VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 12, 2012) - Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) ("Saturn" or the "Company") is pleased to announce the discovery of a series of thick coal seams at very shallow depths on the Overflowing Property in western Manitoba. The coal discovery (the "Thunder Discovery") consists of three thick coal seams (the "Thunder Coal Seams") and a series of thinner lower coal seams totaling 25.85 meters in thickness, beginning at 15.30 meters depth and ending at 45.05 meters depth. Drilling of the Thunder Discovery was halted at approximately 50 meters depth due to technical difficulties. Coal thicknesses are based on driller measurements and no E-logs were run in the discovery hole.
The Thunder Discovery is the third new coal discovery made by Saturn on the Saskatoba Project since 2010, and is the second coal discovery made on the Overflowing Property which is part of the Saskatoba Project. The Thunder Discovery is located approximately 2 km north of the Karolina Discovery (see Saturn news release, March 29th, 2011) and is part of a significant geophysical trend connecting several strong anomalies, two of which are the Thunder and Karolina discoveries. This geophysical trend (the "Overflowing Trend") generally runs north-south through the Overflowing Property for approximately 8 km and may represent a continuous belt of Cretaceous sedimentary deposits containing coal seams at very shallow depth. To date, drilling of anomalies within the Overflowing Trend have all proven coal ranging in thickness from 3 to 89 meters at depths from 10 to 45 meters.
Drilling on the Oveflowing Trend was halted following the Thunder Discovery due to an early spring breakup. Consequently, the margins of the Thunder Discovery were not defined during the drill program and the discovery is open in all directions. The Company intends to further analyze the Thunder and Karolina discoveries in conjunction with the remaining anomalies of the Overflowing Trend, as well as other areas of the Overflowing Property, to design a broader exploration program to determine the ultimate potential of the Overflowing Property.
The Company also announces that is has shipped 6 coal core samples to Loring Laboratories in Calgary for proximate coal analysis and intends to combine a bulk samples of the Thunder and Karolina coals for a coal-to-liquids ("CTL") suitability test as requested by the Coal Partner (see Saturn news release, January 18th, 2012).
The Company also announces that 206.8 meters and 192 meters of drilling were completed on the Muskeg and Rat Creek properties in western Manitoba. Exploration of the Muskeg and Rat Creek properties was designed verify two different sets of airborne gravity data.
The drill program on the Muskeg Property included three shallow drill holes which tested three discrete gravity anomalies of moderate to low strength and were situated within variable gravity background settings. Two of these drill holes intersected the Cretaceous coal-bearing formation which was characterized by numerous re-deposited coal fragments and reduced thickness (34 - 42 meters) of the formation itself. One extremely thin coal seam (0.15 meters) was encountered in drill hole MK221-2 at a depth of 31.09 meters. Two drill holes were terminated within the succession of the Devonian carbonate rocks and one did not reach planned depth due to technical problems. The gravity anomalies tested on the property were obtained via the same method of an airborne surveys as previously discussed anomalies on the Overflowing Property. Three remaining drill holes were completed on the Rat Creek Property and tested two discrete gravity anomalies of moderate strength, which have been obtained by a different method of airborne gravity survey than was completed over the Overflowing Property. All three drill holes intersected the top of the Devonian carbonate succession at very shallow depths with no encounters of the Cretaceous coal-bearing formation. The Company will evaluate the geophysical data in relation to drill hole data and will consider independent verification of the geophysical targets.
Drill hole RC245-2 intersected a package of re-deposited Devonian limestone which included several thin intervals of black, organic-rich, calcareous shales. The samples have been selected for determination of character, content and maturity of organic matter contained in these shales to assess their hydrocarbon generation potential.
The drill program was conducted under the supervision of Dr. Krzysztof Mastalerz, P.Geo, the Company's Qualified Person under 43-101 standards who has reviewed and approved the technical content of this release.
About Saturn Minerals Inc.
Saturn Minerals Inc. (TSX VENTURE:SMI)(FRANKFURT:SMK) is a junior Canadian energy & resources company advancing a portfolio of energy and resource assets in Saskatchewan, Manitoba and British Columbia. The Company has made three bituminous coal discoveries at its Saskatoba Project since 2009, including one of the thickest coal seams encountered in Canada at 89 metres thickness. The Company also has strategic ownership in Inowending Exploration & Development Corp., a First Nations owned exploration & development company active in Canada's prairie provinces.
On Behalf of the Board of Directors
SATURN MINERALS INC.
Stan Szary, Chief Executive OfficerNEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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