With the project now estimated to contain 685,000 ounces of gold, Saturn Metals (ASX: STN) has announced a resource increase near Leonora in Western Australia at its Apollo Hill gold project. Grading 1 gram per ton gold for 685,000 oz the updated resource for the project now totals 20.7 million tons, according to Saturn with 3.3 Mt grading 1.1g/t gold of that updated to indicated status for 116,000 oz.
The resource upgrade which was completed within six months of Saturn’s ASX-listing in March this year, was based on a 72-hole, 9,444m infill and extensional drilling program. The discovery cost of $9.40/oz was excellent as pointed out by Saturn.
With a low discovery cost per ounce there are improvements in ounces, grade, quality, tons, and minimal drilling and JORC code category promise well for the development of their business.
With mineralization about 20m wide and extending from surface during the drilling three distinct higher-grade lodes were identified.
Mr. Bamborough said at the northern and southern ends of the deposit, some of the strongest intersections were discovered. At the northern end, a notable intersection was 10m at 2.98g/t gold with the southern end including 36m at 1.39g/t gold returning 58m at 1.06g/t gold from 65m. Mr. Bamborough noted that for expansion the system is wide open.
At the project the company has compressed irregularities over a 6km corridor, and Saturn has already begun its next round of drilling, with campaigns including regional exploration planned throughout the first half of next year as well as resource programs and extensional.
Saturn Metals limited (ASX: STN) traded at a market price of $0.280 which is very close to its 52-week high. The stock has undergone a performance change of 40.00% over the past 6 months.
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