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Saturn Metals in trading halt ahead of capital raising news

The company’s securities will remain in trading halt until the beginning of trade on Wednesday, May 15, or when an announcement is made to market.
Drilling
The company’s latest drilling provides an opportunity to pursue a new higher-grade structure

Saturn Metals Ltd (ASX:STN) has capital raising news pending and has been granted a trading halt by the ASX.

The trading halt will remain in place until the start of trading on Wednesday, May 15, or when an announcement is made to market – whichever occurs first.

Saturn's securities last traded at 24 cents.

 

Earlier this month the company intersected further high-grade gold at a new lodge adjacent to the Apollo Hill Gold Project.

Saturn Metals managing director Ian Bamborough said the latest intersection was one of the best ever reported at Apollo Hill, sparking a new direction for the deposit and its future growth potential.

He said: “What is important about this is the intersection represents a step out to a new lode, to a new discovery directly east of Apollo Hill at 150 metres away.

READ: Saturn Metals latest drill results discovers new lode at Apollo Hill

“We are really starting to see a pattern here, this is about the third intersection in this new zone and I always think – one hit, two hits, three hits and you’ve really strung something together.”

The drilling results were from holes 25-30 of the planned 48-hole program with hole AHRC0136 intersecting 13 metres at 5.05 g/t gold from 74 metres including 4 metres grading 9.8 g/t from 74 metres.

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