Total
0
Shares
Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Final results from a reverse circulation (RC) and diamond resource infill drilling program at Saturn Metals’ Apollo Hill Gold Project have been revealed, driving a six per cent rise in shares
  • Significant intersections include 30 metres at 1.23 g/t gold from 88 metres, including 15 metres at 2.0 gold from 103 metres
  • Saturn is busy preparing another resource upgrade, expected to be completed in coming months
  • RC drilling has recommenced at a hanging wall in the north, with several holes already drilled and pending assay results

Shares in Saturn Metals are trading at a six-month high today following the final results from it RC and diamond drilling program.

The program was completed in May this year, and new significant intersections returned from the main lode resource drilling include 30 metres at 1.23 g/t gold from 88 metres, including 15 metres at 2.0 gold from 103 metres.

Company management said the intersections continue to highlight the potential to increase both the scale and the quality of Apollo Hill’s current Mineral Resource, which sits at 10.7 million tonnes at 1.0 g/t gold for 685,000 ounces of gold. Saturn is busy preparing another resource upgrade, which it is expecting to complete in coming months.

Saturn Managing Director Ian Bamborough said the company was continuing to see solid intersections which report above the Apollo Hill Resource grade.

“We look forward to incorporating the results into our next resource upgrade,” Ian said.

“Importantly, drilling has recommenced at the Apollo Hill hanging wall in the north, where an aggressive program is testing for shallow high grade mineralisation.,” he said.

The recommenced RC drilling in the north of Apollo Hill is focused on testing recently-defined higher grade hanging wall lodes, following up several high-grade intersections including 10 metres at 5.78 g/t gold from 46 metres, including 5 metres at 11 g/t gold from 46 metres. A number of holes have already been completed and assays are pending.

Apollo Hill is located roughly 60 kilometres south-east of Leonora in the Western Australian Goldfields. The project is surrounded by significant gold despots and operations.

Saturn Metals shares are trading at 28 cents each in a $18.14 million market cap as at 12:57pm AEST today, up 14 per cent from yesterday’s close.

STN by the numbers
More From The Market Herald

" CIM propose $840M 2019 profits with digital shift

CIMIC Group Executive Chairman expects a 2019 performance of $790m  million $840 million.

" Scheme order issues $400M in annual income

Doray Minerals Limited has announced orders made by the Supreme Court of Western Australia on 28 March 2019, which approved a share and

" Orion raise $8M ahead of BEE project re-structure

Orion Minerals Limited has received commitments from sophisticated and professional investors to raise $8 million at $0.04 per share.

" E2 Metals raise $2.2M for Argentina drill program

Aussie explorers E2 Metals has secured $2.2 million in funding to accelerate drilling.