Saturn Metals finds even more gold in latest Apollo Hill resource update

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Image Credit: Saturn Metals

Saturn Metals Limited (ASX:STN) has announced the completion of its updated Mineral Resource estimate for the Apolo Hill gold deposit in the Western Australian Goldfields, and the findings show a 21% increase from the previous estimate.

Driven by the discovery of additional shallower mineralisation in the hanging-wall zone and further drilling beneath the resources base, the upgraded estimate now total 36 Mt at 0.8 g/t Au for 944,000 oz. This growth in the Apollo Hill Mineral Resources incorporates results of a 256-hole, 55,000m in-fill drilling campaign from the previous Mineral Resource Upgrade.

“This resource upgrade is the third significant step for the Company and the Apollo Hill asset in as many years. Consistent improvements in the quality of the resources, its overall size, and to the Mineral Resource categories, through efficient drilling continue to bode well for the advancement of the business,” said Saturn Managing Director Ian Bamborough.

“This has allowed the Company to consider potential economies of scale, lower cost processing scenarios and the use of lower cut-off grade to help obtain an improved stripping ratio.”

Adertisement

Saturn plans to move into the next phase of resource discovery and expansion with a cash figure of $12.5 million as of 31 December 2020. The exploration company is currently undertaking a drilling programme to further investigate the gold system.  

“Drilling has already resumed with two rigs on site testing for additional mineralisation. In addition, the next stage of metallurgical sampling has commenced towards searching for processing cost improvements,” Bamborough added.