Nickel company St George Mining has completed an institutional‐led placement that has raised additional funding for its nickel‐copper sulphide project at Mt Alexander.
The project is located in the north‐eastern Goldfields of Western Australia.
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St George Mining has issued approximately 33 million fully paid ordinary shares priced at $0.10 a share to raise $3.3m.
The funds generated through the placement round will be used to support the expansion of exploration programmes at Mt Alexander.
According to the company, diamond drilling of high‐grade nickel‐copper sulphide targets is scheduled to commence this week.
St George Mining executive chairman John Prineas said: “We appreciate the backing of new and existing shareholders for our upcoming exploration programmes at Mt Alexander, programmes which have the potential to be significant near‐term value drivers.
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By GlobalData“A diamond drill rig has arrived at Mt Alexander and drilling of a large number of electromagnetic (EM) conductors will start this week. We are confident that this major drill programme will identify additional high‐grade mineralisation that could significantly increase the resource potential at our advanced prospects in the Cathedrals Belt.
“Exploration at earlier stage targets will also be accelerated, with a focus on the Fish Hook prospect in the underexplored eastern extension of the Cathedrals Belt and the West End prospect near the Ida Fault, both of which offer excellent potential for a new greenfields discovery.”
In November 2015, St George Mining acquired Mt Alexander North Project from BHP Billiton Nickel West. The acquisition included all technical and exploration data from Nickel West.
