MINING St George rattles tin for Mt Alexander drilling
Stuart McKinnon | The West Australian
Thursday, 8 March 2018 9:04AM Stuart McKinnon
St George announced late last month it was planning a 20-hole diamond and reverse circulation drilling program covering 2510m.Picture: St George Mining
St George Mining is understood to be in the market chasing up to $5 million in a placement to spend on further drilling at its promising Mt Alexander nickel project near Leonora.
It is believed the explorer is looking to place 22.2 million new shares at a discounted 18¢ through Argonaut Securities to raise $4 million with the option to accept oversubscriptions for an extra $1 million.
St George announced late last month it was planning a 20-hole diamond and reverse circulation drilling program covering 2510m, focusing on targets across the so-called Cathedrals Belt where high grade sulphide mineralisation had previously been intersected over a 4km strike.
Shares in the John Prineas-led company rallied to 48¢ in December last year on the back of encouraging drill results from its Stricklands prospect at Mt Alexander which included 17.45m at 3.01 per cent nickel, 1.31 per cent copper and 0.13 per cent cobalt.
St George shares, which last traded for 20.5¢, are expected to emerge from a trading halt on Monday.
SGQ Price at posting:
20.5¢ Sentiment: Buy Disclosure: Held
(20min delay)