Saturn starts gold hunt at West Wyalong
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Saturn has kicked off its maiden drill program at the West Wyalong project targeting high-grade plunge extensions from historical face samples of over 155g/t gold.
The initial four diamond hole program totalling 2,200m at the 2km Mallee Bull Reef prospect targets the Mallee Bull structure beneath historical workings, which are shallow by modern standards at between 200m and 400m depth.
While West Wyalong produced about 439,000oz of gold at an average grade of 36 grams per tonne (g/t) gold between 1894 and 1915 with production grades of up to 55g/t gold reported in many of the lower levels, Saturn Metals (ASX:STN) notes that no extensional exploration has been undertaken.
Additionally, no underground development or modern exploration is known to have occurred on the Mallee Bull Reef line since 1915 when the decline in production occurred just as World War One began.
“This is an exciting time for Saturn as it commences drilling on this rare, high grade, and largely forgotten opportunity,” managing director Ian Bamborough said.
“West Wyalong was once one of Australia’s most important and prolific gold fields.”
Saturn can earn up to 85% in West Wyalong in New South Wales’ well-endowed Lachlan Fold Belt, by spending $1.9m on exploration over four years, and by making $195,000 in staged progress payments in cash and shares.
Drilling is initially focusing on the Mallee Bull Reef line which historically produced over 128,000oz of gold at an average grade of up to 50g/t.
Underground workings recorded gold production from 25 quartz veins with an average width of 0.5m.
3D interpretation of this vein field has highlighted multiple opportunities beyond the initial Mallee Bull Reef target.
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.