Saturn steadily increasing Apollo Hill

SATURN Metals has lifted the resource for its Apollo Hill gold project near Leonora in Western Australia.
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Drilling at Saturn's hanging wall zone at Apollo Hill

Apollo Hill's indicated and inferred resource now stands at 24.5 million tonnes at 1 gram per tonne gold for 781,000 ounces of gold, using a 0.5gpt cut-off.

The grade remained the same, but ounces grew by 96,000oz.

Indicated resources now comprise 38%, or 298,000oz of the total.

Saturn has added 276,000oz of resources since listing last year and managing director Ian Bamborough said the upgrade was another step forward for the project.

"Improvements in localised grade, ounces, tonnes, quality and mineral resource categories, all with efficient drilling and at an effective discovery cost per ounce, bode well for the development of our business," he said.

"With some of the strongest intersections located in the newly discovered higher-grade hanging-walls, the system is wide open for rapid expansion.

"Drilling has already resumed to test these and other step out targets and results from this expansionary phase of our journey will be reported in due course."

A major 13,000m, 70-hole program kicked off this month.

The hanging wall zones remain open down-plunge, along strike and to the east.

Saturn raised A$3.2 million in August at 35c per share.

The company is targeting another resource update in early to mid-2020.

Shares in Saturn were unchanged at 46c, valuing the company at $33.67 million. The stock hit an all-time high of 49.5c last month.