- St George Mining (SGQ) to acquire the Woolgangie Project in the Eastern Goldfields of Western Australia
- The project contains nine exploration licenses, granted or in application, covering a total area of 1,200 square kilometres
- Woolgangie has only received “superficial” previous exploration for lithium bearing pegmatites and limited exploration for other types of mineralisation
- St George said systematic exploration for lithium and other critical metals would offer an “excellent opportunity” for a new discovery
- Shares in SGQ are up 1.33 per cent, trading at 7.6 cents at 3:29 pm AEDT
St George Mining (SGQ) has entered a binding agreement to acquire a 100 per cent interest in the Woolgangie project in the Eastern Goldfields of Western Australia.
The project contains nine exploration licenses, granted or in application, covering a total area of 1200 square kilometres.
The Woolgangie Project has only received “superficial” previous exploration for lithium bearing pegmatites and limited exploration for other types of mineralisation.
St George said systematic exploration for lithium and other critical metals would offer an “excellent opportunity” for a new discovery.
“This acquisition expands our project portfolio in Western Australia into a highly prospective but largely overlooked region and stamps St George as a dominant player in this area,” St George Mining Executive Chair John Prineas said.
“The option over Woolgangie provides a strategic and cost-effective pathway to grow St George’s already substantial lithium and critical metals opportunities in Western Australia, complementing our success at Mt Alexander and the potential of our other projects including the Paterson, Ajana and Broadview projects.”
Mr Prineas said the company is excited by the chance to unlock a new discovery at the “highly prospective but under-explored landholding”.
The tenements, containing nine licenses, cover two strategic areas. The western tenements span around 70 kilometres of strike along the Ida Fault, considered to be highly prospective. The eastern tenements are nearby an established lithium region hosting a number of significant lithium deposits and operating mines.
The project is considered prospective for lithium, nickel-copper sulphides and ionic clay-hosted rare earths mineralisation.
Woolgangie adds to St George’s growing portfolio of highly prospective lithium and other critical metals projects across WA.
St George said it has significant exploration activity planned at Woolgangie for 2023, which include field mapping and outcrop sampling, soil surveys, airborne magnetic surveys, ground electromagnetic surveys and drilling.
Shares in SGQ were up 1.33 per cent, trading at 7.6 cents at 3:29 pm AEDT.