Saturn Metals has announced a significant upgrade to its Apollo Hill Gold Project resource, now exceeding 2 million ounces of gold, driven by extensive drilling and enhanced geological modelling.
- Apollo Hill Mineral Resource updated to 2.03 million ounces
- Measured and Indicated categories expanded to 1.15 million ounces
- Additional 8,780m drilling included in latest resource estimate
- Resource growth reflects 10.2 ounces added per metre drilled since 2018
- Ongoing drilling and exploration indicate further expansion potential
Apollo Hill Resource Surpasses 2 Million Ounces
Saturn Metals Limited (ASX: STN) has delivered its sixth consecutive resource upgrade at the Apollo Hill Gold Project in Western Australia's Leonora region, with the updated Mineral Resource now standing at 2.03 million ounces of gold. This milestone reflects an increase of 190,000 ounces from the previous 1.84 million ounces, underscoring the project's steady growth trajectory since Saturn's listing in 2018.
The updated resource estimate encompasses 118.7 million tonnes at a grade of 0.53 grams per tonne gold, reported above a cut-off grade of 0.20 g/t Au within a constraining pit shell optimized at an AUD$3,300 per ounce gold price. Notably, the higher confidence Measured and Indicated Mineral Resource categories have expanded by 161,000 ounces to 1.15 million ounces, providing a robust foundation for advancing mine planning and feasibility studies.
Extensive Drilling and Improved Geological Understanding
This resource upgrade incorporates results from an additional 38 reverse circulation (RC) drill holes totaling 8,780 metres, representing just 13% of the ongoing 65,000-metre drilling program. Complementary diamond drilling has also enhanced geological modelling, although some holes were not included in the resource estimate. Saturn's continuous refinement of geological and resource models has contributed significantly to the improved confidence and quality of the resource.
Since 2018, Saturn has added approximately 1.53 million ounces to Apollo Hill's resource base through 149,469 metres of combined RC and diamond drilling, equating to an impressive 10.2 ounces of gold added per metre drilled. This efficiency highlights the project's exploration success and the team's effective targeting strategy.
Strategic Implications and Future Outlook
Managing Director Ian Bamborough emphasized the importance of this upgrade, noting the potential for significant economies of scale through bulk mining and heap leach processing. The resource is reported within a single, large Whittle pit shell, which supports efficient mining operations and underpins the ongoing Pre-Feasibility Study (PFS) scheduled for release later in 2025.
Exploration remains active, with mineralisation open in multiple directions and promising results from satellite targets within Saturn's extensive 1,000 square kilometre tenement package. The company’s strategy includes further infill drilling to upgrade resource classifications, metallurgical testing to optimize recovery, and advancing environmental and social studies to support future development.
With the current gold price significantly above the AUD$3,300/oz assumption used for the pit shell, the resource base demonstrates a solid economic underpinning. However, the final economic viability will depend on the outcomes of the PFS and subsequent feasibility studies, as well as ongoing drilling results.
Bottom Line?
Saturn Metals’ Apollo Hill continues to build momentum, setting the stage for a pivotal Pre-Feasibility Study and potential production ramp-up.
Questions in the middle?
- How will the upcoming Pre-Feasibility Study refine production forecasts and capital requirements?
- What impact will ongoing drilling have on resource classification and potential reserve conversion?
- How might fluctuating gold prices influence the economic pit shell and project viability?