JOHANNESBURG (miningweekly.com) – West Australian gold explorer Saturn Metals started trading on the ASX on Friday, following an oversubscribed A$7-million initial public offering (IPO).
The miner is a successful spin-out of ASX-listed Peel Mining’s West Australian gold assets encompassing the Apollo Hill project, which contains a 500 000 oz resource and highly prospective 1 000 km2 Keith Kilkennyl land package near Leonora in the Western Australian goldfields.
“The overwhelming support for the IPO was a clear endorsement of Saturn’s portfolio of assets, its exploration strategy and its highly experienced board and management team. Saturn is extremely grateful for the support it has received from new shareholders and Peel shareholders who participated in the priority offer,” it stated.
The company is now looking forward to starting exploration at Apollo Hill, with staff mobilising to site to prepare for the inaugural 3 000 m reverse circulation drill programme.
This programme will focus on testing for the deposit’s higher grade architecture and working towards a resource upgrade in mid-to-late 2018. Saturn is also in the process of conducting high-resolution geophysical surveys over large parts of the regional tenement package. The company believes this work has the potential to materially rewrite the geological understanding of the area and provide multiple new exploration targets.
Initial results from the surveys are expected in early April.