Saturn Metals (ASX:STN) -
Source: Saturn Metals
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  • Saturn Metals (STN) has raised $13.7 million to advance its Apollo Hill Gold Project in Western Australia
  • The company issued over 20.5 million shares at 67 cents per share to new and existing shareholders
  • The funds from the placement will cover the costs for drilling at Apollo as the company gears up towards additional upgrades to its mineral resource
  • A program of 50,000 metres of reverse circulation drilling is planned at Apollo and will target a more rapid resource expansion
  • Additionally, Saturn is currently awaiting assays for 30 recently completed drill holes
  • On market close, Saturn is up 3.57 per cent and is trading for 72.5 cents per share

Saturn Metals (STN) has raised $13.7 million to advance its Apollo Hill Gold Project in Western Australia.

The placement included the issue of over 20.5 million shares at 67 cents per share. Saturn said the raise was strongly supported by new and existing shareholders.

The funds from the placement, with the existing $3 million cash, will cover the costs for drilling at Apollo as the company gears up towards additional upgrades to its mineral resource.

A program of 50,000 metres of reverse circulation drilling is planned at Apollo and will target a more rapid resource expansion.

Managing Director, Ian Bamborough, is pleased with the level of support the capital raise received.

“This puts the company in a great position to continue to expand the boundaries of our Apollo Hill gold system. Drilling this year has seen multiple strong intersections extending beyond the previous resource boundary,” he said.

“Higher grades within a widening mineralised corridor show the potential for next level discovery and a much bigger opportunity. In addition, this raising enables the company to fund other exciting activities in our exploration portfolio,” he added.

Additionally, Saturn is currently awaiting assays for 30 recently completed drill holes.

On market close, Saturn is up 3.57 per cent and is trading for 72.5 cents per share.

STN by the numbers
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