Saturn Metals : New Regional Gold Prospects

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ASX Announcement

28 January 2022

NEW REGIONAL GOLD PROSPECTS

HIGHLIGHTS

• Aircore (AC) results from regional exploration drilling completed towards the end of the 2021 field season have highlighted three new prospects along strike of the Apollo Hill Mineral Resource (35.9Mt @ 0.8g/t Au for 944,000 oz of gold1) (Figure 1).
• Significant intersections include:
• • 13m @ 1.32g/t Au from 56m including 4m @ 4.31g/t Au from 56m - AHAC0464 at the Aquarius Prospect (Figure 1);
  • 12m @ 0.74g/t Au from 48m including 4m @ 1.36g/t Au from 56m - AHAC0444 at the Casper Prospect (Figure 1); and
  • 4m @ 0.47g/t Au from 44m - AHAC0477 and 8m @ 0.36g/t Au from 44m - AHRC0478 (two holes drilled 400m apart on a single regional drill line) at the Hercules Prospect (Figure 1).
• Results are located on a major geological corridor that extends from Apollo Hill, highlighting the potential for additional discovery.
• Drill holes and drill lines remain widely spaced with drilling and results open in multiple directions.
• In all instances mineralisation is associated with prospective geology (quartz veining and shearing in bed rock).
• A 20,000m regional AC drilling program is underway across the greater Apollo Hill land package and assays are pending for approximately 30 holes, totalling 1,500m, completed to date.

Plate 1 - Regional AC Drilling - Apollo Hill Project

1 Details of the Mineral Resource which currently stands at 35.9 Mt @ 0.8 g/t Au for 944,000 oz Au and a breakdown by category are presented in Table 1a (page 5 of this document) along with the associated Competent Persons statement and details of the ASX announcement that this information was originally published in.

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Saturn Metals Limited (ASX:STN) ("Saturn", "the Company") is pleased to announce significant results from reconnaissance AC drilling across its 100% owned, 1,000km2 Apollo Hill Gold Project, 60km southeast of Leonora in the Western Australian Goldfields.

This drilling is part of the Company's strategy to find complementary deposits to the soon to be upgraded Apollo Hill Mineral Resource which currently stands at 944,000 ounces1.

Figure 1 shows a plan of significant results located along several major geological features which extend from, and run parallel to, the Apollo Hill deposit. Drilling in these regions is still widely spaced with drill lines up to 2km apart and hole spacing along lines still 400m apart. Much capacity remains for extensional and infill drilling in these areas to build on these initial, promising results.

Figure 2 shows a geological cross section of the Aquarius Prospect. An extensive blanket gold anomaly is noted around the discovery intersection of 13m @ 1.32g/t Au from 56m including 4m @ 4.31g/t Au from 56m in hole AHRC0464. Further drilling is planned to test beneath this blanket.

In addition, the Aquarius Prospect is located immediately west of Saturn's tenement boundary with Sumitomo Metals and Mining Oceania Pty Ltd where there is evidence of substantial AC drill programs and possibly RC and diamond drilling. We believe we have located an extension to the gold system that they have been actively exploring.

Appendix 1 lists significant intersections received in the most recent batch of assays. Appendix 2 lists relevant hole details.

Saturn Managing Director, Ian Bamborough said: "It is great to see some significant results flowing from our regional exploration. It is early days, but the new prospects sit on some interesting geology and have the potential to expand and improve with follow up drilling planned in the near future. The Company will report on progress as assay batches are received and processed.

This announcement has been approved for release by the Saturn Metals Limited Board of Directors.

IAN BAMBOROUGH

Managing Director

For further information please contact:

Ian Bamborough

Managing Director Saturn Metals Limited +61 (0)8 6234 1114 info@saturnmetals.com.au

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Figure 1 - Plan of significant regional Aircore results, Saturn Metals tenement outline and significant prospects on geophysical background.

1. This diagram contains exploration results and historic exploration results as originally reported in fuller context in Saturn Metals Limited's ASX Announcements as published on the Company's website. Saturn Metals Limited confirms that it is not aware of any new information or data that materially affects the information on results noted.

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Figure 2 - Geological cross section - a-a1(N-S) of Aquarius Prospect; supergene gold anomaly surrounds discovery intersection - drilling required/planned to target beneath the anomaly.

1. This diagram contains exploration results and historic exploration results as originally reported in fuller context in Saturn Metals Limited ASX Announcements as published on the Company's website. Saturn Metals Limited confirms that it is not aware of any new information or data that materially affects the information on results noted.

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