PERTH (miningweekly.com) – Junior St George Mining has announced a share purchase plan (SPP) to raise up to A$1.6-million to assist in funding its planned exploration programme in 2020.
The ASX-listed company last week announced that it will raise A$3.6-million through a private share placement, placing more than 45.2-million shares at a price of 8c each.
The SPP now announced, would allow existing shareholders to participate in this raising, and would also be priced at 8c a share.
St George told shareholders that the new funding would support the company’s exploration programmes at its flagship Mt Alexander nicker/copper sulphide project, in Western Australia.
“We have already made four high-grade nickel/copper sulphide discoveries over a 5.5 km strike of the Cathedrals Belt. We believe that if the high-grade mineral system is that long, it must also be deeper than the extent of the current shallow discoveries,” said executive chairperson John Prineas.
“The latest geophysical surveys have identified potential down-plunge extensions of the shallow mineralisation and potential deeper deposits. Our upcoming drill programme will focus on testing these exciting targets.”