Saturn Metals hits more thick and shallow gold at Hercules nearby existing 1.47Moz project

Tue 13 Sep 22, 12:19pm (AEST)
Saturn and its rings photographed through a telescope
Source: Unsplash

Key Points

  • Saturn Metals has found new hits of thick and shallow gold mineralisation nearby its existing Apollo Hill project
  • The Apollo Hill project boasts a resource of over 1.4 million ounces of gold; a further 9,000m of assay results from nearby pending
  • Low grade results from new assays today are offset by size; existing resource potential at Apollo

Saturn Metals (ASX:STN) has unveiled fresh thick hits of gold on project acreage within the boundaries of its 100% owned Apollo Hill project; an asset which boasts a mammoth gold resource of over 1.4m ounces of gold. 

Results today are pulled from the Hercules prospect, which sits outside the official boundaries of the Apollo Hill resource itself, but still on permitage held by Saturn. 

The two areas are 15km apart. 

Geotechs suspect gold mineralisation at Hercules is present in lodes forming a stack like system, which remains open at depth. To this end, the company is planning on moving ahead with more RC drilling down-dip of today’s intersections at Hercules. 

Meanwhile, aircore drilling will follow up targets at Hercules north. 

What has Saturn found? 

Investor information provider Undervalued Equity notes that high-grade gold is that in concentrations over five grams of gold per tonne of ore (5g/t). 

However, many Australian projects boasting grades of 4g/t are also considered high grade. 

While Saturn’s results today fall well short of that classification, the size of intersections (and its existing Apollo project) are worth noting. 

  • 20m @ 0.92g/t gold from 32m depth, including 

    • 08m @ 1.68g/t gold from 44m depth

  • 12m @ 1.05g/t gold from 32m depth 

  • 07m @ 1.71g/t gold from 39m depth 

Previous assays from Hercules revealed in May 2022 included: 

  • 21m @ 1.44g/t gold from 23m depth, including 

    • 07m @ 3.80g/t gold from 23m depth

A coherent gold system: management 

“It is great to see a coherent gold system coming together at Hercules as we invest in additional drilling,” Saturn Metals MD Ian Bamborough said. 

“We still have several exciting theories to test in the next round of drilling, and we look forward to results from our ongoing AC program in the greater terrain surrounding Apollo Hill.” 

“Results from an additional 9,000M of AC drilling will be reported when assay results are returned.” 

A summary look at performance 

Saturn Metals shareholders have not had a particularly good year. A surface look at stats shows the following: 

  • One week returns up 7.69% 

  • One month returns down -6.67% 

  • One year returns down -28.2% 

  • YTD performance down -34.12% 

Saturn Metals has a market cap of $36.3m; it is ranked 402 of 915 players in the materials sector. 

However, things aren’t all bad: Saturn Metals held $7.1m in cash at the end of the June quarter. It spent $0.39m across the period.

The shape of Saturn Metals' three month charts
The shape of Saturn Metals' three month charts


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Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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