Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Auld Creek Project in Reefton.
Highlights
” These are excellent results as we progress our Reefton gold and antimony projects into the future. The commodity pricing outlooks for both metals are excellent and the introduction of antimony as a critical mineral brings additional potential benefits to New Zealand. We are now in the final stages of completing our Auld Creek mineral resource calculations following the drilling program earlier this year and expect to have that completed in the coming weeks. Concurrently, additional metallurgical testwork will be carried out to optimise the recoveries of antimony at Auld Creek.”
Background
Three metallurgical samples were collected from Auld Creek diamond core within the Fraternal Shoot to test for both gold and antimony recoveries into a flotation concentrate. The samples were delivered to ALS Perth in May 2024 for a range of metallurgical tests under the supervision of metallurgist Graham Brock (Leo Consulting Ltd).
AC001 was collected from the top of the shoot that has little or no antimony. AC002 was collected from the middle of the shoot with high grade gold and antimony and AC003 was collected to represent the average resource gold and antimony grades (Table 1 and Figure 1).
Table 1. Auld Creek Metallurgical samples
Figure 1. Long section showing the location of the metallurgical samples (white circles).
AC001 Flotation Tests
Three tests were conducted on the low-grade antimony sample AC001. Test 1 was a standard kinetic rougher test giving a 95.8% recovery of the gold into the rougher concentrate at a grade of 51.2 g/t Au. Antimony recovery was also high, but the head grade was low at 0.05%.
Tests 2 and 3 were kinetic cleaner tests; Test 2 had no regrind and Test 3 included a regrind step. Test 2 produced a high-grade concentrate assaying 120.6g/t Au and Test 3 produced a grade of 136.6g/t Au. Gold recoveries were 91.9% in Test 2 and 87.7% in Test 3.
In summary, if this material was fed to a flotation concentrator 6% by weight would go to a 51g/t Au concentrate at 95.8% gold recovery. To reduce transport costs a cleaner circuit could be introduced such that for a small loss of recovery only 2.6% by weight at a grade of 120g/t Au could be produced. Testing showed little benefit in the regrind step.
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This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Siren Gold (ASX:SNG) is an exploration and development company focusing on gold assets at its 1,100-square-kilometer tenement package located on the historic, high-grade Reefton, Lyell and Sams Creek goldfields in New Zealand.
Reefton Goldfield was first discovered in 1866 with total current recorded production of 11 million ounces (Moz) of gold, consisting of 2 Moz @ 16 grams per ton (g/t) gold from underground, 0.7 Moz from open pit and ~8 Moz gold from alluvial mining.
Mining and the local communities thrived in the region during the early 1900s, but most of the 94 underground mines closed by 1942 during WWII, and the Blackwater mine, which produced 740 koz @ 19 g/t down to more than 700 meters below the surface, finally shut down in 1951 bringing the entire field to a close. The gold price in 1951 was US$35 per ounce.
Fast forward to 2023, mining analysts believe current gold prices are only the beginning of a large upward trend, with gold prices reaching the $2,000 mark in the last quarter of 2023. What we know is clear: Gold has outperformed the S&P 500 over the past 20 years, as production from gold mines runs low without enough new projects to replace them.
Siren’s gold projects present an opportunity for new supply sources to emerge. The Reefton Goldfield is a high-grade mining district located on the West Coast of the South Island of New Zealand.
Siren’s global mineral resource currently sits at 1.33 million ounces at 3.3 grams per ton (g/t) AuEq (gold equivalent), from Sams Creek, Alexander River, Big River, Supreme and Auld Creek.
The district is widely known for producing gold, antimony and coal. A crucial aspect of the Reefton Goldfield is the significant occurrence of antimony, a rare thermal-resistant metal and a poor conductor of electricity. These attributes make it ideal for flame retardants, paints and various industrial applications to improve thermal tolerance. Additionally, antimony is a critical element in lithium-ion batteries and next-generation liquid metal batteries utilized for energy storage systems. The presence of antimony in the goldfield creates additional value for Siren’s projects as exploration continues.
Siren currently has seven projects, many of which were active sites that were closed during WWII despite encouraging exploration or production. Now, the company has built an expansive portfolio of projects and will undergo systematic exploration of its assets using leading-edge technologies and techniques.
With seven projects under its belt, Siren is primarily focused on Sams Creek, Alexander River, Big River and Auld Creek. These four projects are slated for future exploration and potential development to improve the assets’ value.
A skilled management team leads the company towards fully exploring its promising portfolio, with diverse expertise in geology, corporate administration and finance.
The Sams Creek Gold Project is located 140 kilometers northeast of Reefton and 100 kilometers northeast of Lyell.
The Sams Creek porphyry dyke-style gold deposit is equivalent in geology deposits to the Australian Eastern Lachlan fold belt that contains very large porphyry copper-gold and porphyry gold-style deposits like at Cadia and Ridgeway in New South Wales.
Siren believes there is significant potential at Sams Creek for a very large underground mining operation as the orebody is over 60 meters thick, has a vertical extent of 1 kilometer and has been traced for more than 7 kilometers along strike.
To date, around 127 diamond holes have been drilled at Sams Creek and the blue-sky project already contains an impressive resource estimate, with much of the asset remaining unexplored.
The Alexander River project covers 16.75 square kilometers and is 100 percent owned by Siren Gold. The asset is located 15 kilometers away from the prolific Blackwater Mine, a vital sign of what’s possible at Alexander River.
The Big River project covers 44.87 square kilometers and is considered a highly prospective exploration target of 100 to 125 koz at 7 to 9 g/t gold. The company will continue exploring to determine the asset's depth and gold grade.
The Auld Creek project contains an epizonal mineralization that extends over 2 kilometers and contains high-grade gold and massive stibnite veins. Nearby mines have produced over 400 koz of high-grade gold, which indicates what’s possible at the company’s asset.
Five diamond holes have been completed at Auld Creek with all five holes intersecting significant mineralisation in the Bonanza East Shoot.
The company provided a maiden mineral resource estimate (MRE) for the Auld Creek Prospect which includes 132 koz @ 7.1 g/t gold equivalent (AuEq) containing @ 3.5 g/t gold and 8,700 tons of antimony @ 1.5 percent antimony. The MRE includes the following significant intersections;
With a global MRE of above 1.3 Moz, Siren is on track to achieve its vision of being a multiple-million-ounce, high-grade gold and antimony producer.
Siren owns additional gold assets that are being systematically explored to increase shareholder value further.
Brian Rodan is a fellow of the Australian Institute of Mining and Metallurgy with 45 years of experience. He is the managing director and owner of Australian Contract Mining, a mid-tier contracting company that successfully completed $1.5 billion worth of work over 20 years. ACM was sold to an ASX-listed gold mining company in 2017. Rodan is the founding director of Dacian Gold, which purchased the Mt Morgans Gold Mine from the administrator of Range River Gold. After listing on the ASX in 2012, Rodan became Dacian’s largest shareholder. He had a 15-year tenure with Australia’s largest full-service ASX-listed contract mining company with an annual turnover of more than $850 million.
Victor Rajasooriar is a highly experienced Australian mining executive and board director who has more than 25 years of operational and technical experience across both underground and open pit mining operations. Rajasooriar’s distinguished career has seen him hold senior roles with major resource companies, including managing director and CEO of Echo Resources (ASX:EAR) until the completion of a takeover by Northern Star Resources (ASX:NST). Before joining Echo, Rajasooriar was chief operating officer for leading underground mining contractor Barminco and has held senior technical roles with Gold Fields and Newmont Mining. At Newmont, this included operational responsibility for the Waihi Gold Operation in the North Island of New Zealand between 2006 – 2008. He holds a bachelor of engineering (mining) from the WA School of Mines and is a member of both the Australian Institute of Company Directors and the Australasian Institute of Mining and Metallurgy.
Paul Angus is a New Zealand-based exploration geologist with more than 30 years of mining and geology experience in New Zealand. He graduated from Otago University and has held senior management roles with OceanaGold. While he was an exploration manager, Angus discovered more than 3 Moz at Macraes, Reefton and Sams Creek.
Keith Murray is a chartered accountant with 40 years of experience at the general manager level in audit, accounting, tax, finance, treasury and corporate governance. During the 1990s, Murray was group accounting manager, corporate and taxation joint company secretary for Eltin Limited, a leading Australian-based international mining services company. Murray is currently general manager corporate and company secretary for the Heytesbury Group.
Sebastian Andre is a chartered secretary with over 10 years of experience in corporate advisory, governance and risk services. He has previously acted as an adviser at the ASX and has a thorough understanding of the ASX Listing Rules, specializing in providing advice to companies and their boards for capital raisings, IPOs, backdoor listings, corporate compliance and governance matters. Andre holds accounting, finance, and corporate governance qualifications and is a member of the Governance Institute of Australia.
Highlights
Aurum’s Managing Director Dr. Caigen Wang said: “We're delighted with another shallow, wide gold intercept at BD Target 1. Gold mineralisation remains open along strike and at depth, with intersects as deep as 385m below surface. Every hole we drill helps us understand the controls on the high-grade gold shoots we find within these wider intercepts.
The new IP survey and structural data are guiding our drill targeting. With two new NOCK1300 diamond drill rigs operational, we're eager to test BD Target 1 down to approximately 900m.
With six rigs on site, we expect to achieve ~10,000m drilling per month, systematically exploring the full potential of the 13km by 3km target zone at BD and our other tenements within the Boundiali gold project. We're also improving our operations with new vehicles, a centralised camp, and we are using a second laboratory to enhance efficiency and assay turnaround times.
We're well-funded with ~$20 million cash at bank, allowing us to accelerate drilling and build on these encouraging results. We're targeting an inaugural JORC resource for Boundiali by late 2024.”
BD Target 1 - Latest Drill Results
Assay results reported in this release include 14 holes (4,485m) drilled at BD Target 1, which remains open with further drilling planned. More significant assay results for these holes2 include:
These new results are in addition to diamond holes drilled by Aurum at BD Target 1 and reported previously on 1 March 2024, 12 March 2024, 10 May 2024, 28 May 2024 and 17 June 2024, which include multiple +50 gold gram meter intervals over a 300m strike and down to an average depth of 200m (Table 1).
Table 1: Significant Intersections BD Target 1 over 300m strike
These shallow wide high-grade gold intercepts are predominately from the hanging wall lodes at BD target 1 and true widths are estimated at about 70% - 80% of reported downhole lengths.
Details of drill collar location and assay results for the new drilling on BD Target 1 are in Table 2 and Table 3 respectively. Plans showing Boundiali Gold Project location including assay results are presented in (Figure 1 to Figure 3). A cross section showing the latest drill results is presented in Figure 4.
Gold mineralisation remains open along strike and at depth on all prospects, with drilling ongoing and further work being planned. Aurum has prioritized a number of IP defined targets to define additional high priority targets for drill testing within the 2.8km by 4.5km IP surveyed area but sitting outside of currently drilled gold prospects.
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This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Kinross Gold Corporation (TSX:K; NYSE:KGC) ("Kinross") will release its Preliminary Economic Assessment for Great Bear followed by a virtual presentation and question and answer session on Tuesday, September 10, 2024 at 9 a.m. EDT.
The presentation will be accessible via audio webcast on www.kinross.com , where it will be archived.
Great Bear Technical Presentation details
To access the call, please dial:
Webcast Link: https://meetings.lumiconnect.com/400-478-546-594
Canada & US toll-free: 1-866-613-0812
Outside of Canada & US: 647-694-2812
Replay (available 30 days after the call):
Canada & US toll-free: 1 (877) 454-9859
Outside of Canada & US: (647) 483-1416
Passcode : 4887947
You may also access the conference call on a listen-only basis via webcast at our website www.kinross.com . The audio webcast will be archived on www.kinross.com .
About Kinross Gold Corporation
Kinross is a Canadian-based global senior gold mining company with operations and projects in the United States, Brazil, Mauritania, Chile and Canada. Our focus is on delivering value based on the core principles of responsible mining, operational excellence, disciplined growth, and balance sheet strength. Kinross maintains listings on the Toronto Stock Exchange (symbol: K) and the New York Stock Exchange (symbol: KGC).
Media Contact
Victoria Barrington
Senior Director, Corporate Communications
phone: 647-788-4153
victoria.barrington@kinross.com
Investor Relations Contact
David Shaver
Senior Vice-President
phone: 416-365-2761
david.shaver@kinross.com
News Provided by GlobeNewswire via QuoteMedia
With an established mineral resource and further significant exploration upside, the Herbert Gold project has opened significant opportunities and options for Grand Portage to advance the project, generate cash flow, and create significant shareholder value.
Grande Portage Resources (TSXV:GPG;OTCQB:GPTRF) is a publicly held junior resource company exclusively focused on the exploration and development of gold assets in southeast Alaska. The company is currently advancing its 100 percent owned Herbert Gold project situated approximately 25 km north of Juneau, Alaska and within the historic Juneau Gold Belt, which has produced over 7 million ounces of gold.
The Herbert Gold project has an updated mineral resource estimate, consisting of an indicated resource of 1.44 million ounces at 9.47 g/pt gold, and inferred resource of 515,700 ounces at 8.85 g/pt gold.
Grande Portage is led by an experienced management team with a strong background in exploration and project development. The team’s focus is on creating shareholder value through the advancement of the Herbert Gold Project while maintaining a commitment to environmental and community responsibilities.
The Herbert Gold project is an exploration stage, high-grade, mesothermal quartz vein system in the historic Juneau Gold Belt of southeast Alaska. The project consists of 91 unpatented lode claims located 25 km north of Juneau and to the south of Coeur Alaska's profitable Kensington gold mine. The property covers six parallel vein structures exposed at surface. Grande Portage released an updated MRE on the project (2024) for 1.44 Moz (4.7 Mt at 9.5 g/t gold) and 0.5 Moz (1.8 Mt at 8.9 g/t gold) in the indicated and Inferred categories, respectively. The Herbert property remains open at depth and along strike. Overall, six or more promising gold-producing vein-fault structures that contain ribbon structures and quartz-sulfides are located on the property. Herbert Gold is one of Alaska's most promising districts and has remained remarkably underexplored.
Grande Portage has conducted extensive drilling campaigns over the years, significantly increasing its resource base. Future drilling is expected to target deeper extensions of the known veins to further expand the resource. The mineral deposit model is characterized as mesothermal. These deposits are known to extend beyond 3,500 ft. The current model has only been demonstrated to depths of 900 ft. Grande Portage is also looking at various strategic partnerships in which to advance its Herbert project, which includes partnering with miners in the area such as Kensington and Greens Creek. The project has garnered interest from private equity groups. To further derisk project development, Grande Portage is committed to responsible mining practices. The company is focused on minimizing its environmental impact by avoiding the use of chemicals on-site, and instead shipping ore to off-site processing facilities. This approach also aligns with community concerns about environmental preservation in the Juneau area.
Ian Klassen brings almost 20 years experience in business management, public relations, government affairs and entrepreneurship to the company. He has extensive experience in the administration of public companies, government policy, media relations strategies, business/government project management, and legislative decision-making. Klassen is an (Honours) B.A. graduate from Western University and is a recipient of the Commemorative Medal for the 125th Anniversary of the Confederation of Canada, in recognition of his significant contribution to his community and country.
Alistair MacLennan has been working in the junior resources sector (oil/gas/minerals), in various capacities, for over 30 years. He has gained industry knowledge through founding, investment in and serving on the boards of a number of public and private exploration companies. MacLennan is also the chairman and director of Helijet International, a helicopter airline operating a fleet of Sikorsky S76 helicopters throughout the Pacific Northwest since 1986. MacLennan is actively involved in a number of private companies which are involved in leasing, manufacturing and natural gas production.
Michele Pillon has 25 years of experience in the junior mining exploration sector, providing accounting and regulatory assistance to public companies. Since May 1988, she has worked as an accountant to public companies in the resource sector.
Carl Hale received his Bachelor of Science degree in geology from the University of Washington in 1972. He has worked the majority of his career on mineral exploration projects in Alaska and the Pacific Northwest for various mining companies and consulting groups. He supervised massive sulfide exploration projects in the Brooks Range, Alaska, mineral reconnaissance programs in the Alaska Range and Southeast Alaska, and is presently the project manager on a gold exploration venture in the United States. Mr. Hale spent several years as a mine geologist at the Cannon Mine, a large gold mine in Wenatchee, Washington, as a geologist at the Sunshine silver mine in Idaho, managed a copper exploration project at Bornite, Alaska for three years for Kennecott and served as a geologist on a gold exploration project in Myanmar.
Ronald Handford is a professional engineer (non-practicing) and is president of Handford Management, a private management services company. He has been a senior executive of Sixty North Gold Mining since September 2016. He was formerly the executive vice-president, corporate development for Yellowhead Mining. Handford holds a Master of Business Administration degree from Western University (1979) and a Bachelor of Applied Science in Civil Engineering from the University of British Columbia (1974). He has over 20 years of international experience as a mining and technology entrepreneur, executive and advisor, plus 15 years as an international mining project finance and corporate banker, including Barclays Bank and the International Finance Corporation; and six years as an engineer/project manager related to mining and resource projects.
Douglas Perkins is a geology graduate from the University of British Columbia. Perkins has served on public company boards for over 25 years involving the promotion and representation of their geological properties. He has been involved in several start-ups of both public and private companies not only geological but including manufacturing, wholesale and developmental industries. From an exploration standpoint, Perkins has worked on the Gataga Trend for Cyprus Anvil, where several multi-million-ton deposits were discovered. He also worked for UTAH, UMEX, Cominco and oversaw Freeport/ Stryker's exploration project in northern BC near the Windy Craggy deposit. Perkins has tropical experience in 1988 - 89 in the jungle of the Darien Gap in Panama. For the last two years he has been senior vice-president and director of GMV Minerals in Guyana South America.
Amendments to the timetable have been made given the initial estimated date of the Extraordinary General Meeting of Shareholders (‘EGM’) for the transaction has been moved to Friday, 13 September 2024.
The updated timetable for the entitlement offer is as follows:
The above dates are indicative only and subject to change.
For further details, refer to the Company’s Notice of EGM lodged with the Company’s ASX platform on 14 August 2024.
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This article includes content from Labyrinth Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.