Saturn Metals secures funds to accelerate gold exploration at Apollo Hill
Wednesday, 15 May 2019 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.”
Fundamental factors are still in place to push gold prices up, but momentum will not be sustained without price corrections along the way, this according to Peter Hug, global trading director of Kitco..
In trading on Tuesday, precious metals shares were relative leaders, up on the day by about 0.6%. Leading the group were shares of Vista Gold Corp (VGZ), up about 7.3% and shares of Asanko Gold (AKG)..
Credit: Market News Video Duration: 01:08Published