St George makes ‘best ever’ high grade nickel discovery
Mining & Resources
Western Australian nickel explorer St George Mining has made a “best ever” nickel-copper intercept at its Mt Alexander project in the north-eastern Goldfields.
Average readings of 8.8 per cent nickel and 4.5 per cent copper were made at the Investigators prospect, about 185m to 190m from surface.
Anything above 3 per cent nickel is considered high grade.
The intraday St George share price – which has traded between 10.5c and 48c over the past year – was up 12 per cent to 14c on the news.
St George (ASX:SGQ) told investors laboratory testing results were now required to confirm the nickel and copper grades, which were estimated using portable XRF (or x-ray) analysis.
St George chairman John Prineas told investors the intersection was shaping up as “our best ever” at the Investigators prospect.
“Our drilling is continuing to scope out the scale of the discovery at Mt Alexander with [this drilling] another outstanding result that has extended the footprint of high-grade mineralisation,” Mr Prineas said.
Investigators is a joint venture with major miner Western Areas.
St George had about $4 million in the bank at the end of September.