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- Siren Gold (SNG) updates the mineral resource estimate (MRE) for the Sams Creek project in New Zealand
- The MRE now sits at 8.91 million tonnes at 2.82 grams per tonne (g/t) gold for 807,772 ounces, a 37.4 per cent increase in contained ounces and a 16 per cent grade increase
- This includes a maiden MRE for the SE Traverse prospect of 1.28 million tonnes at 3.56 g/t gold for 146,000 ounces
- Siren Gold says the Sams Creek deposit has “significant potential” for increased gold resources from additional drilling as well as for a large underground mining operation
- Shares in Siren were up 7.35 per cent, trading at 18.3 cents at 2:45 pm AEDT.
Siren Gold (SNG) has updated the mineral resource estimate (MRE) for the Sams Creek project in New Zealand.
The MRE was completed by Measured Group (MG) who utilised geological and assay data from 20,020 metres of diamond drilling. The MRE covers the Main Zone, Carapace and SE Traverse prospects.
Sams Creek’s indicated and inferred MRE now sits at 8.91 million tonnes at 2.82 grams per tonne (g/t) gold for 807,772 ounces at a 1.5 g/t cut-off grade. This represents a 37.4 per cent increase in contained ounces and a 16 per cent grade increase.
Importantly, the updated MRE includes a maiden MRE for the SE Traverse prospect of 1.28 million tonnes at 3.56 g/t gold for 146,000 ounces.
Overall, the global resource now stands at 938,000 ounces of gold at three g/t gold on a 100 per cent basis or 739,000 ounces at three g/t gold for Siren’s relevant interest.
Siren Gold said the Sams Creek deposit is open in all directions and has “significant potential” for increased gold resources from additional exploration drilling as well as for a large underground mining operation.
In 2023, Siren plans to drill some of the interpreted fold hinge zones like Doyles, Anvil West and Anvil East that have not been previously drilled.
These prospects reportedly have significant high-grade rock chips and soil geochemical anomalies where the interpreted fold hinges outcrop.
Subject to results, additional drilling will infill any new mineralised zones discovered, so an updated MRE can be completed, feasibility studies can be commenced and a mining permit application advanced in late 2024.
Shares in Siren were up 7.35 per cent, trading at 18.3 cents at 2:45 pm AEDT.
