SGQ (ASX) Ann: Trading Halt

Originally posted by Corker: ↑

Hi Helmenesh, I think we would be better off with an aircore drilling program to start with at our Paterson project.. By the looks of it we have a very large area to drill, with many targets to focus on. So possibly a 200-400m spacing on holes to start with to save costs.
Not sure what happened about our application for the EIS govt co-founded drilling grant, perhaps we were unsuccessful, in our bid last year.
Follow up holes on interesting assays could be closer spaced aircore with a secondary RC rig onsite.
I think this project alone had the potential to significantly move our SP on its own right, given some good exploration.

St George Mining (SGQ) has identified significant areas for follow-up exploration at its Paterson Project in Western Australia
In March, the company completed an airborne magnetic survey at the project to gain an understanding of the structure and outline areas for additional exploration
Data from this survey outlined magnetic features that are similar to major precious and base metals projects in the area
Large magnetic units, than span throughout the 35 kilometre length of the project, have also been identified

Data from this survey outlined magnetic features which host granite intrusions and have a similar geology that are similar to other projects in the area. These other projects host significant precious and base metals.

Large magnetic units, than span throughout the 35 kilometre strike length of the project, have also been identified.

“The results from the aeromagnetic survey have exceeded our expectations with multiple areas of interest identified across the 35 kilometre strike of prospective stratigraphy on our exploration ground,” Executive Chairman John Prineas commented.

Our review of the regional magnetic and gravity data available on the Government database has highlighted a number of key structures and tectonic features within the St George tenure.

Significantly, these features are more prominent in St George’s ground than at other project areas like Winu and Havieron, suggesting that the depth of cover at St George’s ground is much less than at these other projects – potentially allowing for expedited and lower cost exploration drilling.

The company identified prominent magnetic features interpreted to represent key stratigraphic units and granitic intrusions similar to those known to host major precious metals and base metals discoveries in the region after completing a high-resolution gravity and airborne magnetic survey in March.

A further detailed gravity survey was then completed at E45/5226 during June and July and a review of the gravity and magnetic data highlighted a number of important features and coincident anomalies within the project, including one that is associated with an historical late time (CH14) airborne electromagnetic (GeoTEM) anomaly.

The interpreted tectonic and stratigraphic setting of the Paterson Project is highly prospective for copper and gold mineralisation.

Similar geophysical signatures are seen at major deposits in the region including Winu, Nifty and Havieron.

Expand

Hello Corker,
Thank you for posting all this information, I must have been asleep when this report came out because I was not aware of these results, It all looks very encouraging with respect to air-core drilling. Basement must be very shallow indeed or the intruding granite is widespread. It seems the drilling program will be completed quickly. Some 30 years ago I drilled some lateritic nickel prospects using air-core rotary rigs without dropping the mast between holes. It would be frowned upon these days and not advised, but then I was only drilling 50m centers and we were able to drill 300 to 400m a looong day. Great times and I really miss them!
Cheers Corker.

Helmenesh.

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(20min delay)
Last 2.5¢		Change -0.001(3.85%)		Mkt cap ! $24.71M

Open	High	Low	Value	Volume
2.6¢	2.6¢	2.5¢	$26.58K	1.023M

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