Saturn Metals Hits 86% Gold Recovery, Lifts Apollo Hill Resource to 2.24Moz
Saturn Metals has reported a robust June quarter highlighted by significant drilling success and exceptional metallurgical recoveries at Apollo Hill, lifting its gold resource to 2.24 million ounces. These developments set the stage for a pivotal Pre-Feasibility Study and maiden Ore Reserve later this year.
- Apollo Hill Mineral Resource upgraded to 2.24 million ounces
- 82% of resource now classified as Measured and Indicated
- Heap leach gold recoveries average 86%, surpassing previous estimates
- Strong shareholder support with $9.25 million raised via oversubscribed Share Purchase Plan
- Pre-Feasibility Study and maiden Ore Reserve targeted for December 2025
Apollo Hill Resource Expansion
Saturn Metals has delivered another standout quarter, marked by a significant upgrade to its Apollo Hill gold project in Western Australia. The updated Mineral Resource Estimate now stands at 2.24 million ounces of gold, with an impressive 82% classified as Measured and Indicated. This upgrade reflects the success of extensive drilling campaigns that returned thick, high-grade intersections, reinforcing Apollo Hill’s potential as a large-scale, low-cost mining operation.
Key drill results include intercepts such as 36 meters at 1.92 grams per tonne gold from 335 meters depth and 27 meters at 4.05 grams per tonne from near surface, underscoring the deposit’s continuity and robustness. These results underpin the company’s strategy to pursue bulk tonnage mining combined with heap leach processing, a cost-effective approach for gold extraction.
Metallurgical Breakthroughs Boost Project Economics
Complementing the drilling success, Saturn Metals achieved exceptional metallurgical outcomes during the quarter. Heap leach column tests on near-surface oxide and transitional materials demonstrated an average gold recovery of 86% over 95 days, significantly exceeding the 75% recovery assumption used in prior studies and well above global heap leach averages.
This improvement in recovery rates is particularly impactful as oxide and transitional ores constitute nearly 40% of the early mining schedule, suggesting a meaningful enhancement to the project’s early cash flow profile. The rapid leach kinetics and low reagent consumption further support a streamlined, low-cost processing route.
Financial Strength and Shareholder Confidence
Saturn Metals closed the quarter with a strong cash position of $27.18 million, bolstered by a successful capital raising. The company’s Share Purchase Plan was heavily oversubscribed, raising $9.25 million against a $2 million target, reflecting robust shareholder confidence in the company’s growth trajectory and development plans.
These funds are earmarked to accelerate the Pre-Feasibility Study (PFS), ongoing exploration, resource extension drilling, and permitting activities. The PFS and maiden Ore Reserve are scheduled for completion in the December quarter, critical milestones that will provide a clearer picture of the project’s economic viability and production potential.
Regional Exploration and Future Growth Potential
Beyond Apollo Hill, Saturn continues to explore its extensive 1,000 square kilometre land package, with promising results at the Aquarius Prospect. Recent air-core drilling has identified a parallel gold structure adjacent to Aquarius, expanding the known mineralised footprint and hinting at further resource growth opportunities.
Environmental and permitting studies are progressing, including hydrology and ecological assessments near Lake Raeside, alongside groundwater extraction approvals, positioning the project well for development. Engineering and process optimisation studies are underway with Kappes Cassiday & Associates, aiming to refine mining and processing strategies ahead of the definitive feasibility study targeted for 2026.
Bottom Line?
With a strengthened resource base, superior metallurgical recoveries, and solid financial backing, Saturn Metals is poised to unlock Apollo Hill’s full potential as it advances towards production.
Questions in the middle?
- How will the improved heap leach recoveries influence the final project economics in the upcoming PFS?
- What are the timelines and potential hurdles for environmental permitting and regulatory approvals?
- Can ongoing regional exploration at Aquarius and other prospects deliver further resource expansions?