Saturn share price catches a rocket on big gold discovery
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Special Report: Drilling has uncovered a potentially big gold system, immediately adjacent to Saturn Metals’ 685,000oz Apollo Hill resource.
In May, Saturn Metals (ASX:STM)made a step-change discovery at its flagship Apollo Hill project; a new high-grade hanging wall lode next to the current 685,000oz resource.
Saturn went in ASAP with an aggressive 100 hole, 10,000m drilling campaign to test this shallow high-grade discovery.
Drilling already indicates that this near surface, thick and high-grade discovery could potentially replicate the size of the Apollo Hill main lode.
Highlights include 16m at 3.1g/t gold from 11m, including 12m at 4.01g/t gold from 13m, which also includes 6m at 7.21g/t gold from 19m.
This was all contained within a 51m long, near surface intersection grading 1.08g/t.
Investors loved the news, sending the Saturn share price up over 23 per cent to 37c in early trade Tuesday.
The explorer is now up a whopping 90 per cent since the start of the year.
High grade hanging-wall intersections have now been defined over 800m of strike length. The greater Apollo Hill mineralised corridor is now over 500m wide.
These new high-grade hits mostly sit outside the current 685,000oz Apollo Hill resource, and Saturn is drilling at the right density so they can be included in an upcoming resource modelling exercise.
Mineralisation also remains open at depth, down plunge and along strike, which means Saturn hasn’t found where the gold ends yet.
Assays are pending for 19 holes and 2000m of drilling, but the program continues with two reverse circulation (RC) drill rigs currently in operation.
Saturn managing director Ian Bamborough says the emerging picture at Apollo Hill is extremely exciting.
“Drilling is successfully outlining significant new mineralisation in a strategically important position for the development of the project,” he says.
“Importantly, we look forward to including these latest results in our upcoming resource modelling exercise.
“Drilling continues and is currently focusing around these new high-grade intersections. Assays remain pending for multiple holes with results due in the coming weeks.”