St George Mining moves in on lithium in WA with seven more acquisitions
Proactive Investors
Published Mar 22, 2023 10:41
Updated Mar 22, 2023 11:30
St George Mining moves in on lithium in WA with seven more acquisitions
Lithium is in the limelight at St George Mining Ltd (ASX:SGQ) after the company acquired seven new hard-rock lithium tenements in Australia’s mining engine room.
The polymetallic explorer has snapped up 14 more exploration licences — 13 granted and one under application — across Western Australia as it expands its hunt for battery and critical minerals.
Its acquisition list includes the Split Rock, Buningonia and Buningonia North, Myuna Rocks, Ten Mile West, Carnamah and Lindville projects, many of which were favourable targets given their proximity to established, high-grade lithium deposits.
SGQ’s latest buy comes just one month after it acquired the Woolganie critical minerals project and expanded into the Mt Holland lithium province — signs it’ll be focused on WA lithium in the months to come.
With another 653 square kilometres to explore, St George is making headway on its mission to curate a WA-focused hard rock lithium portfolio.
New St George tenements mapped next to existing projects.
Highly sought-after ground
St George Mining executive chair John Prineas said the acquisition was meant to capitalise on the proven opportunity in the world’s premier hard-rock lithium address.
“Several of the projects being acquired are located in regions that have delivered very significant results for other explorers and led to the confirmation of high-grade deposits being developed or already underpinning mining operations,” he explained.
“Exploration ground in these regions is highly sought after, and the projects being acquired by St George are underexplored for lithium.”
Prineas went on to say the company would focus on unlocking resource potential through systematic exploration.
“The acquisitions are in line with our strategy to build and explore a high-quality portfolio of lithium assets in Tier 1 jurisdictions like Western Australia,” he concluded.
Targets acquired
St George’s Lithium Star subsidiary signed the acquisition agreement, bringing seven more wholly-owned properties into the lithium fold.
Once the acquisition completes, SGQ will send A$300,000 in cash and A$400,000 worth of SGQ shares, with a further 15 million securities slated for issue each time the company announces a JORC resource on one of the new properties.
There’s particular interest in the Split Rock project, home to four granted exploration licences and 73 square kilometres of prospective lithium tenure.
Split Rock is just 25 kilometres northwest of the Earl Grey lithium deposit — one of the largest and highest-grade lithium deposits in Australia, weighing in at 189 million tonnes at 1.5% lithium.
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St George has also earmarked the Buningonia and Buningonia North projects in the same lithium province as Global Lithium’s Manna Project and the Bald Hill Mine.
With the neighbouring prospectivity front of mind, St George is tailoring exploration to each of its new projects.
Work will vary based on the location and geological setting but activities could include ground field mapping, geochemical sampling, airborne magnetics and aircore or reverse circulation drilling.
St George will keep the market updated on the next chapter at each of its newfound lithium assets.
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