The updated resource estimate marks an increase of 21% for the Australian gold deposit compared to the previous mineral resource published in 2019
Saturn Metals increases mineral resource estimate of Apollo Hill gold deposit by 163,000oz. (Credit: Steve Bidmead from Pixabay)
Saturn Metals reported an updated mineral resource estimate of 944,000 ounces (oz) for the Apollo Hill gold deposit at the Apollo Hill gold project in Western Australia.
The company said that this marks a considerable addition of 163,000oz from the previous mineral resource, marking an increase of 21%. The previous mineral resource was published by the company in October 2019.
The latest mineral resource update is based on an additional 265 RC holes drilled by the company that total 55,000m.
According to Saturn Metals, the growth in the mineral resource for the Apollo Hill gold deposit over the last 12 months is due to the discovery of additional shallower mineralisation in the hanging-wall zone and also because of further drilling under the base of the previous resource.
The company claimed that shallow mineralisation identified on the Ra – Tefnut trend had a positive effect on the model.
Furthermore, the company attributed the increase to its growing knowledge of the geological controls at the gold deposit and refinements made in the resource modelling techniques.
Saturn Metals claimed that a significant part of the Apollo Hill resource, at 21.2 Mt @ 0.8 g/t Au for 556 koz, has been declared in the higher confidence indicated mineral resource category to make up 59% of the total mineral resource.
Saturn Metals plans further Apollo Hill deposit expansion
Going forward, the company plans to target further expansion of the Apollo Hill deposit and pursue new deposits across its regional land package.
The company has resumed drilling with two rigs on site for testing further mineralisation. It has also started the next stage of metallurgical sampling in search of cost improvements in processing.
Saturn Metals managing director Ian Bamborough said: “Consistent improvements in the quality of the resource, its overall size, and to the Mineral Resource categories, through efficient drilling continue to bode well for the advancement of our business. For the first time we have been able to publish the Mineral Resource within a ‘Whittle’ pit shell using preliminary cost assumptions.
“This has allowed the Company to consider potential economies of scale, lower cost processing scenarios and the use of a lower cut-off grade to help obtain an improved stripping ratio. With the system open along strike and up and down plunge and metallurgical assumptions at an early stage of understanding, the gold deposit is positioned for continued growth.”
The Apollo Hill gold project and the Apollo Hill deposit are 100% owned by Saturn Metals and are located nearly 60km south-east of Leonora in the Western Australian Goldfields.