St George Mining (ASX:SGQ) has acquired an option to purchase the Woolgangie project, consisting of nine exploration licences in the Eastern Goldfields of Western Australia.
Woolgangie is considered prospective for lithium, nickel-copper sulphides and ionic clay-hosted rare earths mineralisation, with a total area of 1,200?.
Its Executive Chairman John Prineas says: “This acquisition expands our project portfolio in Western Australia into a highly prospective but largely overlooked region and stamps St George as a dominant player in this area."
Following the announcement, shares of St George Mining were up at $0.076.