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nIcKeL PReVIeW

Smart money comes for St George

hortly after raising $3.6 million in saying for the last couple of years; nickel
SJune, St George Mining Ltd execu- sulphides are rare to find and supply will
tive chairman John Prineas was asked tighten. We thank Elon Musk for towing
by Paydirt if he could remember a time that message now,” he said.
when the market was as flush with cash Prineas was overwhelmed by the re-
for explorers as it is currently. sponse to the SPP, however, consider-
“We are in a good spot at the moment, ing St George’s reputation for nickel
I haven’t seen it like this since 2007, that sulphide discovery success at Mt Alex-
was a very good time to raise money,” ander, he said the company was receiv-
Prineas said. ing due attention in the market.
“The market seems a bit smarter this While the sexy stories emerging in WA
time around and is not backing moose are Chalice Gold Mines Ltd at Julimar
pasture, investors are more intelligent and Legend Mining NL at Mawson in the
and if you have a decent project they will Fraser Range, St George has been a
back you, particularly if you are in West- mainstay in a sector that has seen many
ern Australia with gold or nickel.” companies succumb to the difficulties of
The SPP St George completed in exploring for nickel sulphide material.
June was priced at 8c/share and while BHP Nickel West was the first to find
the company was only chasing $1.6 mil- high-grade nickel sulphides at Mt Alex-
lion to satisfy its drilling ambitions at Mt ander – 3.95m @ 5.05% nickel, 1.55%
Alexander, Prineas said $9 million was copper, 0.11% cobalt and 4.44 g/t total
in the offing. PGEs from 91.4m – however that was
“We increased it to $3.6 million to long before the base metal re-emerged
make sure there was a fair allocation as a wanted commodity in its portfolio.
to existing shareholders. We are get- Mt Alexander, 120km south-south-
ting a fair bit of attention and everyone west of the nickel-rich Agnew-Wiluna
is starting to realise what we have been belt, was acquired by St George from John Prineas

Page 90 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT