Siren Gold

Significant New Drill Target Identified at Sams Creek

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its 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 is over 7kms long, up to 60m thick, and extends down dip for at least 1km. Only 15% of the Sam’s Creek porphyry dyke has been drilled to date.
  • An Ionic Leach soil survey recently carried out has identified a second major Au-As-Mo anomaly at Anvil, similar to the Main Zone anomaly which contains a Mineral Resource Estimate (MRE) of 824koz at 2.8g/t Au*.
  • The Anvil anomaly extends for at least 1km from the mineralised outcrop with significant rock chips recording up to 57g/t Au.
  • The Anvil anomaly might represent a NE plunging mineralised fold hinge similar to the Main Zone located 1km to the east.
  • The orientation ionic leach soil survey detected known mineralisation 500m below the surface at Main Zone.
  • Copper-Lead and Rare Earth Elements (REE) were also detected, and the multi-element responses indicate potential for a large multi-metal, multi-phase mineral system at Sams Creek.

Executive Chairman Brian Rodan commented:

“These results continue to demonstrate the significant potential for a multi-million-ounce project at Sams Creek. Ionic leach soil surveys have proven to be a strong indicator for economic gold mineralisation at Sams Creek. The Anvil anomaly has many characteristics to the Main Zone at Sams Creek, which hosts the high grade 824koz Resource. We believe we have only scratched the surface at Sams Creek.”

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.

* Comprised of an Indicted Resource of 3.29 Mt at 2.9 g/t Au for 295.6koz and an Inferred Resource of 5.81 Mt at 2.83 g/t Au for 528.8koz.

Western New Zealand was originally part of Gondwana and lay adjacent to eastern Australia until around 80 Ma ago1. The NW of the South Island of New Zealand comprises an area of predominantly early Palaeozoic rocks in broad northerly trending belts which terminate at the Alpine Fault (Figure 1). The Palaeozoic 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 Belt1. 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 mineralisation is contained within a hydrothermally altered peralkaline granite porphyry dyke2 that intrudes the Early Palaeozoic metasediments. The Sams Creek 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 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 it is open at depth.

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).

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 IRGDs containing multi-million- ounce resources, including Pogo (5Moz), Donlin Creek (10Moz) and Fort Knox (7Moz) in Alaska, Kidston (4Moz), Cadia (15Moz) in Australia and Vasilkovskoe (10Moz) in Kazakhstan (Lang & Baker 2001)3.

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 (Cu, Pb, and Zn) also increase at these lower levels. This may reflect increasing proximity to the source intrusion with the top of the dyke showing signs of epithermal style mineralisation.


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
The Conversation (0)
Aurum Resources

Takeover Offer for Mako Gold Limited – Share Offer Unconditional and Status of Offers Conditions

Aurum Resources Limited (ASX: AUE) (Aurum) refers to its off-market takeover offer to acquire all of the ordinary shares (Share Offer) and certain options (Option Offers) in Mako Gold Limited (ASX:MKG) (Mako) pursuant to its bidder’s statement dated 30 October 2024 (as supplemented or replaced from time to time) (Bidder’s Statement).

Keep reading...Show less
Rows of gold bars.

Top 10 Gold Reserves by Country

Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold's association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.

Today, gold's hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.

Even though gold seems to be everywhere, in reality it's a finite resource. Only 244,000 metric tons of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million metric tons of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.

Keep reading...Show less
Physical gold bar and gold Maple Leaf coin with small gold nuggets on top.

A Guide to Investing in Physical Gold (Updated 2024)

Gold is known as an attractive safe-haven investment and has been used to store wealth during volatile times through history.

It has interesting currency-like tendencies, and retains its purchasing power better than paper currencies.

For that reason, gold market analysts typically recommend that investors build a diversified portfolio with a portion of their wealth in gold bullion. Here the Investing News Network explains what's involved in building and managing a physical gold portfolio.

Keep reading...Show less
Providence Insider Participates in Financing

Providence Insider Participates in Financing

Providence Gold Mines Inc. (“the Company) is pleased to announce further to the Private placement announced on November 14, 2024 that an insider of the Company is participating in the first tranche of the private placement in the amount of $75,000 Cdn for 1,500,000 units at $0.05 per unit. Each unit comprises of one common share and one non-transferable warrant exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing. The funds will be used for general purposes.

As announced, a placement of up to $1,800,000 Cdn for 36,000,000 units at $0.05 per unit is now underway. Each unit will comprise of one common share and one non-transferable warrant, exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing.

Keep reading...Show less
Tempest Minerals

TEM | Yalgoo Update - Further Excellent Iron Results

Tempest Minerals Limited (ASX: TEM) is pleased to update that recent RC drilling at the Remorse Target has identified the presence of thick, high-grade, magnetite-hosted iron in initial assays which has now been confirmed with multiple drill holes over several kilometres of strike length. The Remorse Target is situated within the Company’s 100% owned Yalgoo Project which has multiple world-class iron ore operations nearby.

Keep reading...Show less

Latest Press Releases

Related News

×