St George shares climb as it proves it can make saleable nickel, copper
St George Mining (ASX:SGQ) shares received a nice 15 per cent kick this morning after it revealed its Investigators prospect could deliver the goods.
Preliminary test work has confirmed high metallurgical recoveries and generated separate clean saleable nickel and copper concentrates from the prospect in Western Australia’s northeastern Goldfields.
Nickel concentrate was produced at 16.2 per cent from massive sulphides at 90.6 per cent recovery, and 13.5 per cent from disseminated sulphides at 62 per cent recovery.
Copper concentrate was produced at 30.3 per cent from massive sulphides at 90.6 per cent recovery, and at 25 per cent from disseminated sulphides with 59.8 per cent recovery.
High silver values of 52 grams per tonne in copper concentrate was also produced.
The news pushed shares up to an intra-day peak of 11.5c
“The high quality of our Mt Alexander mineralisation has been confirmed with separate clean nickel and copper concentrates produced from both the massive and disseminated sulphides,” executive chairman John Prineas said.
The test work for Investigators is “very favourable and likely to have a positive impact on project economics” for a potential mining operation at the company’s flagship Mt Alexander project, the company said.
St George will undertake more detailed test work and progress marketing studies to maximise potential net smelter revenues, Prineas said.
Castillo Copper (ASX:CCZ) has verified high-grade copper mineralisation for its Big One deposit within its Mt Oxide project in Queensland’s Mt Isa copper belt.
The mineralisation was confirmed in two dozen rock-chip samples gathered from historic mineworkings at Big One and the mineralisation occurs as veinlets and crackfill veins.
In addition, a wide range of gold values were detected, subject to assay confirmation, which are potentially associated with copper mineralisation.
“Insights from the field analysis is very encouraging, especially verification there is potentially wide-spread high-grade copper mineralisation across the strike even at the Big One deposit,” managing director Simon Paull said.