
April 29, 2024
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide the following summary of its activities for the three months ended 31 March 2024.
Highlights
- The first diamond drillhole for 2024, ACDDH015 intersected both the Bonanza East and Fraternal Shoots.
- The Bonanza Shoot downhole intersection assayed 12.4m @ 5.3g/t Au and 14.9% Sb from 69.6m, with an estimated true width of 6m.
- The Fraternal Shoot downhole intersection assayed 23.0m @ 4.0g/t Au and 0.22% Sb from 105m, with an estimated true width of 8m.
- The Bonanza East intersection contains significant antimony mineralisation, including a very rich section that assayed 6.0m @ 5.2g/t Au and 25.6% Sb.
- The second hole drilled, ACDDH016 was targeted to intersect near the interpreted top of the Bonanza East Shoot approximately 120m above ACDDH015. The hole intersected 21m of moderate to strong arsenopyrite mineralisation from 68m with intermittent stibnite veining in the first six metres. Assay results are awaited.
- The Company has engaged Alton Drilling Ltd (Alton) as its drilling contractor at Sams Creek.
- Drilling program targeting approximately 1,000m of diamond drilling at the Anvil prospect at Sams Creek commenced in the second week of April 2024
- Alton has indicated a willingness to accept equity as part-payment for drilling services to be provided at Sams Creek to a maximum of AUD $125,000
- A Capital raising consisting of $2.2m was raised during the quarter with strong support from existing shareholders and new institutional investors to fund exploration on the Company’s projects.
- Highly experienced mining executive Victor Rajasooriar appointed as Managing Director and Chief Executive Officer.
- The Company has applied for both the “Reefton Gold and Antimony Project” and the “Sams Creek Gold Project” to be considered and be included as a “listed project” in the Fast-Track Approvals Bill (Bill).
- The Government has established the Fast Track Project Advisory Group to identify listed projects for inclusion in the Bill.
Background
Siren is a New Zealand focussed gold and antimony explorer, with two key projects in the upper South Island of New Zealand: Reefton (Reefton, Lyell and Paparoa goldfields) and Sams Creek (Figure 1).
The Reefton Goldfield produced ~2Moz of gold at an average recovered grade of 16g/t from 84 historic mines, plus an estimated alluvial gold production of 8Moz. Most underground mining ceased by 1942, with the famous Blackwater mine closing in 1951, when the shaft failed, after producing ~740koz of gold down to 710m below surface.
OceanaGold Limited (OGL) developed an open pit on the historic Globe Progress mine between 2007 and 2015. OGL recovered an additional 700koz at around 2g/t Au, increasing total hard rock production at Reefton to around 2.7Moz @ 12g/t Au.
Federation Mining Limited (FML) a privately owned company, is currently developing the Snowy River Mine on the Birthday Reef (Figure 2), which historically produced 740koz of gold at an average recovered grade of 14.2g/t.
Sams Creek is a gold mineralised porphyry dyke, the extends for 7km and is up to 60m thick. The Sams Creek Dyke (SCD) was discovered in 1974 and has not been historically mined. The Main Zone and Anvil projects are contained within an Exploration Permit (EP40338) that is part of a Joint Venture between Siren (81.9%) and New Zealand’s largest gold miner, OceanaGold (TSX:OGC), which holds the remaining interest (18.1%).
Click here for the full ASX Release
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
Alert Options
No alert set
INN Article Notification
Alert Option
You will be notified when this event occurs. No additional settings needed.
The Conversation (0)
18 March 2024
Siren Gold
Exploring Highly Prospective Gold Assets in A Historic New Zealand Mining District
Exploring Highly Prospective Gold Assets in A Historic New Zealand Mining District Keep Reading...
21h
Lynette Zang: Gold, Silver Prices Nowhere Near True Value, This is Why
Gold and silver prices have pulled back, but for Lynette Zang, founder and CEO of Zang International, their true value is much higher.She sees sound money as key as this currency lifecycle ends, and emphasizes the importance of becoming independent and self-sufficient in eight key areas: food,... Keep Reading...
21h
Matthew Piepenburg: Gold Price Action is a Distraction, This is What's Real
Matthew Piepenburg, partner at Von Greyerz, explains gold's key underlying drivers."For us at Von Greyerz this has never been about price action — that's a distraction," he said."The real issue for us is what's happening with currencies, and therefore what's happening with the bond market, which... Keep Reading...
17 July
Editor's Picks: Have Gold and Silver Bottomed? 5 Experts on Prices and What's Next
The gold price took a hit this week, dropping below the US$4,000 per ounce level.Silver fared much the same, slipping under US$60 per ounce.Both precious metals were under pressure as conflict in the Middle East ramped up, reigniting worries about higher prices and interest rate hikes from the... Keep Reading...
17 July
Dana Samuelson: Gold, Silver Bottom? Watch These Key Price Levels
Dana Samuelson, president of American Gold Exchange, shares his outlook for gold and silver prices, honing in on support and resistance levels. "It'll be hard to find a real, hard bottom, but I think we're getting pretty close to it," he said.Don't forget to follow us @INN_Resource for real-time... Keep Reading...
17 July
Andy Schectman: Gold Price is Misdirection — What to Watch Instead
Andy Schectman, president of Miles Franklin, shares his latest thoughts on the gold market, emphasizing that prices are a tool of misdirection.He believes what's important right now is the growing emphasis on physical delivery of metal.Don't forget to follow us @INN_Resource for real-time... Keep Reading...
Latest News
Interactive Chart
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00






