St George Mining Limited announced further encouraging results from lithium exploration at its Mt Alexander Project in WA's Goldfields, confirming the lithium prospectivity at the Project. Maiden lithium drilling: St George's first-ever lithium drilling was focused on testing several lithium-bearing pegmatite outcrops at the Jailbreak Prospect. Drilling has confirmed that the pegmatites extend from surface up to depths of 200m.

The pegmatites dip to the north with variable orientation from moderate to steeply dipping. In total, 23 drill holes - both RC and diamond - were completed to target pegmatites for 2,409m drilled. Of those, 20 drill holes intersected pegmatites.

The successive pegmatites tested appear to be stacked across the 1.7km strike creating a broad zone of mineralisation. Further drilling will be designed to explore the geometry and scale of these pegmatite bodies. Based on the intersection angle of the drilling with the modelled pegmatites, downhole widths noted above are interpreted to be close to true widths.

Geological logging is based on visual interpretations and should not be considered a substitute for analysis, which is required to determine grade and widths for geological reporting. Rock-chip sampling continues to identify prospective pegmatites: Laboratory assays for 79 rock chip samples from pegmatite outcrops at E29/638 (75% St George: 25% IGO) have returned assays indicating the presence of fractionated pegmatites that are prospective for lithium mineralisation. The geochemistry of these pegmatites is indicative of pathfinder elements for lithium-bearing pegmatites.

The identification of these pegmatites, located north of the drilling completed so far, provides strong encouragement for the overall prospectivity for lithium-bearing pegmatites occurring in the northern extent of the greenstone belt within the Project area. The K:Rb ratio derived from recent assays highlight the prospectivity of the northern pegmatites. The ratio is an indicator of a fractionated pegmatite, where the pegmatite melt has evolved as it moves further form its source granite.

The lower the K:RB ratio, the more fractionated and prospective the pegmatites. The occurrence of these fractionated pegmatites in clusters is highly encouraging for the potential for high-grade lithium mineralisation to be associated with these pegmatites. Drilling in 2023 will be designed to test these areas below surface.

Nickel targets: Three RC drill holes and two diamond drill holes were completed to test nickel targets. These drill holes intersected intervals of massive and semi-massive sulphides but no apparent nickel sulphide mineralisation. The intervals from these holes with sulphides have been sampled and will be submitted for assaying to test for base metal mineralisation and/or pathfinder elements.

These drill holes have also been cased with downhole electromagnetic surveys in progress to investigate for the potential of conductive bodies around the drill holes. MAD212 was drilled to test EM plate P1 at the Manta Prospect and was completed to 405.6m downhole. The drill hole intersected intercalating sulphidic sediments and ultramafics from 260m to 338m downhole.

Intensive alteration logged throughout this zone and in contact with intruding granites is indicative of a complex structural setting that still has the potential to host either nickel or base metal occurrences. MAD213 was drilled to test a strong seismic reflector and was completed to 799m downhole. The drill hole intersected predominantly granite rocks.

Preliminary logging indicates the hole does not contain a source for the reflector and there is no indication that the seismic target has been tested. Interpretations to resolve the source of the reflector are ongoing. Ongoing work programmes: With more than 13km of the pegmatite corridor and additional licences yet to be effectively explored, the Company will start the New Year with an aggressive work programme.