Saturn Metals

IAN BAMBOROUGH

MANAGING DIRECTOR

(ASX:STN)

◾ Company Name: Saturn Metals ◾ Company ASX code: STN ◾ Key Commodities: Gold ◾ Key Personnel: Ian Bamborough, Managing Director ◾ Locations: West Australian Goldfields ◾ Market Cap as of 15/08/22: $38.97M ◾FY22 Share price range – Low/High: $0.270 / $0.650 ◾ Company Website: saturnmetals.com.au

COMPANY PROFILE

Saturn listed on the ASX back in 2018 after Peel Mining spun-out its Apollo Hill Gold Project - a 1000km square acreage only 60km from Leonora in the heart of the Goldfields-Esperance region of Western Australia.

This underexplored landholding runs along Keith-Kilkenny, a shear zone that feeds a world-class multi-million-ounce gold province.

The company is backed by managing director Ian Bamborough, an experienced geologist who did a long stint with major gold miner Newmont, both in Australia and overseas. In 2019 Bamborough told Stockhead he immediately recognised Apollo Hill as more than just a gold deposit.

“I’ve personally seen some huge gold systems around the world – this is a big one… and when you’re in a gold system like this, the deposit or deposits just keep getting bigger.”

In just over four years, the company has drilled more than 100,000m in more than 1,000 holes, half of these being at its flagship Apollo Hill deposit, which is now proceeding towards a prefeasibility study.

Around 964,000oz has been added to the Apollo Hill mineral resource since the company made its ASX debut and it is now of scale to warrant full evaluation of mining options.

The resource sits at 76Mt at 0.60 g/t gold for 1,469,000oz representing a significant addition of 525,000oz from the previous upgrade – an increase of 56% in ounces.

Importantly, a significant portion of the Apollo Hill resource – 41Mt at 0.58 g/t gold for 760,000oz has been declared in indicated mineral resource category, meaning there is sufficient information on geology and grade continuity to support mine planning.

Saturn’s development model for Apollo Hill involves a bulk tonnage open pit mine with a heap leaching processing plant, which will could ultimately lead to even lower economic cut-off grades down the track.

Recent metallurgical test work returned an excellent recovery of 74.5%84% using high pressure grinding roll crushing to 8mm P100 and compares quite nicely to a global average heap leach recovery figure of 65%.

Results from the 6mm P100 conventional stage crushed column sampled returned an impressive 84% recovery.

But drilling on the 6km Apollo Hill trend is only a small part of the exploration potential on Saturn’s underexplored tenement package.

As development and optimisation studies get underway at Apollo, Saturn is also discovering new gold systems at fiver other sizeable prospects – Hercules, Bob’s, Calypso, Aphrodite and Artemis.

Drilling at the nearby Bob’s prospect hit 10m at 2.96g/t gold from 126m in one hole alone, extending mineralisation along strike from previously reported significant intersections.

At Hercules, only 15km south of the Apollo Hill mineral resource, drilling uncovered 20m @ 2.27g/t gold from 24m, expanding the greenfields discovery to more than 2km in length.

Saturn plans to continue drilling throughout 2022 on these new satellite discoveries with the ultimate goal of sustaining long life mining operations.

“Our strategy of exploring for new mineralisation opportunities within the larger Apollo Hill land package is already bearing some great results,” Bamborough said.

With $7.1 million cash in the bank at the end of the June quarter, the company believes it has the right ingredients for another major discovery within close proximity to Apollo Hill.

KEY INVESTMENT HIGHLIGHTS

JULY 28, 2022: Aircore results at the Hercules prospect, up to 2m at 2.76 g/t gold from 56m, extends the greenfields discovery to more than 2km in length with further drilling planned to test new geological interpretations. JUNE 16, 2022: Exciting regional drill results continue to provide important vectors for ongoing exploration at four sizeable gold prospects – Hercules, Bob’s, Calypso and Artemis. MAY 2, 2022: Saturn delivered a new 1.47Moz gold resources in a single bulk tonnage open pit under a low-cost heap processing scenario at the Apollo Hill asset.