Western Australian nickel company St George Mining (ASX: SGQ) has announced excellent results from its first exploration programme at its new Paterson Project, in the Paterson Province of WA.
Executive Chairman, John Prineas, said the new aeromagnetic survey at St George’s Paterson Project identifies compelling areas of interest for precious and base metal mineralisation
Mr Prineas said the high resolution magnetic data has confirmed the signature of key stratigraphic units and granitic intrusives that are interpreted to be prospective for new discoveries
St George’s ground covers more than 35km of prospective stratigraphy in this exploration hotspot which includes exciting discoveries at Rio Tinto’s Winu Project, Greatland Gold’s Havieron Project and Antipa’s Citadel Project
The Paterson Project is located in Western Australia’s latest exploration hotspot and provides an opportunity for a new, major discovery.
Mr Prineas said it complements the company’s flagship Mt Alexander nickel-copper sulphide project where St George is continuing to explore for additional discoveries as well as advancing towards a potential mine for the shallow high-grade deposits already identified.
The high-resolution magnetic data from the survey has identified prominent magnetic features which are interpreted to represent key stratigraphic units and granitic intrusions that are similar to those that are known to host major precious metals and base metals discoveries in the region.
Significantly, the stratigraphic horizon that hosts major deposits in the region is interpreted to continue within St George’s Paterson Project providing very strong encouragement to the Company’s exploration upside.
“The results from the aeromagnetic survey have exceeded our expectations with multiple areas of interest identified across the 35km strike of prospective stratigraphy on our exploration ground,” Mr Prineas said.
“We have begun planning for the 2020 drill programme and applied for the Western Australian Government’s Exploration Incentive Scheme (EIS), which provides co-funding for exploration drilling up to a prescribed capped amount.
“Our Paterson Project is shaping up as an outstanding opportunity to make a greenfields discovery. We are excited to be progressing exploration at the Paterson while we continue our principal exploration and development activities at our flagship Mt Alexander nickel-copper sulphide project.”