Saturn Metals raises exploration funds
PERTH (miningweekly.com) – Explorer Saturn Metals has raised A$13.7-million through a share placement to institutional and professional investors to fund exploration at its Apollo Hill gold project, in Western Australia.
The placement comprised more than 20.5-million shares, issued at a price of 67c a share under the company’s existing placement capacity, with the placement strongly supported by new and existing institutional investors.
“Saturn is delighted with the level of support shown in this successful raising. This puts the company in a great position to continue to expand the boundaries of our Apollo Hill gold system,” said MD Ian Bamborough.
“Drilling this year has seen multiple strong intersections extending beyond the previous resource boundary. Higher grades within a widening mineralised corridor show the potential for next level discovery and a much bigger opportunity. In addition, this raising enables the company to fund other exciting activities in our exploration portfolio,” he added.
A resource upgrade at Apollo Hill is targeted for late 2020, incorporating results from drilling conducted since October last year, with a 50 000 m drill programme planned at the project to further target improvements in the quality and size of the gold system.
Funds raised will also be used for exploration at Saturn’s satellite prospects, and for community consultation and planning for an initial drill phase at the West Wyalong joint venture, in New South Wales.
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