Financial News
Exploration Drilling Underway
--News Direct--
Montréal, August 11, 2021 – St-Georges Eco-Mining Corp. (CSE: SX)(OTC: SXOOF) (FSE: 85G1) is pleased to disclose that exploration drilling is underway on two if its mineral projects located in Iceland and on the Québec North-Shore and drilling should start momentarily on two additional projects in Québec.
Thor Gold Drilling
The first of 22 planned drill holes ranging from 125 to 500 meters in depth is underway on the Thor Gold Project in Iceland. Drilling targets will allow for twin drilling some of the historical holes to allow a NI 43-101 resource estimate and for future definition of the gold deposit. This campaign is fully funded and should stretch over the next 3 months for a total of 4,060 meters.
Picture 1. Drill Rig on Thor Gold Project
Julie Nickel Project Drilling
Drilling Progress
Drilling on Julie is currently underway. A first hole totalling 504 meters was completed on Monday. The drill rig has been moved to the second planned hole and at the time of this report, 3 meters of casing and 57 meters of core is already completed. The second hole located approximately 210 meters North-East of the Julie Showing has an azimuth of 325°, and a 55° down dip angle for a planned 500 meters length.
Three additional holes are expected to be drilled in this first phase that should be followed by downhole geophysics.
The total drilling campaign has been increased from 11,600 meters to 12,600 meters following observations on the ground. Surface exploration and sampling is also being conducted punctually in parallel with the drilling effort.
Additional Ground for Julie Nickel Project
The Company is also pleased to announce that it has agreed to acquire 28 mineral claims from an arms-length vendor. Some of these claims were land-locked within the other exploration licenses held by St-Georges while the bulk of it was located to the south and south-west boundaries of the project.
The terms of the acquisition are the issuance of 100,000 common shares of St-Georges within 30 days of the approval of the transaction, the payment of CA$50,000 under the same terms. The agreement also calls for the signing of an NSR agreement within 60 days following the acquisition. The NSR covering these claims will be set at 1%, of which 0.5% can be bought back for CA$1,000,000 at any time at the Company’s discretion. The agreement also establishes a 10 km zone of influence in favor of the Company.
These new mineral claims represent an increase of approximately 1,512 hectares of the project footprint.
Fig. 1 Map of the Julie project with new claims identified in yellow (Source Gestim)
New Independent Director and Upcoming AGM
St-Georges is pleased to welcome Ms. Keturah Nathe as a new independent director of the Company. She is currently the CEO and President of American Biofuels Inc., listed on the TSX Venture Exchange, CEO and President of Anquiro Ventures Ltd., a CPC listed on the TSX Venture Exchange, and a director of Iconic Minerals Ltd., listed on the TSX Venture Exchange. Ms. Nathe has a 13-year career in the finance and management industry, which includes corporate finance, mergers and acquisitions, corporate development, corporate management as a director and officer.
The Company would like to remind its shareholders that its Annual Shareholders Meeting or AGM, will be held in Baie-Comeau, on the Québec North-Shore on Friday September 3rd at 4:00PM at Le Grand Hotel located at 48 Place LaSalle.
The technical information contained in this report in regard to the Julie Project has been reviewed by Jean-Paul Barette. P. Geo, an independent qualified person as per NI 43-101. The technical information contained in this report in regards to Iceland has been reviewed by Herb Duerr, P.Geo a qualified person as per NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
“Herb Duerr”
HERB DUERR
President & CEO
About St-Georges Eco-Mining Corp.
St-Georges is developing new technologies to solve some of the most common environmental problems in the mining industry.The Company controls all the active mineral tenures in Iceland. It also explores for nickel on the Julie Nickel Project & the Manicouagan Palladium Project on Quebec’s North Shore. Headquartered in Montreal, St-Georges’ stock is listed on the CSE under the symbol SX, on the US OTC under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.
Contact Details
Frank Dumas
+1 514-512-9878
Company Website
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