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Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an exploration updated on the Sams Creek Project.
Highlights
- Sams Creek is an intrusion-related gold deposit (IRGD) with mineralisation contained within a porphyry dyke.
- The Sams Creek porphyry dyke (SCD) is over 7kms long, up to 60m thick, and extends down dip for at least 1km.
- The Sams Creek MRE comprises 9.1Mt @ 2.82 g/t Au for 824koz (1.5g/t cut-off), with only around 15% of the SCD drilled to date.
- An interpreted magnetic anomaly below the Main Zone could represent a large felsic intrusion that may be the source of the SCD and gold mineralisation.
- Historic diamond drillholes at the Main Zone includes:
- DDHSC84019, which intersected 183m @ 2.46g/t Au from 31m (including eight mineralised sections >2g/t Au with a weighted average of 101m @ 3.39g/t Au).
- DDH84SC016, which intersected 87m @ 4.2g/t Au across 7 high grade intervals.
- A trial Ionic Leach soil survey detected the SCD mineralisation over 500m below the surface. This survey will now be extended along the length of the SCD and over the magnetic anomaly to identify additional mineralisation that can be targeted by drilling.
Managing Director Brian Rodan commented:
Siren believes there is significant potential at Sams Creek for a large underground mining operation. The Sams Creek Dyke (SCD) is up to 60m thick, can be traced for over 7kms along strike, has a vertical extent of at least 1km and is open at depth. Drilling to date has focused on a 1km section of the dyke from the Carapace to the Main Zone (Figure 2). The trial Ionic Leach soil sampling program has successfully identified Sams Creek mineralisation 500m below the surface and identified new target areas. This program will now be extended across the whole deposit. We look forward to seeing these results in the coming months.
Background
The Sams Creek Gold Project is located 140kms NE of Reefton and 100kms NE of Lyell (Figure 1). The Project comprises two exploration tenements: EP 54454, which is 100% held by Sams Creek Gold Limited (SCGL), a wholly owned subsidiary of Siren, and EP40338, which is 81.9% held by SCGL under a joint- venture agreement with New Zealand’s largest gold miner, OceanaGold Limited (OGL), who own the remaining 18.1% interest.
Western New Zealand was originally part of Gondwana and lay adjacent to eastern Australia until around 80 Ma ago. The NW of the South Island of New Zealand comprises an area of predominantly early Paleozoic rocks in broad northerly trending belts which terminate at the Alpine Fault (Figure 1). The Paleozoic sequence is divided into the Buller Terrane, Takaka Central and Takaka Eastern Belts. These belts are interpreted to correspond with the Western, Central and Eastern belts of the Lachlan Fold Belt. The Buller and Western Lachlan belts contain the orogenic gold deposits like Bendigo, Ballarat and Fosterville in Australia and the Reefton and Lyell Goldfields in New Zealand.
The Sams Creek porphyry dyke (SCD) is located in the Eastern Takaka Terrane, which is equivalent to the Eastern Lachlan belt that hosts porphyry copper-gold deposits like Cadia and Ridgeway.
The SCD mineralisation is contained within a hydrothermally altered peralkaline granite porphyry dyke that intrudes the Early Paleozoic metasediments. The dyke is up to 60m thick and can be traced E-W for over 7kms along strike (Figure 2). The SCD generally dips steeply to the north (~600), with gold mineralisation extending down dip for at least 1km and is open at depth (Figure 3).
The SCD has been divided into a number of exploration prospects including Riordans, Western Outcrops, Doyles, SE Traverse, Carapace, Main Zone, Anvil and Barrons Flat. The dyke generally dips steeply to the north but dips more shallowly to the NW and SE between the Carapace and Western Outcrops where it intrudes argillite (Figure 2).
Figure 1. Top of the South Island, geology showing Palaeozoic rocks in green. Adapted fromCooper and Tulloch 1992.
Figure 2. Geology of the Sams Creek deposit.
Mineralisation
The geological and geochemical characteristics of the SCD indicate it is a member of the intrusion- related gold deposits (IRGDs). Globally, there are many examples of where IRGDs contain multi-million- ounce resources, including Pogo (5Moz), Donlin Creek (10Moz) Fort Knox (7Moz) in Alaska, Kidston (4Moz), Cadia (15Moz) in Australia and Vasilkovskoe (10Moz) in Kazakhstan (Lang & Baker 2001)2.
The Sams Creek porphyry dyke can best be described as a distal deposit (Figure 3) located in the host sediments outside the contact aureole of the source intrusion. These deposits typically have an Au-As- Sb-Hg Zn-Pb-Ag mineral association and may lie over 1km from the source (Figure 3). At structurally higher levels (500mRL to 800mRL) the SCD contains considerably more silver (up 90g/t) with Ag:Au ratios in the order of 30:1 whilst at lower levels (-200mRL to 500mRL) gold dominates silver, with ratios around 0.3:1. Base metals (Zn and Pb) also increase at these lower levels. This most probably reflects increasing proximity to the source intrusion with the top of the dyke showing signs of epithermal style mineralisation.
The porphyry dyke is variably mineralised and has been modified by at least four alteration / mineralisation stages (Angus 20133). The main gold mineralising event is Stage III where mineralisation consists of irregular to planar gold-bearing arsenopyrite-pyrite±quartz veins (Figure 4c), which form sheeted and local stockwork vein complexes that generally dip to the SE and form moderate-high grade gold zones (Figure 5). Veins vary in thickness from <1mm to 15mm. These veins are cut by later base metal veins up to 15mm thick containing galena, sphalerite, chalcopyrite and pyrite (Figure 4d). These veins do not appear to contain any gold but appear to be associated with the high-grade gold zones. Significant drillhole intersections are shown in Tables 1 and 2.
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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.
SNG:AU
Magmatic Closing In on Potential New Copper-Gold Porphyry Discovery at Calais
HIGHLIGHTS
- Magmatic Resources Limited (‘Magmatic’ or ‘the Company’) is pleased to provide an update on ongoing activities at our Myall Project with FMG Resources Pty Ltd (‘Fortescue’), a wholly-owned subsidiary of Fortescue Ltd (ASX:FMG) near Narromine in New South Wales. This drilling program1, organised pursuant to the Farm-in and Joint Venture Agreement signed between the Company and Fortescue in March 2024 (ASX MAG 8 March 2024), was designed to test multiple regional conceptual targets (Calais, Barina, SLR, Monaro, Sandman) based on geophysical and geochemical modelling conducted by Fortescue, as well as test and extend Magmatic’s geological model at the Corvette – Kingswood copper-gold maiden Inferred Mineral Resource Estimate2.
- A second diamond drill hole (FMD0508, 393.8 m; Table 2; Figures 1-5) was completed at the Calais prospect, following up on previously released results from FMD0504: 10.8 m at 0.39% Cu, 0.07 g/t Au (from 197 m to 207.8 m, at end of hole) within 42.8 m at 0.19% Cu, 0.03 g/t Au (from 165 m to eoh). Best assay results include;
- 11.7m at 0.59 g/t Au, 0.38% Zn, 2.9 g/t Ag, 1.8 ppm Mo, 0.05% Cu (from 138 m)
- 8 m at 0.23% Cu, 0.04 g/t Au (255m) within 26 m at 0.14 % Cu, 0.08 g/t Au (from 241m)
- 26m at 0.10 % Cu, 0.01 g/t Au (from 329m)
- The above results are within a broad magnetite-pyrite-chalcopyrite zone of 271.2m at 660ppm Cu (122.6 to 393.8m end of hole) in intensely magnetite-epidote altered diorite.
- Magmatic interpret these results to indicate that the copper and gold intercepts in FMD0504 and FMD0508 at Calais are within the wallrock of a mineralised porphyry system and the anomalous gold result in FMD0508 is potentially related to an epithermal overprint at the upper levels of a porphyry system. Further work, including drilling, is required to vector to the centre of the system. Magmatic staff and consultants are working closely with Fortescue to further understand the system and refine the geological framework of the Narromine Igneous Complex.
- FMD0508 is only the second deep hole at Calais and the controls on mineralisation are not well understood. The high-grade copper intercept in FMD0504 was not intersected in FMD0508, and so significant search space remains to be tested.
- For this drilling program, including results for FMD0501 to FMD0507 reported in March (ASX MAG 25 March 2025), 12 holes for 2,988 m were completed (FMD0501 to FMD0512, Table 1). Assay results have been received for FMD0508 (Calais) and FMD0509 (Monaro). Results for the remaining holes (FMD0510- 512 Monaro and Sandman) are pending and will be reported once results are received.
Commenting on the latest diamond drilling results from the Myall FJVA Project, Magmatic Resources’ Managing Director Mr David Richardson said:
“The gold mineralisation intersected by recent drilling at Calais has continued to open up this second exploration front within the Myall FJVA Project and intersecting a gold-copper zone at this early stage is very encouraging. We are working closely with Fortescue on a follow-up program.”
Figure1.Calais conceptual geological cross section looking north with drilling over 3D modelled magnetic isosurfaces of equal field strength with interpreted magnetite-pyrite-chalcopyrite shell
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This article includes content from Magmatic 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.
Metals Focus: Gold to Average US$3,210 in 2025 as Central Banks Buy and Trade Tensions Grow
Metals Focus anticipates that the underlying conditions supporting gold's record run will persist through 2025, with the price expected to reach a yearly average of US$3,210, a record high.
What’s behind the shift in investor sentiment?
Up until the start of 2025, investor sentiment remained low, particularly in western markets where exchange-traded funds (ETFs) saw outflows for much of the year. It wasn’t until October, as the price of gold approached the US$2,800 mark, that ETF inflows in the US and Europe began to gain positive momentum.
Significant purchases by central banks in Asia, the Middle East, and Eastern Europe provided essential pricing support for gold behind the price gains in 2024. Overall, central banks added a record 1,086 metric tons throughout the year.
This buying was driven by countries aiming to diversify their monetary holdings away from the US dollar, as gold serves as a non-liability-bearing reserve asset. The shift in monetary policy has gained attention over the past several years, especially after Russia’s invasion of Ukraine and growing concerns over US overreach following the country’s actions to cut Russia off from the global banking system and restrict the use of the US dollar.
Investors also noted the persistent tensions between Russia and Ukraine, along with fears that the Israel–Gaza conflict could escalate into a broader regional war, which further influenced sentiment in favour of gold as a haven asset.
Geopolitics, uncertainty provide additional price support in 2025
The underlying global drivers have persisted into early 2025, accompanied by new tailwinds for the gold market.
These include the chaos caused by US trade policy, which has created a rift between the world’s largest economy and key trading partners, notably Canada, Mexico, and China. Tariffs have heightened the expectation of a trade war that could affect supply chains and future trade agreements.
The severity, permanence, and outcomes of these measures have only just begun to be felt in the market. US market data registered a slight uptick in inflation numbers for May, and the US Federal Reserve suggested that uncertainty played a role in its decision to maintain interest rates at its last meeting on May 6-7.
Policies enacted by the Trump administration since the beginning of the year have led to a slowdown in global economic growth and have even raised the spectre of a recession as the tariffs threaten to reverse global central banks’ fight against inflation.
In addition to US foreign policy, its ballooning debt continues to erode confidence in the US dollar as the global reserve currency. The current US debt sits around US$37 trillion. The Trump administration pledged to tackle growing debt by cutting government spending through new initiatives like the Department of Government Efficiency.
However, a new spending bill that would essentially extend Donald Trump’s Tax Cuts and Jobs Act would reduce federal income by US$4.5 billion, with minimal decrease in spending to offset this loss.
The overall sustainability of the US economy has raised significant concern among investors, particularly as expectations suggest that Trump’s policies will worsen the debt crisis in the US. This has led to considerable instability in US and global equity markets since the start of the year, resulting in increased inflows into gold and gold-backed securities.
Supply and demand outlook
High prices are causing significant shifts in market demand, leading Metals Focus to predict a net decline of 9 percent in 2025, with total tonnage falling to 4,246 metric tons from the 4,669 metric tons recorded in 2024.
Leading the way is jewellery, the largest demand segment, which is projected to decrease by 16 percent in 2025, dropping from 2,011 metric tons in 2024 to 1,696 metric tons, with India and China contributing the most substantial declines.
In India, a shift towards lighter weight and lower karat pieces is expected to accelerate, while in China, high prices, weak consumer sentiment, and a sluggish economy will impact demand there.
In other countries, jewellery demand is likely to be affected by high prices, low consumer confidence, and economic uncertainty.
Gold supply and demand.
Chart via Metals Focus.
Additionally, central banks are expected to slow their pace of buying, with Metals Focus suggesting an 8 percent decline to 1,000 metric tons, down from the record 1,089 metric tons purchased the previous year.
However, these declines will be offset by increases in other sectors.
Net physical demand is predicted to rise by 2 percent to 1,218 metric tons from 1,191 metric tons in 2024 as more investors will be drawn to gold to diversify their portfolios amid economic uncertainty and geopolitical tension.
The expectation is that much of the increase will be driven by Chinese investment, followed by a recovery in European markets. Conversely, the US may experience some decline as investors there seek to take profits while gold continues to trade near record-high prices.
Gold supply is projected to see modest growth in 2025, with Metals Focus forecasting a 1 percent increase to 3,694 metric tons from the 3,661 metric tons recorded in 2024. Higher output is anticipated globally, with the exceptions of Asia, Oceania, and the Commonwealth of Independent States.
A significant contributor is a 19 percent increase in North American output as Artemis Gold’s (TSXV:ARTG,OTCQX:ARGTF) Blackwater mine, B2Gold’s (TSX:BTO,NYSE:BTG) Goose Project, and Calibre Mining’s (TSX:CXB,OTCQB:CXBMF) Valentine mine come online. Similarly, Central and South America are expected to see several new mines begin operations in 2025, resulting in a 23 percent increase in regional output.
The firm expects recycling to remain stable, despite predictions that gold prices will reach record highs for the remainder of 2025.
Metals Focus attributes this stability to weak retail destocking in China, which corresponds with low demand for jewellery. In the West, recycling is anticipated to be affected by near-market stock depletion and increased exchange rates of old for new jewellery in price-sensitive markets.
Furthermore, producer debt obligations must be addressed alongside periods of high capital expenditures for certain producers, which is anticipated to result in heightened hedging activity by year-end.
Investor takeaway
Overall, Metals Focus predicts a strong year for gold prices, driven by a global macro environment characterized by trade wars, economic uncertainty, and geopolitical tensions.
While higher prices may reduce discretionary spending on gold products, investors are turning to the gold market to diversify their portfolios, further contributing to a rise in gold prices in 2024 and 2025.
However, elevated prices will likely benefit producers who have spent recent years finding operational efficiencies and offsetting cost increases from a heightened inflationary environment. This situation has led to higher margins and a healthy balance sheet in 2024, which Metals Focus believes is likely to continue into 2025.
Although exploration activities faced a global downturn in 2024, there were notable exceptions. Metals Focus noted that mining data firm Opaxe recorded a 10 percent decrease in global exploration reports in 2024. However, Canada, Australia, and the US made up 70 percent of the total updates, indicating a preference for politically stable jurisdictions.
Investors in the gold market may benefit from paying attention to these trends, as producers aim to expand mining operations or seek new deposits to replenish depleting resources.
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Securities Disclosure: I, Dean Belder, own shares of Calibre Mining.
