time bedrock EM conductor with dimensions of 320m x 200m. The conductor was modelled by Newexco from data acquired by the recent surface SAMSON EM survey completed at Windsor. The target depth was estimated as 275m downhole.
The drill core had no conductive material at the target depth. The DHEM survey in WINDD012, however, recorded a prominent EM response at the end of hole suggesting that the drill hole was approaching a large conductor.
Modelling of the new DHEM survey data indicates a large, late-time bedrock conductor situated approximately 160m below the end of WINDD012. The target EM plate has dimensions of 600m x 225m and conductivity of 2000 Siemens. The conductor is seen in the late-time channels with decay up to 156ms.
St George Mining Executive Chairman, John Prineas said: “Our systematic exploration at Windsor is continuing to provide high priority targets for nickel sulphide mineralisation.
“The DHEM survey data has allowed for a more definitive modelling of the Windsor X3 conductor, and we are pleased to be able to immediately commence drilling of a further drill hole to test this large and exciting target.”
A new drill hole – WINDD013 – has been commenced to test the deeper conductor. The alternative of reentering and extending WINDD012 was not feasible due to broken PVC casing in that drill hole.
ASSAYS CONFIRM FURTHER HIGH GRADE
MINERALISATION AT MT ALEXANDER
9 January 2018
- Laboratory assays confirm new intersections of high grade nickel-copper-cobalt-PGE sulphides at the Cathedrals Prospect
- Drill results continue to extend the high grade mineralisation at the Cathedrals Prospect where massive nickel-copper sulphides have been intersected from depths of 30m below surface
- MAD65 intersected shallow mineralisation with: 3.28m @ 5.77%Ni, 2.43%Cu, 0.18%Co and 5.05g/t total PGEs from 52.75m including 1.9m @ 7.42%Ni, 3.45%Cu, 0.23%Co and 5.61g/t total PGEs from 54.13m
- MAD66 intersected mineralisation in the footwall fault with: 5.94m @ 1.76%Ni, 0.85%Cu, 0.06%Co and 1.88g/t total PGEs from 180.06m including massive and brecciated massive sulphides of 2.04m @ 2.70%Ni, 1.53%Cu, 0.08%Co and 3.09g/t total PGEs from 180.06m and 0.31m @ 6.18%Ni, 0.9%Cu, 0.22%Co and 5.04g/t total PGEs from 183.97m
ASSAYS CONFIRM FURTHER HIGH GRADE MINERALISATION St George Mining Limited (ASX: SGQ) (‘St George Mining’ or ‘the Company’) is pleased to announce that laboratory assays have confirmed significant intersections of high grade nickel-copper-cobalt-PGE mineralisation in drill holes completed during November 2017 at the Cathedrals Prospect.
MAD65 was drilled to test for an eastern extension of the thick nickel-copper sulphides already discovered in the Cathedrals ultramafic by MAD13 (2.05m @ 5.78%Ni, 2.33%Cu, 0.18%Co and 3.93g/t total PGEs from 57.25m) and MAD56 (7.5m @ 3.90%Ni, 1.74%Cu, 0.12%Co and 3.32g/t total PGEs from 57.8m).
MAD66 was drilled to test an off-hole downhole electromagnetic (DHEM) plate in the footwall fault, approximately 80m below the main Cathedrals ultramafic unit.
Both drill holes intersected nickel-copper sulphides and successfully extended the known mineralisation at the Cathedrals Prospect, where the ultramafic and the footwall fault are interpreted from drill results to extend for a strike length of 400m.
St George Mining Executive Chairman, John Prineas said: “We are very pleased with the high grade nickel, copper, cobalt and PGEs returned in the assays for the latest drilling at the Cathedrals Prospect.
“The mineralisation at the Cathedrals Prospect continues to impress with high grades and shallow depths to mineralisation.”
The Hawaii Project is located approximately 50km west of the Sinclair Nickel Project, owned by Talisman Mining Limited, and 90km southwest of Cosmos, owned by Western Areas Limited. Both of these projects were only recently acquired by their current owners and are undergoing major exploration programmes, reflecting the increased focus on nickel sulphide exploration in this area of the Agnew-Wiluna belt.
St George acquired 100% of the Hawaii Project from BHP Billiton Nickel West in October 2015. The Project is located along the Ida Fault, a significant Craton-scale structure that marks the boundary between the Eastern Goldfields Superterrane to the east and the Youanmi Terrane to the west.
The Mt Goode Rift that hosts the Cosmos nickel complex (“Cosmos”) to the north is interpreted to be a splay off the Ida Fault. The geology at Hawaii could be contiguous with the stratigraphy that hosts Cosmos, one of the highest grade nickel mines ever discovered with a resource over 500,000 tonnes of contained nickel.
Reconnaissance shallow aircore drilling completed by BHP Billiton at the Hawaii Project in 2012 discovered over 5km of moderate to high MgO ultramafics adjacent to the Ida Fault. This area was previously interpreted as granite, and the discovery of prospective ultramafics was a significant exploration milestone.
St George is escalating on-ground exploration at Hawaii with drill ready targets for nickel sulphide and gold mineralisation. The figure below illustrates the attractive regional location of the Hawaii Project with major nickel sulphide and gold deposits in this area.
The East Laverton Project is located 230 km north-east of Kalgoorlie, in the under-explored and highly prospective eastern margin of the Yilgarn Craton.
This large and strategically dominant landholding is comprised of a tenement package extending over 2,000 sq km.
This is a frontier exploration location with tremendous potential to host new and significant nickel sulphide, gold and VMS-style base metal deposits.
The map below indicates the regional setting of the East Laverton Project.
The Board of St George Mining is a highly experienced team possessing a broad range of technical, corporate and financial skills as well as a deep understanding of the Australian and global resources industry. The Board is ideally qualified to expertly manage the Company through its strategic establishment and growth phases. As the projects of the Company advance, the Board intends to consider the recruitment of additional management as required.
John Prineas B.Ec LL.B F Fin (Executive Chairman)
John is a founding shareholder and director of the Company. He has over 25 years experience in the banking and legal sectors, including a period as the head of a financial institution in Australia. He commenced his career as a lawyer at Allen, Allen & Hemsley, gaining extensive experience in commercial transactions and corporate advice in both Australia and Asia-Pacific. In 1994, he joined Dresdner Bank AG in Sydney and over the next 10 years occupied the roles of General Counsel, Chief Operating Officer and Country Head with a focus on project and acquisition finance for resources and infrastructure projects as well as associated capital markets and treasury products, including commodities trading. John has a diverse range of high level experience in finance, mining and corporate governance.
Tim Hronsky B.Eng (Geology) Mausimm, MSEG (Executive Director)
Tim is a geologist with over twenty years international experience in the mineral exploration and mining industry, including 15 years with Placer Dome Inc. After graduating from the West Australian School of Mines, Tim began his career in a number of operational roles before shifting to exploration where he was the Exploration Manager (Asia) for Placer Dome. Subsequently he undertook a number of corporate roles related to business improvement, risk management and assurance. More recently, he has been providing consulting services to a range of clients in the global exploration and mining industry.
Formerly, Tim was a founding director of Emmerson Resources (ASX: ERM) and a non-executive director of A1 Minerals Ltd (ASX: AAM).
Sarah Shipway B.Com, CA (Non Executive Director)
Sarah is a Chartered Accountant with extensive experience in advising on ASX company listings, financial reporting, corporate planning and equity and debt funding. Sarah has a Bachelor of Commerce from the Murdoch University and is a member of the Institute of Chartered Accountants.
She was appointed Non‐Executive Director on 11 June 2015 and has been Company Secretary of the Company since 22 March 2012.