THE DRILL SERGEANT: Saturn Metals (ASX: STN) has completed an updated Mineral Resource estimate for the Apollo Hill gold deposit at the company’s 100 per cent-owned Apollo Hill gold project near Leonora in the Western Australian Goldfields.
The upgraded Mineral Resource totals 24.5 million tonnes at 1 gram per tonne gold for 781,000 ounces of gold.
Saturn Metals highlighted the increase in contained ounces from its previously published resource as it incorporates the results of a 152-hole, 18,600m extensional and in-fill drilling campaign completed since the last Mineral Resource upgrade published in mid-November 2018.
The updated Resource contains an addition of 96,000 ounces of gold from the previous Inferred and Indicated Mineral Resource.
Based on the additional drilling, a total of 9.2 million tonnes at 1g/t gold for 298,000 ounces is now classified as an Indicated Mineral Resource representing 38 per cent of the total Mineral Resource and a 250 per cent increase from the previous Indicated Mineral Resource.
Saturn Metals has now added 276,000 ounces to the Apollo Hill Mineral Resource in approximately 18 months with 28,000m of RC and diamond drilling.
“This resource upgrade is another significant step for the company and the Apollo Hill asset only a short while since listing,” Saturn Metals managing director Ian Bamborough said in the company’s announcement to the Australian Securities Exchange.
“Improvements in localised grade, ounces, tonnes, quality and Mineral Resource categories, all with efficient drilling and at an effective discovery cost per ounce, bode well for the development of our business.
“With some of the strongest intersections located in the newly discovered higher-grade hanging-walls, the system is wide open for rapid expansion.
“Drilling has already resumed to test these and other step out targets and results from this expansionary phase of our journey will be reported in due course.”
Resource additions since Saturn listed on the ASX in March 2018 have been made at a rate of 9.8 gold ounces for every metre drilled and modelled.
The company’s strategy moving forward is to target further expansion of the Apollo Hill gold deposit and look for new deposits across its regional land package before initiating a scoping study.