THE DRILL SERGEANT: Saturn Metals (ASX: STN) completed an updated Mineral Resource estimate for the Apollo Hill gold deposit, part of the company’s 100 per cent-owned Apollo Hill gold project near Leonora in the Western Australian Goldfields.
Sturn Metals’ upgraded Mineral Resource for Apollo Hill totals 20.7 million tonnes at 1 gram per tonne gold for 685,000 ounces.
This represents a 36 per cent increase in contained ounces from the company’s previously published resource.
The new Resource incorporates the results of a 72-hole extensional and in-fill drilling campaign Saturn Metals completed earlier this year.
The company said it already has drilling in progress to further test the extents of the Apollo Hill gold system, adding that the drilling to date on the six-kilometre Apollo Hill trend is only a small part of the exploration potential on Saturn’s underexplored 1,000 square kilometre, 100 per cent-owned contiguous tenement package.
“This resource upgrade is a significant step for the company and the Apollo Hill asset only a short while after listing,” Saturn Metals managing director Ian Bamborough said in the company’s announcement to the Australian Securities Exchange.
“Improvements in grade, ounces, tonnes, quality and JORC Code category, all with minimal drilling and at a low discovery cost per ounce, bode well for the development of our business.
“With some of the strongest intersections located at both the northern and southern extent of the deposit, the system is wide open for rapid expansion.
“Drilling has already resumed to test these targets and results from this expansionary phase of our journey will be reported in due course.”