Investors chip in $13.7m to accelerate Saturn’s gold exploration
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Special Report: Saturn has raised $13.7m through a share placement to accelerate resource growth at its Apollo Hill gold project and test satellite prospects.
The placement of more than 20.5 million shares priced at 67c each, or a 4.3 per cent discount to the company’s last traded price, was strongly supported by overseas and Australian institutional investors.
Saturn Metals (ASX:STN) managing director Ian Bamborough says the strong support puts the company in a great position to continue expanding the boundaries of the Apollo Hill gold system.
“Drilling this year has seen multiple strong intersections extending beyond the previous resource boundary,” he noted.
“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.”
An update to the current resource of 24.5 million tonnes grading 1 gram per tonne (g/t) gold for 781,000 ounces of contained gold is targeted for late 2020.
This will incorporate results from drilling conducted since October 2019, when the resource estimate was last updated, and this current drill phase.
Saturn also plans to carry out a 50,000m drill program at Apollo Hill to improve the quality and size of the resource along with exploration on satellite prospects such as Calypso and across the company’s +1,000sqkm land package.
Recent drilling at the hanging wall position returned significant hits such as 5.17g/t gold from a depth of 47m, and 3m at 3.68g/t gold from 89m.
Drilling at the main lode returned hits of 7m at 5.55g/t gold from 286m including 3m at 12.1g/t gold from 287m and 24m at 1.02g/t gold from 280m including 12m at 1.62g/t gold from 290m.
This article was developed in collaboration with Saturn Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.