Saturn hits more high-grade gold outside of Apollo Hill resource
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Special Report: Saturn Metals’ flagship ~780,000/oz* Apollo Hill project in WA was already shaping up as a potentially massive gold system. Drilling continues to support that with new results uncovering high-grade mineralisation outside of the current resource.
The latest round of drilling has widened the Apollo Hill mineralised corridor to 600m and extended the higher-grade hanging wall mineralisation with hits including 8m at 5.12 grams per tonne (g/t) gold from 215m and 4m at 15.57g/t from 100m, including 2m at 31g/t from 100m.
It has also added more shallow mineralisation to the mix, with hits like 8m at 3.38g/t from 6m.
“The results of drilling have further enhanced our understanding of the geology at Apollo Hill and given us the confidence to step out along strike where we see a much larger opportunity,” managing director Ian Bamborough said.
“Apollo Hill continues to show the potential for significant resource improvement.”
Shares jumped nearly 20 per cent on the news to an intra-day high of 52c.
The company recently topped up the coffers by $3m to undertake its multi-pronged drill assault at Apollo Hill.
Saturn demonstrated the regional potential within its 1000sqkm land package along the famed Keith-Kilkenny Shear back in March when it announced a hit of 9m at 8.67g/t gold from 116m from the Calypso prospect 3.5km north-east of Apollo Hill.
The region that hosts Apollo Hill is rich in infrastructure and hosts operating or soon-to-be-operating mines including those owned by St Barbara (ASX:SBM) (Gwalia), Dacian Gold (ASX:DCN) (Mt Morgans), Saracen (ASX:SAR) (Porphyry and Deep South) and Gold Fields (Wallaby).
Saturn’s plan is to increase the current resource which currently stands at 24.5 million tonnes grading 1g/t gold at a cut-off of 0.5g/t for 781,000oz (See Saturn ASX announcement dated 14 October 2019) with an update due out later this year.