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Saturn Metals boosts Apollo Hill gold resource to 781,000 ounces


The upgraded resource stands at 24.5 million tonnes grading 1.0 g/t gold for 781,000 ounces gold.

Saturn Metals Ltd - Saturn Metals boosts Apollo Hill gold resource to 781,000 ounces

Quick facts: Saturn Metals Ltd

Price: 0.68 AUD

Market: ASX
Market Cap: $59.81 m

Saturn Metals Ltd (ASX:STN) has added 96,000 ounces of gold to its JORC resource estimate for its Apollo Hill Gold Project near Leonora in Western Australia.

The growth in the resource has largely been driven by the discovery of shallow higher-grade mineralisation in the Apollo Hill hanging-wall zone and further important breakthroughs in the understanding of the geological controls at the deposit.

Furthermore, the higher Indicated category represents 38% of the total resource, which is 3.5x higher than the previous level of Indicated resource.

Notably, the updated resource has produced an overall increase in tonnes, ounces, confidence and quality.

Saturn’s strategy moving forward is to target further expansion of the Apollo Hill gold deposit and look for new deposits across its regional land package before initiating a scoping study.

Deposit remains wide up for expansion

Saturn’s managing director Ian Bamborough said: “This resource upgrade is another significant step for the company and the Apollo Hill asset only a short while since listing.

“Improvements in localised grade, ounces, tonnes, quality and Mineral Resource categories, all with efficient drilling and at an effective discovery cost per ounce, bode well for the development of our business.

“With some of the strongest intersections located in the newly discovered higher-grade hanging-walls, the system is wide open for rapid expansion.

“Drilling has already resumed to test these and other step out targets and results from this expansionary phase of our journey will be reported in due course.”

Drilling in progress

Strong potential exists to continue growing the resource, with the newly discovered hanging wall zones open down plunge, along strike, and to the east.

After successfully raising $3.3 million recently, Saturn is well funded for the next phase of resource discovery and expansion at Apollo Hill.

Notably, drilling is already in progress to further test the extension targets within the Apollo Hill gold system.

Tenement package remains underexplored

Drilling on the 6-kilometre Apollo Hill trend to date represents only a small part of the exploration potential on Saturn’s underexplored 1,000 square kilometre, 100%-owned contiguous tenement package in the Western Australian Goldfields.

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Saturn Metals Ltd (ASX:STN) managing director Ian Bamborough updates Proactive Investors on further high-grade gold intersected in an area 150 metres east of its Apollo Hill Gold Project.   Bamborough said the latest intersection is one of the best ever reported at Apollo Hill,...

on 2/5/19

2 min read