viewSaturn Metals Ltd

Saturn Metals securities halted ahead of capital raising

An upcoming drilling campaign was designed to test up to 5,000 metres.

Saturn Metals Ltd - Saturn Metals securities halted ahead of capital raising
ASX-listed Saturn's trading halt is expected to be lifted by Monday

Saturn Metals Ltd (ASX:STN) securities have been voluntarily halted from trading on the Australian Securities Exchange as the company prepares to announce the details of an upcoming capital raising.

The Western Australian junior told market regulator ASX Ltd (ASX:ASX) today it expected to announce the details by start of trade on Monday.

Last week the company put a pause on drilling at its wholly-owned Apollo Hill Gold Project 60 kilometres southeast of Leonora in WA’s Goldfields.

High-grade gold results of up to 6.59 g/t have been seen during recent reverse circulation (RC) drilling at the project.

Resource upgrade

Saturn managing director Ian Bamborough said on August 15, 2019 the company planned further drilling to start in September 2019.

The company is working on a resource upgrade for its project which has a current mineral resource of 20.7 million tonnes grading 1 g/t for 685,000 ounces of gold.

Saturn’s currently-defined resource is housed in a 40-to-70-metre wide expansive gold mineralised envelope.

More than 30,000 metres have been drilled at the project since March 2018, with recent drilling focusing on areas outside the resource.

Saturn has planned 5,000 metres of extensional RC drilling from September to keep up momentum on the zone.

The company ended the June 2019 half-year with $2.8 million cash and had planned to spend $852,000 on exploration in the September 2019 financial quarter.

Quick facts: Saturn Metals Ltd

Price: 0.73 AUD

Market: ASX
Market Cap: $79.18 m

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