7.9 C
Toronto
Tuesday, February 27, 2024

Mining in Iceland with St-Georges Eco-Mining (CSE: SX) (OTCQB: SXOOF) (FSE:85G1)

St-Georges Eco-Mining Corp (CSE: SX) (OTCQB: SXOOF) (FSE:85G1) St-Georges develops new technologies to solve some of the most common environmental problems in the mining sector, including maximizing metal recovery and full-circle battery recycling. The Company explores nickel and PGEs on the Manicouagan and Julie Projects on Quebec’s North Shore and has multiple exploration projects in Iceland, including Thor Gold.

The simple premise is that critical minerals — and hopefully all metals — will never cease to be recycled and never see the inside of a landfill. SX is at the cutting edge of that extremely worthwhile development. And a decent-looking chart.

Investors and shareholders should carefully review SX’s recent news; SX’s wholly-owned subsidiary, which SX is spinning out Iceland Resources EHF, and has acquired surface and minerals rights from private landowners on the Elbow Creek Project.

The final terms of the Spin-Out and determination to proceed remain subject to further tax and securities considerations, and the Company expects to provide a further update to shareholders over the ensuing fiscal quarters.

As well, ‘SX would proceed with a restructuring transaction (the “Spin-Out”), whereby it would spin out the common shares of its subsidiary St-Georges Iceland Ltd. (the “SX Iceland Shares”), which owns 100% of Iceland Resources EHF, to shareholders of the Company at a ratio yet to be determined, with the intent of listing St-Georges Iceland Ltd. on the Canadian Securities Exchange.”

This news is big news. The results from rock chip samples range from a tiny 0.01 to almost 140 g/t.

There are many years of exploration, including Teck in 1992–93. Iceland Resources uses historical data and creates new data in its exploration plan. Previous drilling of 32 core holes for 2,439 meters at Thormodsdalur has been added to by Iceland Resources with an additional 1,800 meters in 12 drill holes since 2020.

Herb Duerr, president of St-Georges Eco-Mining, commented: “…Thordis Bjork Sigurbjornsdottir, President of Iceland Resources, and her team of geologists have provided excellent results.” “…Under Thordis’ leadership, the Company is proving gold exists in Iceland in several areas well outside of our flagship Thor Project.” “These areas are new, virgin discoveries with no previous prospecting other than the extensive stream sampling completed in the early 1990’s.” “… the Company is continuing to leverage its vast proprietary database to prospect and discover new gold zones in Iceland.” “…This newly acquired project added to Thor and our other licenses show real potential for bonanza grade gold and silver,” “…makes for exciting times for our Company.” “…We look forward to receiving the final results of our sampling from this field season and to our 2024 field season’s new revelations.

Mineralization is low-sulfidation epithermal veining and brecciation hosted in basalt flows and rhyolite dikes. The mineralization identified has multiple samples assaying from 0.1 to 137 g/t gold and 0.1 to 1,515 g/t silver from float and sub-cropping alteration. Individual zones have been mapped intermittently over 800 meters and 1,700 meters in length and 1 to 6 meters wide at the surface. (SHAMELESSLY TAKEN FROM THE RECENT PR)

That tome has all the grade percentages for Iceland Resources Elbow Creek Project in approximately 35 holes and chip samples.

Exploration takes money. SX has money.

SX recently closed a non-brokered private placement of 14,259,260 “flow-through” units for $0.135 per Unit, for aggregate gross proceeds of $1,925,000. This cash injection will allow the Company to immediately send a significant amount of historical core samples to be tested for palladium, platinum, rhodium, and other PGEs, obtain the results of the 2023 Spring Campaign and finance a portion of the 2024 planned Spring Campaign. The analysis data is expected to be integrated into the final version of the NI 43–101 report that is currently being prepared.

Circular Economy

SX is arguably the poster Company for the concept and practice of an entity employing a Circular Economy, which augments its excellent properties.

The circular economy is a system where materials never become waste and nature regenerates. In a circular economy, products and materials are circulated through maintenance, reuse, refurbishment, remanufacture, recycling, and composting.

I would direct you to the Company’s website if you want the mining/Circular economy minutiae. I have focused on the latest deal, but there are more great properties and initiatives. Droning about drill results tends to cause investors’ eyes to glaze over. It is summarized above.

And how many companies do you know mining in Iceland?

Related Articles

Stay Connected
- Advertisement -spot_img

STOCK MONKEY

STOCK MINER

Latest Articles