St George Mining has announced it will acquire 100% of 7 lithium prospective projects located in Western Australia. These projects comprise 14 exploration licences covering a total area of 653 km2.
- New projects comprise fourteen exploration licences over a total 653km2 with several of these projects located along strike from other high grade lithium deposits and established spodumene producing lithium mines, including:
– the Split Rocks Project, located located ~25 km north-west of the Earl Grey lithium deposit, which has a resource of 189 Mt @ 1.50% Li2O, owned by Covalent Lithium – a joint venture between Wesfarmers (ASX: WES) and SQM (NYSE:SQM).
– the Buningonia and Buningonia North Projects, located in the same lithium province as Global Lithium’s (ASX: GL1) Manna Project and the Bald Hill Mine.
– the Ten Mile West Project, located east of Liontown Resources’ (ASX: LTR) Buldania Deposit.
– the Myuna Rocks Project, located near Allkem’s (ASX: AKE) operating Mt Cattlin Mine.
- Projects are ‘underexplored for lithium’ and delivers a ‘step-change in exploration opportunities in the world’s premier hard rock lithium address in Western Australia.’
- These acquisitions follow the recent acquisition by St George of the Woolgangie Project, and the signing of the Mt Holland Area of Influence Agreement as the Company establishes a high quality portfolio of hard-rock lithium assets in Western Australia.
- At its Mt Alexander project, St George has recently recommenced exploration activities – with latest assays for rock chips confirming more high-grade lithium bearing pegmatities up to 2.8% Li2O – and over 20 000 m of drilling expected to be completed through 1H23.
- In late 2022, St George entered into strategic relationships with key global battery giants including:
– a MOU with SVOLT, one of the world’s largest manufacturers of batteries for EVs and energy storage, including investment by SVOLT into SGQ, offtake agreements, and a potential joint venture on future projects.
– o a MOU with Jayson, a globally significant supplier to the clean energy sector and the world’s leading producer of cathode precursor materials for lithium-ion batteries, including the potential for investment and offtake opportunities and the future acquisition and development of lithium exploration or downstream processing assets in Western Australia.
- St George is well funded following a placement in November 2022 of A$7.2 million which Jayson cornerstoned to A$2 million.
Commenting on the acquisition today, St George Mining’s Executive Chairman John Prineas said: “This is a strategic move by St George to deliver a step-change in exploration opportunities in the world’s premier hard-rock lithium address of Western Australia. 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. Exploration ground in these regions is highly sought after. The projects being acquired by St George are underexplored for lithium. Our focus will be on unlocking any 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.”
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