THE BOURSE WHISPERER: Saturn Metals (ASX: STN) has made exploration at the company’s 100 per cent-owned Apollo Hill gold project near Leonora in Western Australia a smidge easier by way of an $8 million raising.
Saturn Metals said the funds would enable it to continue resource definition, exploration drilling and metallurgical and other pre-development studies at Apollo Hill.
Drilling undertaken at Apollo Hill to date has exposed a wide mineralised corridor over a 3.5km strike length, including results in the North of the deposit where the current drill program is underway following up on earlier encouraging results.
A further resource upgrade is anticipated to be ready for the March quarter 2022, incorporating results from drilling Saturn has conducted since January 2021, when the resource estimate was last updated, and incorporating results from the company’s current metallurgical program.
“Saturn is delighted with the level of support shown in this successful raising,” Saturn Metals managing director Ian Bamborough said in the company’s ASX announcement.
“This puts the company in an excellent position to continue to expand the boundaries of our Apollo Hill gold system.
“Drilling this year has seen multiple strong intersections extending beyond the previous resource boundary.
“Higher grades within a lengthening mineralised corridor show the potential for next level discovery and a much bigger opportunity.
“In addition, this raising enables the company to fund other exciting activities in our exploration portfolio and step up our production orientated studies.
“With a healthy balance sheet, a strengthened register, and a robust resource and exploration base from which to grow, I look forward to delivering the results flow and an exciting year ahead for Saturn Metals and its shareholders.”
TO READ THE FULL ANNOUNCEMENT: CLICK HERE