Drilling of nickel sulphide targets at the East Laverton Project is set to escalate as St George Mining aims to raise its nickel sulphide targets in Western Australia.
Receiving strong support from investors, St George raised $1.6 million through the placement of 20 million shares at $0.08.
As RM Capital acted as lead manager during a heavily oversubscribed placement, shareholder interest was driven through raising positive drilling results through the current campaign.
Reflecting on the level of investor support, St George Mining executive chairman John Prineas said “We are very pleased with the strong level of investor support and appreciate the confidence expressed by new and existing shareholders in our projects and exploration programs.”
“St George has achieved significant corporate and project milestones this year and we are looking forward to an aggressive exploration campaign and delivering exploration success,” said Prineas.
St George has recently been identifying occurrences of disseminated nickel sulphides at its Windsor prospect, with new drilling intersecting thick mineralised ultramafic material.
This geology is considered a textbook setting for a massive nickel sulphide deposit and suggests St George’s systematic approach to exploration at Windsor may result in an important discovery.
The company also wrapped up the acquisition of the Hawaii and Mt Alexander North projects, further increasing the likelihood of the company making further nickel sulphide discoveries.
Since BHP Billion made an acquisition on the project, upfront cash costs of $40,000 are minimal with a royalty payable to BHP only on successful mineral production, allowing the company to dedicate resources to exploration work.
These highly prospective projects are located south-west of the Agnew-Wiluna belt which hosts numerous world class nickel and gold deposits.