- Siren Gold (SNG) announces a maiden MRE for its Auld Creek prospect in New Zealand
- This pushes up the company’s global resource to more than 1.3 million ounces
- Auld Creek also boasts antimony, a metal that is recognised as a critical mineral and slated for future uptake as decarbonisation initiatives grow
- The company is aiming for a global resource greater than 1.5Moz before 2024
- Shares last traded at 11 cents
Siren Gold (SNG) has announced a maiden mineral resource estimate (MRE) for its Auld Creek prospect in New Zealand.
The MRE comprises 132,000 ounces of gold at 7.1g/t of gold equivalent, containing 66,000 ounces at 3.5 grams per tonne (g/t) gold and 8,700 tonnes of antimony at 1.5 per cent.
The new MRE for Auld has allowed Siren to boost its global resource, with the aggregate figure now exceeding 1.3 million ounces of gold.
It’s possible this could grow further as the Auld resource was based solely on the Fraternal Shoot target and extended to a depth of 170 metres.
The Auld resource considered several significant intersections within the Fraternal Shoot target. The company has previously identified a thirty-five-metre thick intersection at 4.1g/t of gold, a six-metre thick section at 4.1g/t gold, and a 20.7-metre section at an impressive 5.9g/t gold.
“Siren’s vision is to be a multiple million-ounce high-grade gold and antimony producer and with a global MRE now above 1.3Moz, we are well on track with this vision,” SNG Executive Chair Brian Rodan said.
“The Auld Creek resource is the fourth high-grade resource defined at Reefton with all resources remaining open along strike and at depth. [Plus] the Auld Creek deposit is the first with high-grade antimony, which is a critical mineral in the global transition to clean energy.”
The Auld Creek resource is the result of 2929 metres of diamond drilling from 23 different holes and 7 trenches totalling some 62 metres.
While historical mine workings are nearby, the Fraternal Shear Zone, after which the Fraternal Shoot target is named, hosts no such workings. This makes the company’s drilling efforts more challenging but also suggests untapped potential underground.
At Diggers & Dealers 2023, the company announced its intention to announce a 1.5Moz global resource before 2024.
Siren Gold shares last traded at 11 cents.