Saturn Metals Ltd (ASX:STN) has planned to recommence resource extensional and infill drilling in mid- January 2019 at its Apollo Hill Gold Project near Leonora in Western Australia.
The company recently completed an updated resource estimate for the Apollo Hill gold deposit, part of the Apollo Hill Gold Project.
Apollo Hill location, Saturn’s tenements and surrounding gold deposits and infrastructure
The upgraded resource totals 20.7 million tonnes at 1.0 g/t gold for 685,000 ounces, a 36% increase in contained ounces from the previously published resource.
It incorporates the results of a highly successful 72-hole, 9,444 metre extensional and in-fill drilling campaign completed following Saturn’s listing on the ASX in March 2018.
Importantly, a portion of the Apollo Hill resource - 3.3 million tonnes at 1.1 g/t gold for 116,000 ounces - has been declared in the higher confidence indicated resource category.
Resource additions have been made at a discovery cost of only US$6.77 per ounce. This compares favourably to the global gold industry average.
Apollo Hill discovery cost per resource ounce as compared to other deposits
Saturn’s strategy moving forward is to target an expansion of the Apollo Hill gold deposit and look for new deposits across its regional land package before initiating a scoping study.
Saturn managing director Ian Bamborough recently said: “This resource upgrade is a significant step for the company and the Apollo Hill asset only a short while after listing.
“Improvements in grade, ounces, tonnes, quality and JORC Code category, all with minimal drilling and at a low discovery cost per ounce, bode well for the development of our business.
“With some of the strongest intersections located at both the northern and southern extent of the deposit, the system is wide open for rapid expansion.”
Step out gold intercepts
Following the resource upgrade, step out reverse circulation drilling along the Apollo Hill and Ra zones has highlighted the potential to grow the mineral inventory.
Of interest are intersections at the newly named Tefnut and Wadjet zones some 1 kilometre along strike from the Ra zone. Intercepts include:
• 27 metres at 1.12 g/t gold from 61 metres including 11 metres at 2.10 g/t gold from 66 metres (Tefnut Prospect); and
• 7 metres at 1.19 g/t gold from 61 metres (Wadjet Prospect).