Just over a year ago Augusta bought the Reward project for US$45m (A$70m or nearly 3 x the present market cap of Saturn Metals). It has a global resource of 454 koz @ 0.75g/t. They are presently undertaking a feasibility study on the project. It was formerly owned by Atna Resources who did a feasibility study back in 2012.
They used a head grade of 0.75 g/t, an average recovery rate of 80% and a life of mine strip ratio of 3.1. That's an SARG of 0.15 g/t versus Apollo Hill which is 0.16 g/t. As the article notes Bullfrog and Reward (combined global resource circa 2 Moz) represents multiple deposits (the two principal projects being 7 miles apart). Apollo Hill is one large open pit which makes life much easier.
Augusta is actually a really good comparison (the global resource size is similar) and accentuates the disconnect between North America and Australia when it comes to the valuation of heap leach deposits.
Saturn Metals (ASX:STN) proving grade isn’t king in the gold game, page-3
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19.0¢ |
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Mkt cap ! $53.13M | |||
| Open | High | Low | Value | Volume |
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