St George Mining Finds High-Grade Rare Earth Mineralization at Brazil Project; Shares Hit Four-Year High

MT Newswires Live

Sep 17

St George Mining (ASX:SGQ) found high-grade rare earths mineralization during a recent drilling at its Araxa Project in Brazil, according to a Wednesday Australian bourse filing.

The results were up to 48 meters at 5.7% total rare earth oxides (TREO) from 2 meters, including 15 meters at 12.6% TREO from 4 meters.

The discovery is 1 kilometer east of the company's existing mineral resource estimate, indicating potential to add a significant volume of near-surface, high-grade rare earths and niobium mineralisation to an updated estimate, the filing added.

The company added that three diamond drill rigs are operating at the site, drilling expansion targets along strike of the existing mineral resource estimate.

The company's shares rose almost 13% in recent Wednesday trade, earlier hitting their highest since May 2021.

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