Overview
Siren Gold (ASX:SNG) is an exploration and growth firm specializing in gold property at its 1,100-square-kilometer tenement bundle positioned on the historic, high-grade Reefton, Lyell and Sams Creek goldfields in New Zealand.
Reefton Goldfield was first found in 1866 with whole present recorded manufacturing of 11 million ounces (Moz) of gold, consisting of two Moz @ 16 grams per ton (g/t) gold from underground, 0.7 Moz from open pit and ~8 Moz gold from alluvial mining.
Mining and the native communities thrived within the area throughout the early 1900s, however a lot of the 94 underground mines closed by 1942 throughout WWII, and the Blackwater mine, which produced 740 koz @ 19 g/t right down to greater than 700 meters beneath the floor, lastly shut down in 1951 bringing your complete area to an in depth. The gold price in 1951 was US$35 per ounce.
![Siren Gold](https://investingnews.com/media-library/siren-gold.png?id=50685484&width=980)
The district is broadly recognized for producing gold, antimony and coal. A vital side of the Reefton Goldfield is the numerous prevalence of antimony, a uncommon thermal-resistant steel and a poor conductor of electrical energy. These attributes make it best for flame retardants, paints and varied industrial applications to enhance thermal tolerance. Moreover, antimony is a important aspect in lithium-ion batteries and next-generation liquid steel batteries utilized for vitality storage programs. The presence of antimony within the goldfield creates further worth for Siren’s initiatives as exploration continues.
Siren at present has seven initiatives, lots of which had been energetic websites that had been closed throughout WWII regardless of encouraging exploration or manufacturing. Now, the corporate has constructed an expansive portfolio of initiatives and can endure systematic exploration of its property utilizing modern applied sciences and methods.
With seven initiatives underneath its belt, Siren is primarily targeted on Sams Creek, Alexander River, Huge River and Auld Creek. These 4 initiatives are slated for future exploration and potential growth to enhance the property’ worth.
A talented administration workforce leads the corporate in the direction of totally exploring its promising portfolio, with various experience in geology, company administration and finance.
Firm Highlights
- Siren Gold is an exploration and growth firm specializing in gold property within the high-grade, historic Reefton Goldfield and Sams Creek in New Zealand.
- Siren owns seven extremely potential initiatives all through the area, every with the potential for gold and antimony, a uncommon steel utilized in varied thermal-resistant functions.
- The corporate’s international mineral useful resource is at present at 1.33 million ounces at 3.3 g/t AuEq (gold equal), with vital potential to extend as exploration continues.
- The Reefton Goldfield traditionally produced over 11 million ounces of gold earlier than your complete area closed after WWII.
- Siren’s property throughout the Reefton Goldfield are extremely potential however have but to be totally explored via fashionable exploration methods, creating vital blue-sky potential.
- A administration workforce with a spread of experience within the pure sources trade leads the corporate in the direction of totally realizing the potential of its extremely potential portfolio.
Key Tasks
Sams Creek Gold Mission
The Sams Creek Gold Mission is positioned 140 kilometers northeast of Reefton and 100 kilometers northeast of Lyell.
The Sams Creek porphyry dyke-style gold deposit is equal in geology deposits to the Australian Japanese Lachlan fold belt that accommodates very giant porphyry copper-gold and porphyry gold-style deposits like at Cadia and Ridgeway in New South Wales.
Siren believes there may be vital potential at Sams Creek for a really giant underground mining operation because the orebody is over 60 meters thick, has a vertical extent of 1 kilometer and has been traced for greater than 7 kilometers alongside strike.
Up to now, round 127 diamond holes have been drilled at Sams Creek and the blue-sky undertaking already accommodates a powerful useful resource estimate, with a lot of the asset remaining unexplored.
Mission Highlights:
- Prolific Useful resource Estimate: The asset’s newly up to date JORC (2012) mineral useful resource estimate (MRE) describes 8.9 million tonnes at 2.82 g/t gold for 808 koz of contained gold. Nonetheless, there may be nonetheless large potential for enlargement as work continues.
- The primary mineralization at Sams Creek is open at depth and might be additional drill-tested because the deposit is open in all instructions and has vital potential for elevated gold sources from further exploration drilling.
- Siren has an entry settlement with the Division of Conservation that permits as much as 100 drill websites inside EP40338.
- Extra drilling can even be targeted on infilling any new mineralized zones found, so an up to date MRE might be accomplished, feasibility studies might be commenced, and a mining allow utility might be superior in 2024
Alexander River Gold Mission
The Alexander River undertaking covers 16.75 sq. kilometers and is 100% owned by Siren Gold. The asset is positioned 15 kilometers away from the prolific Blackwater Mine, a significant signal of what’s doable at Alexander River.
Mission Highlights:
- Encouraging Useful resource Estimate: The undertaking’s inferred mineral useful resource estimate is at present 1.07 million tonnes at 5 g/t gold for 170 koz at a 1.5 g/t cut-off. Encouragingly, this can be a substantial improve of 30 % and a grade improve of twenty-two % from earlier estimates.
- Previous-producing Mission: Operations on the undertaking closed in 1942; earlier than shuttering, they’d historic manufacturing of 41 koz at 24.6 g/t gold at a cut-off grade of 15 g/t gold. Now, Siren is utilizing fashionable methods to discover and develop the undertaking additional.
- Exploration Targets: At present, the corporate focuses on a 1.2-kilometer-long outcropping quartz reef with mineralization outlined by floor trenching over 800 meters lengthy and 4 meters huge at 8g/t gold. The width of the outcropping is well-suited for environment friendly mechanized mining.
Huge River Gold Mission
![Big River Gold Project](https://investingnews.com/media-library/big-river-gold-project.jpg?id=33770541&width=980)
The Huge River undertaking covers 44.87 sq. kilometers and is taken into account a extremely potential exploration goal of 100 to 125 koz at 7 to 9 g/t gold. The corporate will proceed exploring to find out the asset’s depth and gold grade.
Mission Highlights:
- 4-kilometer Anomalous Strike Size: The Huge River undertaking accommodates a major 4-kilometer strike size. Sampling alongside this strike hosts huge stibnite veins with high-grade gold deposits, with outcomes as much as 82 g/t gold.
- Encouraging Drill Outcomes: Accomplished drill campaigns have produced high-grade near-surface assays, with the most effective drill holes together with:
- 6.6 meters at 21.4 g/t gold
- 3 meters at 18.5 g/t gold
- 6 meters at 5.1 g/t gold
- 5.2 meters at 6.3 g/t gold
- Maiden Mineral Useful resource Estimate: Siren lately introduced the asset’s Maiden JORC (2012) mineral resource estimate with a complete indicated and inferred estimate of 11 million tonnes at 3.11 g/t with a cut-off of 1.5 g/t.
![Auld Creek](https://investingnews.com/media-library/auld-creek.png?id=50685495&width=980)
Auld Creek
The Auld Creek undertaking accommodates an epizonal mineralization that extends over 2 kilometers and accommodates high-grade gold and big stibnite veins. Close by mines have produced over 400 koz of high-grade gold, which signifies what’s doable on the firm’s asset.
5 diamond holes have been completed at Auld Creek with all 5 holes intersecting vital mineralisation within the Bonanza East Shoot.
The corporate supplied a maiden mineral resource estimate (MRE) for the Auld Creek Prospect which incorporates 132 koz @ 7.1 g/t gold equal (AuEq) containing @ 3.5 g/t gold and eight,700 tons of antimony @ 1.5 % antimony. The MRE contains the next vital intersections;
- 35 meters @ 4.1 g/t gold, 2.9 % antimony or 35 meters @ 11 g/t AuEq
- 6 meters @ 4.1 g/t gold, 4.1 % antimony or 6 meters @ 13.8 g/t AuEq
- 34 meters @ 1.6 g/t gold, 0.7 % antimony or 34 meters @ 3.3 g/t AuEq
- 20.7 meters @ 5.9 g/t gold, 2.6 % antimony or 20.7 meters @ 12 g/t AuEq
With a world MRE of above 1.3 Moz, Siren is on observe to attain its imaginative and prescient of being a multiple-million-ounce, high-grade gold and antimony producer.
Extra Tasks
Siren owns further gold property which are being systematically explored to extend shareholder worth additional.
Mission Highlights:
- Lyell Goldfield: The 100-percent owned undertaking spans 54.25 sq. kilometers north of the Alpine United Mine. The undertaking has historic manufacturing of 91 koz at 1.84 g/t gold with a cut-off grade of 15 g/t gold. Early trenching signifies grades as much as 13.8 g/t gold.
- Cumberland: The corporate’s Cumberland tenement bundle is within the heart of a 35-kilometer-long construction hall that hosts a number of the most important initiatives within the Reefton Goldfield. The undertaking has historic manufacturing of 45 koz at 14.2 g/t.
- Reefton South: The Reefton South asset covers 333 sq. kilometers and is taken into account a 20-kilometer extension of the Reefton Goldfield. The underground nature of doable deposits hid them from previous explorers however created vital potential for making use of fashionable applied sciences.
Administration Staff
Brian Rodan – Chairman
Brian Rodan is a fellow of the Australian Institute of Mining and Metallurgy with 45 years of expertise. He’s the managing director and proprietor of Australian Contract Mining, a mid-tier contracting firm that efficiently accomplished $1.5 billion value of labor over 20 years. ACM was offered to an ASX-listed gold mining firm in 2017. Rodan is the founding director of Dacian Gold, which bought the Mt Morgans Gold Mine from the Administrator of Vary River Gold. After itemizing on the ASX in 2012, Rodan grew to become Dacian’s largest shareholder. He had a 15-year tenure with Australia’s largest full-service ASX-listed contract mining firm with an annual turnover of greater than $850 million.
Paul Angus – Government Technical Director
Paul Angus is a New Zealand-based exploration geologist with greater than 30 years of mining and geology expertise in New Zealand. He graduated from Otago College and has held senior administration roles with OceanaGold. Whereas he was an exploration supervisor, Angus found greater than 3 Moz at Macraes, Reefton and Sams Creek.
Keith Murray – Non-executive Director
Keith Murray is a chartered accountant with 40 years of expertise on the common supervisor degree in audit, accounting, tax, finance, treasury and company governance. In the course of the Nineteen Nineties, Murray was group accounting supervisor, company and taxation joint firm secretary for Eltin Restricted, a number one Australian-based worldwide mining providers firm. Murray is at present common supervisor company and firm secretary for the Heytesbury Group.
Victor Rajasooriar – Non-executive Director
Victor Rajasooriar is a extremely skilled Australian mining govt and board director who has greater than 25 years of operational and technical expertise throughout each underground and open pit mining operations. Rajasooriar’s distinguished profession has seen him maintain senior roles with main useful resource corporations, together with managing director and CEO of Echo Assets (ASX:EAR) till the completion of a takeover by Northern Star Assets (ASX:NST). Previous to becoming a member of Echo, Rajasooriar held the function of chief working officer for main underground mining contractor Barminco and has held senior technical roles with Gold Fields and Newmont Mining. At Newmont, this included operational accountability for the Waihi Gold Operation within the North Island of New Zealand between 2006 – 2008. He holds a bachelor of engineering (mining) from the WA College of Mines and is a member of each the Australian Institute of Firm Administrators and the Australasian Institute of Mining and Metallurgy.
Sebastian Andre – Firm Secretary
Sebastian Andre is a chartered secretary with over 10 years of expertise in company advisory, governance and danger providers. He has beforehand acted as an adviser on the ASX and has an intensive understanding of the ASX Itemizing Guidelines, specializing in offering recommendation to corporations and their boards for capital raisings, IPOs, backdoor listings, company compliance and governance issues. Andre holds accounting, finance, and company governance {qualifications} and is a member of the Governance Institute of Australia.
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