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Saturn Metals has identified gold mineralisation up to 1km north of the existing resource at its Apollo Hill gold project in Western Australia, as the company moves towards a definitive feasibility study (DFS) and updated ore reserve.
During the September quarter, the company undertook wide-spaced step-out drilling which confirmed extensions to gold-bearing structures beyond the current mineral resource, with results including 5m at 11.26 grams per tonne (g/t) gold from 49m in reverse circulation (RC) hole AHRC1698.
Other significant results included 7.5m at 3.41g/t gold from 30.5m, including 1.5m at 16.48g/t, and 0.4m at 14.25g/t from 97.75m in diamond hole AHDD0145, where visible gold was recorded.
The company said the results opened a potential new growth front north of the existing resource.
A 10,000m infill RC drilling program also commenced during the quarter to follow up on the results, targeting expansion of the shallow, near-surface mineralised footprint.
Saturn also reported thick, shallow intersections along the Iris trend, including 8m at 2.98g/t gold from 98m and 30.5m at 0.83g/t from 13.5m.
The exploration results come as the company progresses development of Apollo Hill, about 60km south-east of Leonora.
Mining lease M31/496 was granted during the quarter, encompassing the existing mining leases and providing scope for resource growth, mine expansion and supporting infrastructure.
Saturn submitted its Section 38 Environmental Review Document to the Western Australian Environmental Protection Authority in late September, in line with its planned development timeline.
Process engineering also progressed beyond the 70 per cent stage during the quarter, with work continuing on mine planning, pit design, metallurgical testing and water balance studies.
Saturn’s Apollo Hill mineral resource currently stands at 174 million tonnes (Mt) at 0.51g/t gold for 2.83 million ounces (Moz), while its existing ore reserve is 104.6Mt at 0.47g/t for 1.586Moz.
Regional exploration also advanced elsewhere, with three licences granted at the Aquarius gold prospect, about 30km south-east of Apollo Hill. The 26.5km-long drill-defined gold trend is expected to be tested with drilling in the December quarter.
Saturn ended September with $110.7 million in cash, following a $100 million placement and a $21.28 million share purchase plan. A further $39.79 million in placement proceeds remains subject to Foreign Investment Review Board approval.
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