St George Mining raises $5.7 million from high-quality investors for nickel-copper project
St George Mining Ltd (ASX:SGQ) has raised $5.7 million with a placement to institutional investors for an active exploration program at its flagship Mt Alexander Nickel-Copper Project in WA.
The company said today the funds would support extensive exploration activities at the Eastern Goldfields site, where drilling and field activity is expected to continue until a festive season break.
"Well-funded"
St George Mining executive chairman John Prineas said, “St George is now well‐funded to extend our aggressive exploration programs across Mt Alexander."
Prineas said St Georges geological model suggested there could be larger “larger intrusive‐style nickel sulphide deposits at depth” and the funds would allow the company to speed up further testing of deeper target areas.
“Programs are in full swing with diamond drilling running 24/7, (with) RC drilling to resume shortly, downhole.
“EM surveys are underway and further surface EM surveys at Fish Hook and West End are prioritised to commence shortly,” he said.
Additional rig expected
An additional reverse circulation (RC) drill rig is expected to arrive on-site soon to accelerate St Georges exploration efforts.
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