Saturn Metals Limited (ASX: STN), a gold exploration and development company from the metals and the mining sector has announced quarterly results for the period ended 31 March 2019.
The period reported a robust RC drilling results at the Apollo Hill, demonstrating several material intersections. These were:
- At AHRC0097, drilling of 17 metres was from the previous 82 metres which resulted into 2.54g/t of gold.
- At AHRC0088, drilling of 21 metres was from the previous 107 metres which resulted into 1.0g/t of gold.
- At AHRC0091, drilling of 11 metres was from the previous 63 metres which resulted into 1.32g/t of gold
- At AHRC088, drilling of 9 metres was from the previous 62 metres which resulted into 1.54g/t of gold
- At AHRC0108, drilling of 8 metres was from the previous 15 metres which resulted into 1.06g/t of gold. From the surface, drilling of 44 metres resulted in 0.44g/t of gold.
The program consisted of 3,083 metres of RC drilling which defined an extended strike length of the main Apollo Hill system by 0.5km to 1.7km. At the site, the follow-up RC drilling programs are underway. The company aims that by the next 6 to 9 months, it would be completing the 10,000 metres of drilling. These results will get factored into the next upgrade of the Apollo Hill Mineral Resource (currently reported as – 20.7 Mn @1.0 g/t for 685K gold ounces)
At Bob’s Bore, the aircore results obtained were outstanding. At the Bob’s Bore, a 400 metres wide anomalous zone of mineralization was found across the gold prospective Keith Kilkenny shear zone. This zone lies around 3.5 km east of Apollo Hill and 500 metres towards the southward direction of historical intersections.
The results obtained from Bob’s Bore were located under significant cover as these intersections are material from a regional perspective. This intersection has multiple kilometres of strike length of this gold prospective structure, opening to the north and south where the cover is interpreted to thin.
The company will continue to test this target as per its planned drilling with broader step out drilling to obtain a better grade on what is now interpreted to be a major gold bearing structure.
In the March quarter, the company used A$0.532 million in its operating activities. The major source of cash outflow through the operating activities was through the payment made for the exploration and evaluation and through the administration and corporate costs. Since the beginning of FY2019, the company has used around A$2.115 million in its operating activities.
The company in March quarter used A$18K in its investing activities, where the company made payment to acquire plant property and equipment.
By the end of quarter, the company had A$2.838 million net cash and cash equivalents.
By the closure of the trading session on 12 April 2019, the closing price of the stock was A$0.180, up by 12.5% as compared to its previous closing price. STN holds a market capitalization of 10.17 million and approximately 56.5 million outstanding shares.
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