Saturn raises cash for Apollo Hill dig
PERTH (miningweekly.com) – ASX-listed junior Saturn Metals will raise A$3.3-million to accelerate exploration at its Apollo Hill gold deposit, in Western Australia.
The company on Monday announced that 9.54-million shares will be issued at a price of 35c each to institutional and sophisticated investors.
The shares will be placed under Saturn’s existing capacity, and will not require shareholder approval.
“This very successful raising has put the company in a stronger position. We can continue to drive discovery and growth in the recently defined higher-grade hanging wall position, while at the same time, maintain momentum on the pace and focus of our resource drilling,” said Saturn MD Ian Bamorough.
Saturn is planning a 13 000 m drilling programme before the end of December, starting in the coming weeks.
The Apollo Hill mineral resource currently stands at 20.7-million tonnes, grading 1% gold for 685 000 oz of contained gold.
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