St George has acquired exploration licence E15/1687 named ‘Prince of Wales’
The new tenement adds to the circa 90km stretch of the Ida Fault captured in the Destiny project landholding
The company has drill programs scheduled to begin later this month
Special Report: St George Mining has nabbed a key exploration tenement adjoining its Destiny project in WA’s eastern Goldfields, which covers 8km of the Ida Fault Zone, a hot neighbourhood for lithium and rare earth mineralisation.
St George Mining (ASX:SGQ) acquired the Destiny project, previously named Woolgangie, in early 2023 comprising 3,350km2 and taking in more than 90km of the Ida Fault, a regional crustal shear zone that is gaining increased interest as a control on major mineral deposits in WA.
The Destiny project boasts both rare earths and lithium prospectivity with the company hitting zones of high-grade Total Rare Earth Oxide (TREO) – up to 42m thick – during its first ever drill program at the end of 2023, resulting in the discovery of a significant clay-hosted rare earth element (REE) system.
A high-priority lithium target area has also been identified along strike to Neometals’ (ASX:NMT) Spargos project, where spodumene-bearing pegmatites have been reported.
The Ida Fault is proving to be a hotbed of critical mineral exploration and activity with two major lithium deposits – Liontown’s (ASX:LTR) Kathleen Valley and Delta Lithium’s (ASX:DLI) Mt Ida – associated with the geological wonder.
Just last October, Wesfarmers agreed to pay Ora Banda Mining (ASX:OBM) $26m for a 65% interest in the lithium rights over a package of tenements which cover approximately 140km of the Ida Fault, located about 40km north of SGQ’s Destiny project.
The company has now moved to secure an additional tenement – named ‘Prince of Wales’ – adding to the circa 90km stretch of the Ida Fault captured in the current Destiny Project landholding.
Rare earth and lithium programs to begin
“Prince of Wales covers an extensive area of greenstones along the Ida Fault, making it very attractive exploration ground and complementing the prospectivity of the broader Destiny Project tenure,” SGQ executive chairman John Prineas says.
“Together with the 30km-stretch of the Ida Fault within our Mt Alexander Project, St George now has prospective tenure covering about 130km of highly sought-after exploration ground along the Ida Fault.
“With rare earths and lithium drill programs due to commence at the Destiny project within weeks and lithium drilling also scheduled for this quarter at Mt Alexander, it is a very exciting time for the company and our shareholders.”
Map showing the tenement comprising the Destiny project and the new tenement. Source: SGQ
Acquisition details
SGQ, through its wholly owned subsidiary Destiny Lithium Pty Ltd, entered into a sale and purchase agreement with Peter Gianni on 16 January 2024 to acquire 100% of the E15/1687 tenement.
The consideration under the acquisition agreement is 4,411,765 fully paid ordinary shares of St George. Destiny Lithium has also agreed to grant a 1% net smelter royalty for any minerals mined from E15/1687.
This article was developed in collaboration with St George Mining, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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