Peel Mining Ltd (ASX:PEX) is getting closer to unlocking the value of its Apollo Hill Gold Project in Western Australia through an IPO of subsidiary Saturn Metals Limited.
The IPO, which is offering 35 million shares priced at $0.20, has closed early with firm commitments leaving the offer heavily oversubscribed.
READ: Peel Mining to unlock value of gold asset through subsidiary spin-off
Saturn has received bids beyond the maximum $7 million subscription amount.
The expected date for Saturn shares to commence trading on the ASX is early March 2018 under the ticker STN.
Initial drilling to test for high-grade gold
Saturn’s exploration program is planned to commence in mid-March, immediately after listing.
This will feature a reverse circulation (RC) drilling campaign at the Apollo Hill resource area, which stands at 17.2 million tonnes at 0.9 g/t gold for 505,000 ounces.
This initial drilling will focus on testing for a higher grade architecture within the Apollo Hill resource.