A mining exploration company, with a significant project in Western Australia, has completed its fundraising in order to commence with an expansion and aggressive drilling programme.
St George Mining, an emerging Western-Australian nickel company, has announced that it has raised $4mn via an oversubscribed placement to expand and accelerate an aggressive drilling programme at its Mt Alexander project site.
The Mt Alexander project is a high-grade nickel-copper sulphide project, located near Leonara, in the north-eastern Goldfields.
John Prineas, Executive Chairman of St George Mining, said: “We are delighted with the strong demand for the Placement from new investors and existing shareholders.
“This capital raising strengthens St George’s ability to deliver further shareholder value through continued exploration success, with the strong investor demand for the Placement testament to the potential of our exciting Mt Alexander project.
“Drilling is scheduled to commence this week after extensive rainfall caused delays, a resumption we know all investors have been keenly awaiting.”
Preliminary metallurgical testwork confirmed that Mt Alexander will produce a high value saleable concentrate that will be sought after by smelters.
The location of the Project near the world class nickel sulphide mines in the Agnew-Wiluna belt provides St George with access to existing roads and infrastructure, as well as opportunities to utilise existing processing plants.
With multiple intersections of high grade nickel-copper sulphides over a broad area and favourable project economics, Mt Alexander is emerging as a major new nickel sulphide camp in Western Australia.