Montreal, QB / ACCESSWIRE / July 25, 2014 / St-Georges Platinum and Base Metals Ltd. (OTCQX: SXOOF) (CSE: SX) (BSE: 85G1) is pleased to update its shareholders on exploration efforts on its Julie Nickel & PGE project on Quebec's North Shore and on other corporate matters.
Julie Nickel & PGE Project 2014 Campaign
St-Georges' personnel has started to work on planning and permitting for a drilling campaign. This campaign is designed to test 75-100 metres of depth within a block 1,500 metres long by 200 metres wide within the previously identified 1.5 km corridor of sulphide impregnated rock that has been mapped at surface. The Company is expecting to complete the surface sampling and channelling campaign initiated last year along the 1.5 km identified sulphide rich zone.
This program will sample large sections of the remaining 10 km electromagnetic conductor located within an identified mafic unit which coincides with a few sulphide rich outcrops of interest. Large sections of the sulphide rich outcrop will be investigated through channel sampling and a tight grid that encompasses the 1.5 km corridor already identified. Random samples will be collected from outcrops during mapping traverses. A gravimetric survey is also proposed for this area to further define targets.
Shongwa & Mwinilunga; Proposed Acquisition in Zambia
As announced earlier, the Company has completed all title verification on the proposed Zambian transaction.
However, technical due diligence has been hampered by delays in acquisition of supporting data related to reports and information initially delivered to us by the vendor. The Definitive Feasibility Study commissioned by the vendor, Kasni Investment Limited in 2013, makes certain claims regarding the existence of a very large mineral resource and we have failed so far to find the evidence supporting the existence of any size of mineral resource. The Company has no firm timetable as to when or whether the necessary data will be delivered and allow the completion of the due diligence. Therefore, a definitive closing, if any, for this proposed transaction is impossible to predict.
Initial announcement of the proposed Zambian Transaction in February provided the Company with additional offers similar in size and grade to the original project. In a few cases these offers are similar or better entry points for St-Georges than the original. The Company is reviewing the potential for acquisition of near production projects in Zambia, Namibia and in South Africa.
Firming up in Nickel prices and renewed interest for the commodity has triggered new interest for nickel projects. The Balmoral Resources (BAR on the TSX) discovery earlier this year of 45.28 metres grading 1.79% nickel, 0.19% copper, 0.42 g/t platinum and 1.04 g/t palladium has also contributed to renewed interest in high grade nickel projects in Quebec. St-Georges has been contacted by groups looking to enter the nickel exploration field and the Company has initiated discussions to sell or joint venture some of the projects that it owns in Quebec. For comparison purpose only, the 2011 surface campaign on the Julie Nickel & PGE Project yielded an average of 1.78% nickel and 0.33% copper from select surface samples collected within the above described 1.5 km sulphide rich zone identified as the Julie Corridor.
ON BEHALF OF THE BOARD OF DIRECTORS
Wei Tek Tsai
Wei Tek Tsai, Director
Joel Scodnick, P.GEO, St-Georges' VP Exploration, Qualified Person under National Instrument 43-101 has reviewed the content of this press release.
St-Georges is a Platinum-Palladium & Nickel explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company's stock is listed on the CSE under the symbol SX, on the OTCQX under the Symbol SXOOF and on the Berlin Stock Exchange under the symbol 85G1. Its Flagship project is the Julie Nickel-Cobalt & Platinum Project on Quebec's North Shore near the deep-seaport town of Baie-Comeau. For additional information, please visit our website at www.stgeorgesplatinum.com.
This document contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the corporation's control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward-looking statements.
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.
SOURCE: St-Georges Platinum and Base Metals Ltd.