Siren Gold (ASX:SNG)

Siren Awarded High-Grade Lyell Tenement for a Further 5 Years

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on the Lyell tenement located within the Reefton Project.

Highlights

  • The Company’s application to extend the Lyell exploration permit for an additional 5 years has been granted by New Zealand Petroleum and Minerals (NZPaM).
  • Previous results at Lyell from trenching and surface sampling include:
    • 7m @ 13.8g/t Au (LYTR001) (ASX release 14 October 2022);
    • 8m @ 6.3g/t Au (LYTR002) (ASX release 14 October 2022);
    • 3.0m @ 19.1g/t Au (LYTR009) (ASX release 8 March 2023); and
    • 1.1m @ 36g/t Au (LYTR008) (ASX release 8 March 2023).
  • The Lyell Goldfield extends 5kms along a mineralised structural trend and includes the Alpine United, Break of Day, Mt Lyell North and United Victory prospects.
  • Lyell’s access agreement with the Department of Conservation is expected to be concluded during Q3 CY24.
  • Drilling targeting the high-grade shoots will commence soon after an access agreement is executed.
Siren Managing Director and CEO, Victor Rajasooriar commented:
“Lyell has the potential to be the jewel in Siren’s crown, based on the recent discovery by the Company around Mt Lyell North of high-grade gold mineralisation, which extends over a 1km strike. Our geological team are looking forward to drilling once all approvals are in place and replicating the surface rock chips and trenching data gathered last year”.

Figure 1: United Victory Reef float sample that assayed 205g/t AuFigure 1: United Victory Reef float sample that assayed 205g/t Au

Background

The Lyell Goldfield is located 40kms north of Reefton (Figure 2), where gold bearing quartz lodes were historically worked over a continuous strike length of 5kms. The Lyell Goldfield is the northern extension of the Reefton Goldfield that produced 2Moz of gold at an average recovered grade of 16g/t. The project overlays the historic Alpine United mine, which produced ~80koz of gold at an average recovered grade of ~17g/t between 1874 and closing in 1912. Several other small mines, such as the Break of Day, Tyrconnell, United Italy, Titchborne, Victor Emanual and United Victory also operated historically north of the Alpine United mine.

Soil sampling has confirmed a NNW trending 4km long anomalous gold zone between the Alpine United and United Victory mines (Figure 3). The Break of Day mine is also located along this anomaly. The soil samples have identified several anomalous areas which may represent mineralised shoots similar to those seen at Alexander River. The Alpine United mine shoot plunged ~45o to the north and was mined down to 500m below the surface and 750m down plunge and is open at depth. A total of 80koz @ 17g/t Au was recovered from the mine.


Figure 2: Reefton and Lyell Tenement Map Figure 2: Reefton and Lyell Tenement Map


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.

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Cautionary Statements

This press release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including without limitation, statements regarding the completion of the Offering and the timing thereof, and the anticipated use of proceeds of the Offering are forward-looking statements and contain forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "should" or "would" or occur. Forward-looking statements are based on certain material assumptions and analyses made by the Company and the opinions and estimates of management as of the date of this press release, including, but not limited to, that the Company will complete the Offering on the terms disclosed, that the Company will receive all necessary regulatory approvals for the Offering, that the Company will use the proceeds of the Offering as currently anticipated; and assumptions relating to the state of the financial markets for the Company's securities. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important factors that may cause actual results to vary, include, without limitation, that the Company may not be able to raise funds under the Offering, as currently anticipated, that the Company may fail to receive any required regulatory approvals for the Offering, that the Company will not use the proceeds of the Offering as anticipated, market volatility, unanticipated costs, changes in applicable regulations, and changes in the Company's business plans. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws. The Canadian Securities Exchange (CSE) has not reviewed, approved, or disapproved the contents of this press release.

SOURCE Quimbaya Gold Inc.

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