Base Metals: More solid nickel, copper hits at Mt Alexander kick St George shares up
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Nickel explorer St George Mining (ASX:SGQ) got a nice share price boost this morning after reporting more solid nickel and copper results from its Mt Alexander project in Western Australia.
The company hit a 14m thick zone of nickel-copper sulphides from 78m in one hole, which delivered preliminary grades of up to 3.5 per cent nickel and 1.2 per cent copper at the Stricklands prospect.
The hole sits just 100m northwest of an earlier drill hole that returned massive sulphide results including 2m at 5.05 per cent nickel and 2.01 per cent copper.
Meanwhile, three areas at the Investigators prospect have been prioritised for immediate drilling, after strong off-hole electromagnetic conductors were identified.
“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 the strike of the Cathedrals mineralised trend,” chairman John Prineas said.
“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.”
Shares climbed over 14 per cent this morning, and have doubled in the last six weeks.
Pacifico Minerals (ASX:PMY) also provided drilling results this morning, for its Sorby Hills project in the Kimberley region of Western Australia. Results included 8m at 13.7 per cent lead equivalent and 22m at 10.2 per cent lead equivalent. The company told shareholders it expects a substantial increase in its resource, which will underpin its pre-feasibility study. It plans to start the next phase of drilling in three weeks.
Superior Lake Resources (ASX:SUP) will begin drilling at its Canadian zinc project next week. It identified anomalies in electromagnetic surveys undertaken this year. The company completed its bankable feasibility study only a fortnight ago and it estimates a resource of 2.35 million tonnes at 17.7 per cent zinc.
Copper miner Stavely Minerals (ASX:SVY) reported an intersection of 14.6m of massive to semi-massive sulphides from 79m. Stavely said recent reviews of diamond drill core, assays and other technical data from the Thursday’s Gossan copper deposit had identified similarities in the styles of copper-gold-silver lode-style mineralisation to those at Butte, Montana and Magma,
Arizona. This has led to a review of previous results from shallow drilling. And Stavely has uncovered a new shallow target extending 500m that was assayed for copper only and not gold and silver.