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Sometimes, a rising tide does not lift all boats. Siren Gold (ASX:SNG) has on Wednesday recorded finding high-grade antimony at Langdons, but on the whole – unfortunately for Siren shareholders – the market doesn’t care.
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Shares were up +2% on Wednesday heading into lunchtime, albeit on low volumes around $30,000 worth of shares as at midday.
But that low liquidity could, depending on how you look at it, be an even worse indictment.
With Larvotto and Trigg pretty happy with the thematic, as well as piecemeal performance from another basket of explorers too numerous to name here, clearly, Siren’s offering just hasn’t been enough.
That could be because the company relied on portable X-ray scans (pXRF), which came in at 8.5% antimony based on a scan of samples taken from a two-metre thick shear zone – promising early signs, but short of a ‘real’ assay.
The company also pointed to “massive stibnite samples,” but at these early stages, the company is just fossicking around at-surface and pXRF scans can be rife with their own issues.
(A lucky few may remember when now-delisted Dundas got into a spot of trouble for holding a pXRF scanner too close to rock samples a few years ago.)
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At any rate, whatever’s going on, the results just weren’t enough to generate hype for Lindian on Wednesday – even with a fairly decent amount of SOI for a company with a market cap of $11M.
SNG last traded at 5.1cps.
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