St George Mining Ltd (ASX:SGQ) is pushing ahead with its aggressive lithium exploration strategy with the addition of further landholding at the flagship Mt Alexander Project.
The expansion across the highly prospective pegmatite corridor parallel to the Copperfield Granite comes via the 100% acquisition of Exploration Licence E29/1143 and application for Prospecting Licence P29/2680.
These new tenements adjoining Mt Alexander provide St George with near-continuous coverage of more than 15 kilometres of the corridor.
The newly-acquired ground hosts extensive pegmatite outcrops at which the explorer intends to conduct a field mapping and sampling program within weeks.
Map showing the interpreted prospective LCT pegmatite corridor, the new tenements acquired and applied for by St George and the location of lithium projects along strike to St George’s Mt Alexander Project.
Dominant player
“This tenement acquisition further strengthens our land position at Mt Alexander and stamps St George as a dominant player in this new lithium province," St George Mining executive chairman John Prineas 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.”
The company paid a total of $50,000 in cash and 4,475,319 in fully paid ordinary shares to an unrelated party for the new E29/1143 licence, which also includes a 1% net smelter royalty for any minerals mined.
Exciting time
“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 programs to identify further lithium-bearing pegmatites below surface,” Prineas added.
A diamond drill rig has arrived at site and will commence drilling at the Jailbreak Lithium Prospect, in parallel to the reverse circulation (RC) drilling already underway.
New lithium province
The province around Mt Ida has emerged as a new lithium province following the significant high-grade lithium discovery by Red Dirt at its Mt Ida Project in September 2021.
In addition to St George and Red Dirt, Zenith Minerals, in joint venture with EV Metals plc, and Hawthorn Resources (ASX:HAW). in joint venture with Legacy Iron Ore Ltd (ASX:LCY) and Hancock Prospecting, have significant exploration programs underway.
Further north of Mt Alexander and situated adjacent to the Mt Ida fault, Liontown Resources (ASX:LTR) is developing the large Kathleen Valley lithium deposit.