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Siren Gold (ASX:SNG) has been up as much as +1.8% after raising $4 million from institutional investors. The hefty raise at 5c per share is a sure sign that confidence in both Siren and the wider NZ resource space is on the up.
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“We are delighted by the overwhelming support received in this capital raise. This strong investor interest is a clear endorsement of Siren Gold’s strategic vision and the quality of our asset portfolio, particularly the Sams Creek Gold Project,” said CEO Zane Padman.
He continued: “Importantly, this raise reflects growing investor confidence in New Zealand’s resource sector and its commitment to responsible development.”
At the heart of Siren’s plans is Sams Creek, one of the country’s largest undeveloped gold resources. With 824,000 ounces of gold at 2.8 g/t Au already defined under JORC standards, this project is shaping up to be a major player.
The fresh capital is set to fund extensive drilling at Sams Creek, including:
- 2,000+ metres of resource infill drilling across Main Zone, SE Traverse, and Carapace
- 1,000 metres of exploration drilling at the Doyles fold
- Further metallurgical testing to refine processing
- Ongoing geotechnical evaluation to support mine planning
The aim is to upgrade the resource to “indicated” status and open new mineralisation.
Siren currently owns 81.9% of Sams Creek, with the rest held by OceanaGold, New Zealand’s largest gold producer. The known resource covers just a small slice of the seven-kilometre–long Sams Creek Dyke, leaving loads of room for potential upside – particularly with the mineralisation remaining open in multiple directions.
But gold’s not the only game in town; Siren is also putting work into its Langdons and Queen Charlotte antimony-gold projects, tapping into demand for critical minerals like antimony (used in batteries and defence tech).
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With drill rigs ready and the balance sheet bolstered, Siren Gold is primed for a big step forward, and investors are clearly keen to be along for the ride.
SNG has been at 15.5cps in arvo trade.
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