Saturn opens IPO

PEEL Mining spin-off Saturn Metals has opened an initial public offering, seeking up to A$7 million.

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Peel shareholders will be given priority in the IPO, which aims to issue between 22.5 and 35 million 20c shares to raise $4.5-7 million.

Patersons Securities is lead manager to the offer.

Saturn has acquired Peel’s Apollo Hill gold project near Leonora in Western Australia.

Apollo Hill was originally Peel’s flagship project, but the company has more recently been focused on base metals in the Cobar Basin of New South Wales.

The project has a resource of 17.2 million tonnes at 0.9 grams per tonne gold for 505,000 ounces of gold.

While low-grade, drilling conducted in 2016 to the south of the resource returned 8m at 6.39gpt gold from 71m, including 3...