The raising was strongly supported by institutional and sophisticated investors, with several new institutions joining the register.
Funds raised, together with existing cash of $2.75 million, will be used to accelerate drilling and resource definition at Saturn’s 100%-owned Apollo Hill Gold Project near Leonora in Western Australia.
Drilling will be geared towards delivering an additional upgrade of the Apollo Hill mineral resource in 2020.
Focus on research drilling
Saturn managing director Ian Bamborough said the successful raising had put the company in a stronger position.
He added: “We can continue to drive discovery and growth in the recently defined higher-grade hanging-wall position, while at the same time maintain momentum on the pace and focus on our resource drilling.”
Thick higher-grade intersections
A substantial drilling program of 13,000 metres is planned before the end of December, with drilling to restart in the coming weeks.
Exploration will primarily target the newly discovered hanging wall zones at Apollo Hill which have continued to return near-surface, thick higher-grade intersections.
17 metres at 2.96 g/t gold from 41 metres, including 10 metres at 4.823 g/t from 45 metres, which also includes 4 metres at 9.31 g/t from 51 metres – all within 28 metres at 1.8 gt from 39 metres;
16 metres at 3.1 g/t from 11 metres, including 12 metres at 4.01 g/t from 13 metres, which also includes 6 metres at 7.21 g/t from 19 metres – all within 51 metres at 1.08 g/t from 11 metres; and
4 metres at 6.72 g/t rom 76 metres contained within 23 metres at 1.38 g/t from 76 metres.
Drilling to rapidly expand resource
Saturn is undertaking a resource upgrade which will include results of the recent hanging-wall discovery and the 20,000 metres of drilling completed since the previous upgrade was announced late last year.
Gold mineralisation remains open in multiple directions and the drilling will also look to rapidly expand the resource and explore prospective stratigtraphy to the east and south of recent hanging-wall intersections.
Drilling will begin mid-September after a surface mapping exercise is completed to refine geological targets.
“Exciting new exploration growth area”
Bambarough said he was also excited about planned aircore drilling targeting greenfields terrain.
He added: “With a stronger balance sheet, a strengthening shareholder register and an exciting new exploration growth area, Saturn and Apollo Hill’s future continues to improve."
Apollo Hill’s mineral resource stands at 20.7 million tonnes grading 1 g/t for 685,000 ounces of gold and the resource upgrade is expected to be announced in late September.