Exploration Update at Destiny Project

St George Mining Limited (ASX: $SGQ) has announced the identification of new high-priority drill targets at the Destiny Project in the Eastern Goldfields region of Western Australia. The gravity survey programme, completed over six prominent magnetic features, has confirmed the potential for carbonatites and late-stage mafic intrusions, which are known to host niobium, rare earth elements, and nickel-copper-PGE mineralisation. The targets are supported by the proximity to the Ida Fault, a regional scale crustal suture, and evidence of major structural disruption of the greenstone/granite belt surrounding the interpreted intrusions.

Executive Commentary

John Prineas, St George Mining's Executive Chairman, stated, 'The survey indicated that four of the six magnetic features presented as 'gravity highs' - a combination that is common for mafic intrusions and carbonatites. Significantly, these features are within a major structural corridor close to the Ida Fault - a major crustal suture zone. This combination of high gravity signatures, magnetic geometry, and geological setting at Destiny warrants further investigation to determine the potential for any mineralisation to be associated with these distinctive geophysical features. These targets are relatively easy to explore and we consider they have potential for high-grade discoveries, such as Nb-REE mineralisation or Ni-Cu-PGEs.'

Summary

St George Mining's exploration at the Destiny Project has identified new high-priority drill targets with the potential for carbonatites and late-stage mafic intrusions. The gravity survey results have confirmed the presence of high gravity signature in four of the six magnetic features, indicating the possibility of intrusions hosting niobium, rare earth elements, and nickel-copper-PGE mineralisation. The company's Executive Chairman, John Prineas, expressed optimism about the potential for high-grade discoveries and highlighted the ease of exploration for these targets. The confirmed REE mineralisation at Destiny supports the potential for further mineralisation across the large, untested areas of the clay zone, which remains open in all directions within a prospective structural zone extending for more than 70km along the Ida Fault. St George Mining plans to conduct grid-spaced gravity surveys over the identified targets and schedule drilling in early H2 2024 to further assess the potential of these new exploration targets.