Siren Gold Restricted (ASX: SNG) (Siren or the Firm) is happy to supply the next abstract of its actions for the three months ended 30 September 2023.
Highlights
- A maiden Auld Creek Mineral Useful resource Estimate (MRE) of 132koz @ 7.1g/t AuEq, containing 66koz @ 3.5g/t Au and eight,700t of antimony @ 1.5% Sb.
- The MRE contains the Fraternal Shoot solely and is predicated on current floor trenches and drillholes, extending to roughly 175m under the floor.
- The Fraternal Shoot stays open at depth, with three different extra shoots recognized at Auld Creek (Fraternal North, Bonanza and Bonanza East Shoots).
- The MRE contains the next vital intersections:
- 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,
- 34.0m @ 1.6g/t Au, 0.7% Sb or 34.0.0m @ 3.3g/t AuEq, and
- 20.7m @ 5.9g/t Au, 2.6% Sb or 20.7m @ 12.0g/t AuEq.
- Siren’s Reefton Mineral Useful resource estimate now stands at 444koz of gold and eight.7kt of Sb for 511koz @ 4.4 g/t AuEq.
- Siren’s International Mineral Useful resource estimate now stands at 1.27Moz of gold and eight.7kt of Sb for 1.33Moz @ 3.3 g/t AuEq (100% foundation).
- Drilling recommenced on the finish of September, with the preliminary drill program focusing on the Bonanza East Shoot at Auld Creek.
Siren is a New Zealand focussed gold explorer, with two key initiatives within the higher South Island at Reefton (Reefton and Lyell goldfields) and Sams Creek (Determine 1).
Western New Zealand was initially a part of Gondwana and lay adjoining to jap Australia till round 80 million in the past. The NW of the South Island of New Zealand contains an space of predominantly early Paleozoic rocks in broad northerly trending belts which terminate on the Alpine Fault (Determine 1). The Paleozoic sequence is split into the Buller Terrane, Takaka Central and Takaka Jap Belts.
These belts are interpreted to correspond with the Western, Central and Jap belts of the Lachlan Fold Belt. The Buller and Western Lachlan belts include orogenic gold deposits like Bendigo, Ballarat and Fosterville in Australia and the Reefton and Lyell Goldfields in New Zealand. The Jap Takaka and Jap Lachlan belts host porphyry-Au and porphyry copper-gold deposits, like Cadia and Ridgeway, respectively.
There are two distinctive sub-types of orogenic gold mineralisation in Victoria. The deeper (6-12kms) mesothermal deposits that shaped nearly all the numerous gold deposits within the Bendigo and Stawell zones and the shallower (<6km) epizonal gold and stibnite deposits within the Melbourne zone and jap Bendigo zone, together with the Fosterville and Costerfield mines. The latter gold mineralising occasion in Victoria is characterised by arsenopyrite and stibnite related gold, which is similar to the Reefton and Lyell mineralisation.
Siren holds a big (1,000km2), strategic package deal of tenements within the Reefton, Lyell and Sams Creek goldfields (Figures 20 and 21 and Annexure 1).
Siren’s International Mineral Useful resource Estimate now stands at 1.27Moz of gold and eight.7kt of antimony for 1.33Moz @ 3.3 g/t AuEq (100% foundation) at a 1.5g/t cut-off.
Desk 1. Reefton and Sams Creek MRE’s (100% foundation)
Determine 1. Simplified geology plan of the Higher South Island, New Zealand.
Reefton Gold Challenge
The Reefton Goldfield was found in 1866 and produced ~2Moz of gold at a mean recovered grade of 16g/t from 84 historic mines, plus an estimated alluvial gold manufacturing of 8Moz. Most underground mining ceased by 1942, with the well-known Blackwater mine closing in 1951, when the shaft failed, after producing ~740koz of gold right down to 710m under floor.
OceanaGold Restricted (OGL) developed an open pit on the historic Globe Progress mine between 2007 and 2015. OGL recovered an extra 700koz at round 2g/t Au, growing complete laborious rock manufacturing to round 2.7Moz @ 12g/t Au.
Federation Mining Restricted (FML) a privately owned firm, is at present creating the Snowy River Mine on the Birthday Reef (Determine 2), which traditionally produced 740koz of gold at a mean recovered grade of 14.2g/t. FML plan to mine the Birthday Reef under the historic mine, with an estimated manufacturing of 700koz. FML have developed twin 3.2km declines and are at present useful resource drilling from underground, with the purpose of manufacturing round 70koz of gold each year for 10 years from the tip of 2024.
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