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Saturn Metals Ltd

Saturn Metals secures funds to accelerate gold exploration at Apollo Hill

The $1.5 million raised will fund a 10,000-metre drill program to commence in June.

toy blocks that spell out FUNDING
The focus is now on delivering the next resource upgrade at Apollo Hill

Saturn Metals Ltd (ASX:STN) has secured $1.5 million in funding from a share placement to professional investors priced at 21 cents.

The funds will be used to accelerate drilling and resource definition at its 100% owned Apollo Hill Gold project near Leonora in Western Australia.

The 10,000-metre program to commence early next month will target the newly discovered high-grade hanging wall zones which recently returned 13 metres at 5.05 g/t gold from 74 metres.

READ: Saturn Metals latest drill results discovers new lode at Apollo Hill

The placement funding together with the $2.8 million in cash at the end of March provide substantial funding to work towards upgrading the 685,000-ounce at 1.0 g/t gold resource.

Saturn’s managing director Ian Bamborough said: “This successful raising has put the company in a stronger position to accelerate drilling on our newly discovered higher-grade hanging wall position.

“At the same time, we can maintain the pace of the resource drilling and regional exploration programs underway at Apollo Hill.

“With a strong balance sheet, an exciting new target to test, results from completed drilling awaited and a solid resource base that should continue to grow, Saturn’s future continues to look prosperous.”

Quick facts: Saturn Metals Ltd

Price: $0.46

Market: ASX
Market Cap: $33.67 m
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