Saturn launches probe to explore new gold discovery at Apollo Hill
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Special Report: Saturn Minerals has launched an exploration drilling program to test areas where recent mapping and rock chip sampling has uncovered new gold potential in a widening gold system.
The mapping and rock chip work in unexplored terrain — immediately to the east of the recently discovered and higher-grade hanging wall zone — shows just how large this gold system could be at the Apollo Hill project, 60km east of Leonora in WA.
Saturn Metals (ASX:STN) will test these new areas east of the existing 685,000oz resource with an aggressive 70 hole program, funded by a recent $3.3m placement that was strongly supported by sophisticated and institutional investors — several of which are new to Saturn’s register.
Saturn also expects to upgrade its existing Apollo Hill resource very soon.
“The identification of this new zone east of the hanging wall terrain is another exciting development in the evolution of Apollo Hill,” managing director Ian Bamborough said.
“Combined with our growing understanding of the mineralisation controls from recent drilling, it is giving us growing confidence in the size potential of the gold system.”
“This new program of drilling will further test the potential of those zones and could deliver another step change in the size and grade of the Apollo Hill gold system.”
The Apollo Hill hanging wall target was discovered in May this year with drilling returning top hits of 4m at 9.31 grams per tonne (g/t) gold from 51m down-hole contained within a broader intersection of 17m at 2.96g/t gold from 41m.
Not only are these high-grade results that sit outside the existing resource, they are also located close to the surface.
Mineralisation also remains open in multiple directions, making it the ideal candidate for further exploration to grow the Apollo Hill resource.
The discovery has certainly made Saturn a darling of investors with shares more than double the listing price only 19 months ago.