St-Georges eco-mining exploration drilling in progress
Montreal – TheNewswire – August 11, 2021 – St-Georges Eco-Mine Corp. (CSE: SX) (OTC: SXOOF) (FSE: 85G1) (CNSX: SX.CN) is pleased to announce that exploration drilling is underway on two if its mining projects located in Iceland and on the North Shore of Quebec and drilling were to start momentarily on two other projects in Quebec.
Thor gold drilling
The first of 22 planned drill holes ranging from 125 to 500 meters deep is underway on the Thor gold project in Iceland. The drill targets will allow pair drilling of some of the historic holes to allow for an NI 43-101 resource estimate and for future gold deposit definition. This campaign is fully funded and should be spread over the next 3 months for a total of 4,060 meters.
Image 1. Drill rig on the Thor Gold project
Drilling of the Julie Nickel project
Drilling on Julie is currently underway. A first hole totaling 504 meters was completed on Monday. The rig was moved to the second planned hole and at the time of this report, 3 meters of casing and 57 meters of core have already been completed. The second hole located about 210 meters northeast of the Julie showing has an azimuth of 325 °, and a downward tilt angle of 55 ° for a planned length of 500 meters.
Three additional holes should be drilled in this first phase which should be followed by downhole geophysics.
The total drilling campaign went from 11,600 meters to 12,600 meters following observations on the ground. Exploration and surface sampling are also carried out on an ad hoc basis in parallel with the drilling effort.
Additional land for the Julie Nickel project
The Company is also pleased to announce that it has agreed to acquire 28 mining claims from an arm’s length vendor. Some of these claims were enclosed in other exploration licenses held by St-Georges while most of them were located at the southern and southwestern limits 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 C $ 50,000 under the same terms. The agreement also provides for the signing of an NSR agreement within 60 days of the acquisition. The NSR covering these claims will be set at 1%, of which 0.5% may be redeemed for C $ 1,000,000 at any time at the discretion of the Company. The agreement also establishes a 10 km zone of influence in favor of the Company.
These new mining concessions represent an increase of approximately 1,512 hectares in the project footprint.
New independent director and next AGM
St-Georges is pleased to welcome Ms. Keturah Nathe as the new independent director of the Company. She is currently CEO and President of American Biofuels Inc., listed on the TSX Venture Exchange, CEO and Chairman 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, business development, corporate management as a director and leader.
The Company reminds its shareholders that its annual meeting of shareholders or AGM, will be held in Baie-Comeau, on the North Shore of Quebec on Friday, September 3rd at 4:00 p.m. at the Grand Hôtel located at 48 Place LaSalle.
The technical information contained in this report concerning the Julie Project has been reviewed by Jean-Paul Barette. P. Geo, an Independent Qualified Person under NI 43-101. The technical information in this report relating to Iceland has been reviewed by Herb Duerr, P.Geo, a Qualified Person in accordance with NI 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS
President and CEO
About St-Georges Éco-Mines Corp.
St-Georges is developing new technologies to solve some of the most common environmental problems in the mining industry. The Company controls all active mining concessions in Iceland. She is also exploring nickel on the Julie Nickel project and the Manicouagan Palladium project on the North Shore of Quebec. Based in Montreal, St-Georges shares are 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 accepts no responsibility for the adequacy or accuracy of the contents of this release..