St George raises funds to explore
PERTH (miningweekly.com) – Junior explorer St George Mining has raised A$3.3-million through a share placement to fund drilling at its high-grade Mt Alexander base metals project, in Western Australia.
The company has issued 33-million fully paid ordinary shares at a price of 10c each.
Executive chairperson John Prineas on Monday said that the upcoming exploration programme at Mt Alexander had the potential to be a significant near-term value driver.
“A diamond drill rig has arrived at Mt Alexander and drilling of a large number of electromagnetic conductors will start this week. We are confident that this major drill programme will identify additional high-grade mineralisation that could significantly increase the resource potential at our advanced prospects in the Cathedrals Belt.”
He noted that exploration at earlier stage targets would also be accelerated, with a focus on the Fish Hook prospect and the West End prospect.
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