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St George Mining Confirms High-Grade Mineralization at Brazil Project; Shares Up 3%

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St George Mining (ASX:SGQ) confirmed high-grade mineralization from surface at its Araxá project in Brazil with the release of assay results from diamond drilling, according to a Wednesday filing with the Australian bourse.

Assays for 23 diamond drill holes returned the thickest intercept to date, with nearly 200 meters of continuous mineralization from surface including 60 meters at about 4% total rare earth oxides (TREO) and 0.5% niobium pentoxide from surface, 15 meters at 3.3% TREO and roughly 1% niobium pentoxide from 36 meters, the filing said.

Eight of the holes were drilled outside the current mineral resource estimate, extending the known mineralized footprint by up to 200 meters to the north, per the filing.

The company's shares gained 3% in recent Wednesday trade.

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