St George Mining Limited (ASX: SGQ) has secured a key exploration tenement adjoining its Destiny Project, in the eastern Goldfields of Western Australia.
The new tenement – known as ‘Prince of Wales’ – covers approximately 8km of the Ida Fault Zone, adding to the circa 90km stretch of the Ida Fault captured in the current Destiny Project landholding.
“The acquisition of the Prince of Wales tenement further strengthens our large and strategic land position at Destiny to give St George control of more than 100km of the Ida Fault, a major crustal bounding structure considered highly prospective for a range of mineralization including lithium,” commented John Prineas, St George’s executive chairman.
“Prince of Wales covers an extensive area of greenstones along the Ida Fault, making it very attractive exploration ground and complementing the prospectivity of the broader Destiny Project tenure.”
St George, through its wholly owned subsidiary Destiny Lithium Pty Ltd, entered into a sale and purchase agreement with Peter Gianni on 16 January 2024 to acquire 100% of E15/1687.
Prospectivity for lithium, nickel, and gold mineralization at Prince of Wales is supported by favourable geological features that include extensive greenstones adjacent to the Ida fault where it is cross-cut by a Proterozoic dyke.
Prineas added, “Together with the 30km-stretch of the Ida Fault within our Mt Alexander Project, St George now has prospective tenure covering about 130km of highly sought-after exploration ground along the Ida Fault.”
2024 drill programme for the Destiny Project is scheduled to commence later this month to follow up the 2023 rare earth discovery and new lithium targets.
“With rare earths and lithium drill programmes due to commence at the Destiny Project within weeks and lithium drilling also scheduled for this quarter at Mt Alexander, it is a very exciting time for the company and our shareholders.” said Prineas.
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