St George Mining Limited (ASX: SGQ) has secured key lithium exploration tenements adjoining its flagship Mt Alexander Project in Western Australia which will result in the company having access to a larger area of the highly prospective pegmatite corridor and adjacent Copperfield Granite contact.
“This tenement acquisition further strengthens our land position at Mt Alexander and stamps St George as a dominant player in this new lithium province,” John Prineas, St George Mining’s Executive Chairman, said.
“The recent announcement by Red Dirt Metals of a significant lithium resource at its Mt Ida Project underscores the emergence of Mt Ida as a new lithium province in Western Australia.
“With both junior and major mining companies looking to gain a foothold in the Mt Ida lithium province, we are delighted to have consolidated a large continuous tenement package that covers highly prospective areas of the pegmatite corridor and adjacent margin of the Copperfield Granite.
“Our work has already identified pegmatite outcrops on the new ground, indicating expansion potential for the lithium mineral system at our existing tenements. We are keen to commence field mapping and rock chip sampling on the new tenements as we try to replicate the success that delivered the high-grade lithium results at our Jailbreak Prospect.
“This is a very exciting time for the Company as we grow the scale and quality of our lithium project at Mt Alexander and continue drill programmes to identify further lithium-bearing pegmatites below surface.”
The total payments made in connection with the acquisition of this new ground is $50,000 cash and 4,475,319 in fully paid ordinary shares of St George. A 1% net smelter royalty in regard to any minerals mined also attaches to E29/1143.
For further information please visit: https://stgm.com.au/
