Saturn Metals Limited (ASX: STN) received the positive results from the drilling activities undertaken at its wholly-owned Apollo Hill Gold Project near Leonora in the goldfields of Western Australia. The news sent the stock price to jump up by 8.33% to trade at $0.195 on 16 April 2019 (1:22 PM AEST).
The company completed 13 holes in the first round of 48-hole, 5,900m RC and diamond drilling campaign. These holes have reportedly returned a clearly defined new higher-grade hanging wall position, showing the zone in geological cross-section proximal to the main Apollo Hill resource lode.
Saturn Managing Director Ian Bamborough said that the company is delighted to receive the favourable results from the first 13 holes of the drilling campaign at Apollo Hill. It has bee been evident that the higher-grade architecture is lying within the growing Apollo Hill gold system. Therefore, the company intends to vigorously follow up on these exciting developments and subsequently incorporate the results into its next resource update planned for mid to late 2019.
The results have shown shallow and high-grade intersection such as 3.5m @ 7.2g/t Au from 30m including 1m @ 55.6 g/t Au from 31m (PKW0647) and 5m @ 11g/t Au from 46m including 1m @ 53.7g/t Au from 50m (AHRC0124). These intersection complement other historic intersections in this position on adjacent cross-sections including 5.3m @ 10.37g/t Au from 70.7m (AD003b ) and 3m @ 6.06 g/t Au from 33 (PKW167b ).
The graphical representations have highlighted the extensional position of drill results that have extended the Apollo Hill gold system north along a new hangingwall structural corridor. The company stated that planned drilling would continue to infill and test extensions to this corridor.
Going forward, Saturn Metals is planning to finish another 6,000m of drilling at Apollo Hill in the near months as well as report the assay results from the drilling program by the following week.
Moreover, the company informed that assays remain are pending from other holes into the hangingwall position and further work is being planned.
About the Project:
Apollo Hill Gold Project is located 60km south-east of Leonora in Western Australia in world-class multi-million ounce gold province close to existing gold infrastructure. Saturn Metals owns 100% of the project that covers more than 1,000km² of contiguous ground and an upgraded Indicated and Inferred Mineral Resource of 20.7 Mt @ 1.0g/t Au for 685,000oz.
The project has key Gold Fertile Structures including the Keith Kilkenny Lineament and the preliminary metallurgical test work have posted excellent extraction characteristics, including free milling, gravity recoverable coarse gold.
Further, a total of 3.3Mt @ 1.1g/t Au for 116koz is now classified as an Indicated Mineral Resource representing a conversion of 22% of the previous Inferred Mineral Resource. Grade appears to be drill density-dependent due to nuggety gold. Saturn aims to follow the northern and southern extremities of the JORC Compliant Resource Area where drilling remains open.
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