- Saturn Metals (STN) enters a trading halt in regards to its first capital raising since September 2020
- The company will remain in the halt until November 25 or when more details are released, whichever occurs first
- On November 19, Saturn announced receiving significant results from aircore drilling at the Bob’s Prospect in WA
- Grades peaked at 1.41g/t gold and the results highlighted an underexplored 3.5-kilometre long geochemical target that lies beneath relatively shallow cover
- Shares in Saturn last traded at 56 cents on November 22
Saturn Metals (STN) has entered a trading halt in regards to its first capital raising of the year.
The company will remain in the halt until November 25 or when more details are released, whichever occurs first.
Saturn is yet to disclose how much it intends to raise or what it will use the funds for once received.
On November 19, Saturn announced it had received significant results from aircore drilling at the Bob’s Prospect in Western Australia.
The drilling formed part of Saturn’s strategy to find complementary deposits to the Apollo Hill Deposit.
Notable intersections include 32 metres at 0.49 grams of gold per tonne (g/t) from 68 metres including eight metres at 1.41g/t gold, and 44 metres at 0.28g/t gold from 84 metres including four metres at 1.37g/t gold from 116 metres.
These results highlighted an underexplored 3.5-kilometre long geological target that lies beneath relatively shallow cover.
A 2000-metre reverse circulation drilling program has been planned with work to begin in the coming weeks.
Saturn last tapped investors for cash in September 2020 when it undertook a $13.7 million placement to continue drilling at Apollo as it moved towards upgrading the mineral resource.
The funds were raised through the issue of more than 20.5 million shares to institutional investors at 67 cents each.
Shares in Saturn last traded at 56 cents on November 22. The company has a $63.32 million market cap.