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Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an exploration update following assay results from its first drillhole at the Auld Creek Prospect.
Highlights
- Siren’s second drillhole ACDDH005 at the Auld Creek prospect has intersected the Fraternal Shoot.
- ACDDH005 intersected 17.9m at 2.3g/t Au, 0.1% Sb for 2.6g/t AuEq from 59.4m, including:
- 3.9m @ 3.3g/t Au, 0.1% Sb for 3.6g/t AuEq, and
- 10.0m @ 2.8g/t Au, 0.1% Sb for 3.1g/t AuEq.
- Results confirm existing drillholes that include:
- 35.0m @ 4.1g/t Au, 2.9% Sb or 35.0m @ 11.0g/t AuEq,
- 6.0m @ 4.1g/t Au, 4.1% Sb or 6.0m @ 13.8g/t AuEq, and
- 34.0m @ 1.6g/t Au, 0.7% Sb or 34.0.0m @ 3.3g/t AuEq.
- 20.7m @ 5.9g/t Au, 2.6% Sb or 20.7m @ 12.0g/t AuEq.
- Assay results for the second hole ACDDH006 are still pending.
- The thickness and consistency of the first holes at Auld Creek is very encouraging and consistent with recent trench results and historical drillholes.
Background
The Auld Creek Prospect is contained within Siren’s Golden Point exploration permit and is situated between the highly productive Globe Progress mine, which historically produced 418koz @ 12.2g/t Au, and the Crushington group of mines that produced 515koz @ 16.3g/t Au (Figure 1). More recently OceanaGold (OGL) mined an open pit and extracted an additional 600koz of gold from lower grade remnant mineralisation around the historic Globe Progress mine. Collectively these mines produced 1.6Moz at 10g/t Au.
Figure 1. Reefton area showing Auld Creek Project, and surrounding gold and coal mines.
Within 20kms of the Auld Creek Project at Reefton there are 18 mines, including seven coal mines and the Globe Progress gold mine. A coal handling facility and train loadout are located at the northern end of Reefton town.
The Auld Creek Prospect represents high-grade gold-antimony (Sb) mineralisation that was potentially offset to the west, along NE-SE trending faults between Globe Progress and Crushington.
The gold-antimony mineralisation extends from Auld Creek south through Globe Progress and the Cumberland prospects and on to Big River, a strike length of 12kms with 9kms in Siren’s permits and the remaining 3kms in the Globe Progress reserve area.
The Auld Creek arsenic soil anomaly now extends for over 700m along strike. Trenching along the soil anomaly has clearly defined the high-grade Au-Sb mineralisation in the Fraternal, Fraternal North, Bonanza and Bonanza West Shoots (Figure 2).
The Reefton Goldfield can be correlated with the Lachlan Fold that contains epizonal gold-antimony deposits like Fosterville and Costerfield. Siren’s Auld Creek epizonal deposit contains high grade gold and massive stibnite veins.
Siren has used the same gold equivalent formula (𝐴𝑢𝐸𝑞 = 𝐴𝑢 g/𝑡 + 2.36 × 𝑆𝑏 %) used by Mandalay Resources Ltd for the Costerfield mine (refer Mandalay Website: Mandalay have adopted CY2022 metal prices of US$1,750 / ounce gold and US$13,000 / tonne antinomy).
Fraternal Shoot
Previously reported Fraternal diamond downhole intercepts include:
- 35.0m @ 4.1g/t Au, 2.9% Sb or 35.0m @ 11.0g/t AuEq (RDD087),
- 6.0m @ 4.1g/t Au, 4.1% Sb or 6.0m @13.8g/t AuEq (RDD086),
- 34.0m @ 1.6/t Au, 0.7% Sb or 34.0m @ 3.3g/t AuEq (RDD085), and
- 20.7m @ 5.9g/t Au, 2.6% Sb or 20.7m @ 12.0g/t AuEq (ACDDH004).
Significant drillhole intersections are shown in Figure 2 and Table 1.
Siren’s recently commenced diamond drilling program is focused on depth extension of the interpreted south plunging Fraternal shoot, with initial holes drilled to the south of current drilling (Figure 2).
The second drillhole ACDDH005, was targeted near the interpreted top edge of the shoot, approximately 50m below trench FTTR005 (8.3m @ 2.1g/t Au, 0.45% Sb or 8.3m @ 3.2g/t AuEq) as shown in Figure 3. ACDDH005 intersected a downhole length of 17.9m @ 2.3g/t Au, 0.1% Sb or 17.9m @ 2.6g/t Au (Table 1). This includes 4m @ 0.25g/t in centre of the shoot, with a hanging wall intersection of 3.9m @ 3.6g/t AuEq and a footwall intersection of 10m @ 3.1g/t AuEq. The true width of the shoot is interpreted to be around 12m (Figure 4).
The first drillhole, ACDDH004, was targeted at the Fraternal Shoot, approximately 50m down plunge from trench FTTR001 (8.4m @ 19.7g/t Au, 5.3% Sb or 8.4m @ 32g/t AuEq), and intersected 20.7m that averaged 5.9g/t Au, 2.6% Sb for 12.0g/t AuEq (Table 1), with the first 4.6m averaging 10.7g/t Au, 3.9% Sb for 19.9g/t AuEq (refer to ASX announcement dated 8 May 2023). The true thickness of the intersection is interpreted to be approximately 13m (Figure 5).
ACDDH006 was drilled 175m down plunge (from the surface) near the bottom of the interpreted shoot (Figure 3). A thinner 6m mineralised zone was intersected (Figure 4) with results awaited. The thickness of the mineralisation is consistent with nearby RDD0086 and trench FTTR003 near the bottom of the shoot.
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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
Prospect Ridge Resources
Investor Insight
Prospect Ridge Resources' compelling investment value proposition stems from the company's robust growth ambitions driven by its highly prospective assets near the renowned Golden Triangle region, and a management team with substantial technical expertise.
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. In 2023, a total of 241 samples were collected from this area which extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
Prospect Ridge Resources has also completed an inaugural drilling program at the Copper Ridge zone to test high-priority targets covering an area of 1,550 metres by 850 metres.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company has completed an inaugural drilling program to test the drill-ready target Copper Ridge zone as well as other targets.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east.
The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company has completed an inaugural drilling program to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
TEM | Yalgoo Update - Further Excellent Iron Results
Key Points
- Additional high-grade magnetite iron intercepted in RC drilling
- Consistent intercepts over >2 km of drilled strike length
- Identical outcropping geology mapped over a 5 km total strike length
- Potential for a large-scale iron ore deposit nearby other world-class processing facilities
Remorse Target
High-grade iron
In addition to the lab results for the first drillhole previously reported 1, the Company is pleased to announce the completion of drilling and that follow-up results in subsequent drillholes confirm the presence of high-grade iron at the Remorse Target. New results include:
WARDH00180 16m @ 32.6% Fe from 93m (pXRF)
WARDH00169 20m @ 32.3% Fe from 120m (pXRF)
and 11m @ 30.8% Fe from 182m (pXRF)
WARDH00166 7m @ 32.8% Fe from 96m (Lab)
WARDH00171 8m @ 30.1% Fe from 130m (pXRF)
* Portable XRF (pxrf) results are not comparable in reliability to authorised laboratory results and should be not relied on for quantitative purposes outside indicative demonstrations of potential order of magnitude of enrichments.
Background
TEM has completed the first phase of RC drilling at the Remorse Target of its flagship Yalgoo Project. In total, 21 RC holes were drilled for 4,005m. Samples have been Boxscanned (pXRF) and submitted to the lab and final assay results are expected in December 2024.
The previously reported iron intercept from the first hole drilled at Remorse was WARDH00160 of 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe) (Lab).
The Remorse Target is part of Tempest's broader Yalgoo Project which spans over 1,000 square kilometres of prospective terrain for base metals, precious metals and iron ore.
Figure 01: Section through iron mineralisation WARDH00180
Figure 02: Section through iron mineralisation WARDH00169 and WARDH00163-165.
All samples collected have been analysed using a Boxscan unit which includes a mounted portable X-ray fluorescence (pXRF). Although not as accurate as laboratory analysis, pXRF data when collected in a quality and consistent manner can also exhibit high accuracy and precision. The pXRF data has been compared with assays received to date (>800 samples) and has an average variance of -4.2% and a median of -4.3%. The results indicate the accuracy is considered acceptable for current exploration reporting purposes (and potentially an overall slight underestimation by pXRF).
Remaining assay results are due in December and are expected to correlate strongly with the pxrf results announced.
As previously advised, the drill program design was focused on the strong base metal geochemical anomaly exhibited at the Remorse Target 2. The planned holes were focused strongly on testing the 'hanging wall' stratigraphy at Remorse and were not initially focused on the newly identified iron layer. However, the program did result in the 4 most northerly drill holes intercepting the main magnetite layer and numerous holes intercepting adjacent magnetite-rich layers.
The widely spaced drilling shows continuity and consistency over more than 2 kilometres and identical iron-rich stratigraphy outcrops can be traced over an extensive 5-kilometre zone correlating with the original Remorse Target footprint.
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This article includes content from Tempest Minerals 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.