Siren Gold's Auld Creek Project: Major Boost in Antimony and Gold Resources
SIREN GOLD LIMITED (SNG) Share Update September 2024 Monday 16th
Siren Gold Announces Significant Increase in Antimony Resource
Siren Gold Limited (ASX: SNG) has announced a substantial increase in the mineral resources at its Auld Creek Project in Reefton, New Zealand. The updated Mineral Resource Estimate (MRE) reveals significant gains in both gold and antimony, positioning the project for further development.
Instant Summary:
- Auld Creek MRE increased to 210koz @ 7.7g/t AuEq, containing 105koz @ 3.84g/t Au and 14.5kt of antimony @ 1.7% Sb.
- Gold resource increased by 38koz (+58%) and antimony by 5.8kt (+66%).
- Reefton Project MRE now stands at 483koz of Au and 14.5kt of Sb for 588koz @ 4.7 g/t AuEq.
- Global MRE (including Sams Creek) now totals 1.31Moz of Au and 14.5kt of Sb for 1.41Moz @ 3.4 g/t AuEq.
- Resource remains open at depth, with potential for further growth.
Resource Update
The updated Mineral Resource Estimate (MRE) for Siren Gold's Auld Creek Project has shown a significant increase in both gold and antimony resources. The MRE now stands at 210koz @ 7.7g/t AuEq, including 105koz @ 3.84g/t Au and 14.5kt of antimony @ 1.7% Sb. This marks a 58% increase in gold and a 66% increase in antimony compared to previous estimates.
The resource estimate includes data from surface trenches and drilling carried out in early 2024. The resource is currently defined to approximately 150 meters below the surface and remains open at depth, indicating the potential for further expansion.
Reefton and Global MRE
Siren's Reefton Project, which includes the Auld Creek Project, now has a total MRE of 483koz of gold and 14.5kt of antimony, translating to 588koz @ 4.7 g/t AuEq. When including the Sams Creek Project, Siren's global MRE stands at 1.31Moz of gold and 14.5kt of antimony, totaling 1.41Moz @ 3.4 g/t AuEq.
Future Potential
Siren Gold's Managing Director and CEO, Victor Rajasooriar, expressed optimism about the project's future, stating that the updated MRE positions the Auld Creek Project for further drilling and development. The mineralization trend continues at depth, suggesting substantial growth potential.
Additionally, the significant increase in the antimony resource positions Reefton as a potential supplier of this critical mineral to western countries. This could fast-track New Zealand as a new producer of antimony, which is ranked No. 5 on New Zealand's draft Critical Mineral List.
The announcement of a 66% increase in antimony resource and a 58% increase in gold resource is likely to positively impact Siren Gold's stock price. The potential for further resource expansion and the strategic importance of antimony in the global supply chain could attract significant investor interest.
Investor Reaction:
Analysts are likely to react positively to the news, given the substantial increases in both gold and antimony resources. The potential for further resource growth and the strategic importance of antimony may lead to increased investor confidence in Siren Gold's future prospects.
Conclusion:
Investors should keep a close eye on Siren Gold's ongoing drilling and development activities at the Auld Creek Project. The significant increases in resources and the potential for further growth make this an exciting time for the company. Investors are encouraged to stay informed about future updates and consider the long-term potential of Siren Gold's projects.