St George Mining Limited announced that first assays of visibly mineralised pegmatite rock chip samples from its Mt Alexander Project have confirmed high-grade lithium, to provide further validation of the potential that the Project hosts significant lithium mineralisation. Similar visual lithium-bearing samples have now been collected from an area that extends up to 1.7km north-south and 1.4km west, with assays awaited from these samples. The purple lithium-bearing mineral lepidolite has been observed in many weathered pegmatite outcrops at Jailbreak together with occurrences of spodumene and other lithium bearing minerals such as eucryptite.

Lepidolite is a strong indicator of the potential for spodumene, petalite and other key lithium minerals occurring in fresh rock below and along strike from these outcrops. Also of significance is a high rubidium value (0.6% Rb) from a rock chip sample taken from sub-cropping pegmatites near the eastern boundary of E29/962. Rubidium is often an indicator element for lithium mineralisation in weathered terrains like those at Mt Alexander.

The high rubidium value is >2km east along strike from the pegmatite outcrops which host the high-grade lithium assays reported for samples MARK152-2 and MARK152-3. The width and extent of the area of outcropping pegmatites at Jailbreak suggests the potential for a lithium mineral system that could host significant mineralisation. The Jailbreak area forms part of the 15km long LCT pegmatite corridor interpreted within the Company's tenements. Numerous stacked pegmatite dykes have been identified along this corridor.

Many pegmatites have now been mapped and sampled with assays pending. Soil survey: The east-west trending pegmatites observed on E29/962 are interpreted to potentially extend under cover to the east, towards the Copperfield Granite. This area is directly along strike from the lithium occurrences at Red Dirt's ground to the south, making it a high priority area of interest.

A soil survey of 200m line spacing x 100m sample spacing has been completed over this area with 456 samples collected. Assays are pending and will assist in identifying any geochemical signature that may be indicative of the presence of lithium bearing pegmatites below cover. Next steps: Assays from more rock chip samples and soil samples are expected to be received over the coming weeks.

These results will allow St George to finalise a reverse circulation drill programme to test the outcropping pegmatites at depth - to confirm their orientation and the extent of any high-grade lithium mineralisation continuing below surface. Earthworks for the upcoming maiden lithium drill programme are scheduled to commence in late October 2022. The start of drilling is scheduled for late October/early November.

New lithium province: The province around Mt Ida is emerging as a new lithium province since the significant high-grade lithium discovery by Red Dirt at its Mt Ida Project in September 2021. In addition to St George and Red Dirt, significant exploration is underway in this region by: Zenith Minerals in joint venture with EV Metals plc - see ASX Releases by Zenith: dated 23 May 2022 - New Lithium Exploration Project Secured, and dated 11 October 2022. Zenith Commences Lithium Drilling: Hawthorn Resources in joint venture with Hancock Prospecting - see ASX Release by Hawthorn Resources dated 29 August 2022 - Hancock executes agreement for nickel, lithium and copper at Mt Bevan Project, Further north of Mt Alexander and situated adjacent to the Mt Ida fault, the large Kathleen Valley lithium deposit of Liontown Resources is in development.

The lithium prospectivity of this region is interpreted to be associated with the large Copperfield Granite. The prospective LCT pegmatite corridor is interpreted between the contact with the Copperfield Granite in the east and the Ida Fault in the west. The Mt Alexander Project is located 120km south-west of the Agnew-Wiluna Belt, which hosts numerous world-class nickel deposits.

The Project comprises six granted exploration licences - E29/638, E29/548, E29/962, E29/954, E29/972 and E29/1041 - which are a contiguous package. An additional two exploration licences - E29/1093 and E29/1126 - are located to the south-east of the core tenement package. The Cathedrals, Stricklands, Investigators and Radar nickel-copper-cobalt-PGE discoveries are located on E29/638, which is held in joint venture by St George (75%) and IGO Limited (25%).

St George is the Manager of the Project, with IGO retaining a 25% non-contributing interest (in E29/638 only) until there is a decision to mine. All other Project tenements are owned 100% by St George.