St George Mining fires up drill rigs for first time at Araxa niobium-rare earth elements project in Brazil
On Wednesday the WA explorer said it had more than 10,000m of auger, reverse circulation and diamond drilling planned across 12-16 weeks.
St George said mineralisation was open in all directions, with significant mineralisation below 100m from surface not yet included in the current mineral resource estimate.
The company said this meant there was potential for a 'substantial increase in the already globally significant resource' of 41.2 million tonnes at 0.68 per cent niobium pentoxide and 40.64Mt at 4.13 per cent total rare earth oxide.
St George secured ownership of Araxa in the Brazilian State of Minas Gerais in February after announcing its intention at last year's Diggers & Dealers Mining Forum in Kalgoorlie-Boulder.
Executive chairman John Prineas said the project had already delivered more than 500 intercepts of high-grade rare earths and niobium from past drilling, and St George was expecting to add significantly to this tally by the time the drilling campaign was completed.
'The Araxa project has many competitive advantages that make it a standout project in the rare earths and niobium space,' he said.
'Mineralisation starts from surface and is free-digging, supporting a potential low-cost open-pit mining operation.
'The project is in an established mining region with well-understood permitting and environmental management, providing an expedited pathway to potential development and strong ESG credentials.
'Araxa's key feature, of course, is the large, high-grade resource — an enviable development opportunity at a time when global economies are scrambling to establish new supply chains for critical metals, particularly magnet rare earths.
'One of the largest-producing hard-rock rare earths mines outside of China is the Mt Weld mine owned by the $8 billion Lynas Rare Earths, with a total resource of 106Mt at 4.1 per cent TREO.
'St George's Araxa project already has a total JORC resource of 40.64Mt at 4.13 per cent TREO, illustrating the potential value upside for St George as we progress through development studies and resource expansion drilling to demonstrate the potential for a commercial rare earth mining operation.
'At a time when investors are increasingly looking to Brazil for the next generation of quality hard-rock rare earths and niobium development opportunities, Araxa is in pole position to deliver sustained value for St George shareholders.'
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