THE DRILL SERAGENT: Saturn Metals (ASX: STN) did what it said it would do and 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 has come in at 36 million tonnes at 0.8 grams per tonne gold for 944,000 ounces, a substantial increase in contained ounces from the previously published resource.
It incorporates the results of a 265-hole extensional and in-fill drilling campaign Saturn completed since the last Mineral Resource upgrade, which was published in late October 2019.
Saturn has now added 439,000 ounces to the Apollo Hill Mineral Resource in just under three years from listing.
“This resource upgrade is the third significant step for the company and the Apollo Hill asset in as many years,” Saturn Metals managing director Ian Bamborough said in the company’s ASX announcement.
“Consistent improvements in the quality of the resource, its overall size, and to the Mineral Resource categories, through efficient drilling continue to bode well for the advancement of our business.
“For the first time we have been able to publish the Mineral Resource within a ‘Whittle’ pit shell using preliminary cost assumptions.
“This has allowed the company to consider potential economies of scale, lower cost processing scenarios and the use of a lower cut-off grade to help obtain an improved stripping ratio.
“With the system open along strike and up and down plunge and metallurgical assumptions at an early stage of understanding, the gold deposit is positioned for continued growth.
“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.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE