Successful $3.3m cap raise drives accelerated drilling at Saturn’s Apollo Hill discovery
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Special Report: A successful $3.3m placement allows Saturn Metals to step up drilling momentum at the exciting Apollo Hill gold discovery in WA.
Now Saturn (ASX:STN) has the funds to aggressively accelerate drilling, geared towards delivering an Apollo Hill resource upgrade in early 2020.
The placement was strongly supported by institutional and sophisticated investors, with several new institutions joining the register.
That newly discovered gold system is getting larger, and there’s no end in sight. The mineralisation remains open in multiple directions.
This map shows the position of recent shallow high-grade results on the recently defined hanging-wall, including 13m at 5.05 grams per tonne (g/t) from 74m, 7m at 6.59g/t from 34m and 8m at 4.26g/t from 16m:
These fresh funds will be primarily used to aggressively target and extend gold mineralisation around these shallow, high-grade intersections.
Drilling will also look to expand the resource to the east and south.
The program is scheduled to kick off in mid-September after a surface mapping exercise is completed to refine targets.
Saturn managing director Ian Bamborough says the successful capital raising puts the company in a strong position.
“We can continue to drive discovery and growth in the recently defined higher-grade hanging-wall position, whilst at the same time, maintain momentum on the pace and focus on our resource drilling,” he says.
“I am also excited that we have regional air core drilling programs planned to commence across some excellent greenfields terrain in the coming months.
“With a stronger balance sheet, a strengthening shareholder register, and an exciting new exploration growth area, Saturn and Apollo Hill’s future continues to improve.”
>> Now watch: 90 Seconds With… Ian Bamborough, Saturn Metals