Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Auld Creek Prospect.
Highlights
Five diamond holes have been completed at Auld Creek with all five holes intersecting significant mineralisation in the Bonanza East Shoot. Assay results are pending.High grade antimony evident in three holes (ACDDH011, ACDDH013 and ACDDH014).The Bonanza East mineralised zone was previously identified in two trenches (BZTR0001; 6m @ 6.2g/t AuEq and BZTR008; 6m @ 5.6g/t AuEq) and drillhole ACDDH004 (2.6m @ 4.3g/t Au).The deepest hole ACDDH014 intersected the Bonanza Shoot approximately 75m below the surface and is open at depth.ACDDH011 also intersected the footwall of the Fraternal Shoot and the base of the block model which may increase the Fraternal MRE.Previous drilling targeted the Fraternal mineralised zone which has been drilled to 175m and is open at depth.Fraternal has an Inferred MRE of 66koz at 3.5g/t Au and 8.7kt at 1.5% Sb for 132koz of AuEq at 7.1g/t AuEq at a 1.5g/t AuEq cut-off.The Bonanza and Fraternal North mineralised zones are yet to be drilled.
Executive Chairman Brian Rodan commented:
“The recent round of drilling intersections continues to demonstrate the significant upside potential of the Auld Creek Prospect and its potential to add considerably to the current high-grade Inferred resource of 132koz of AuEq at 7.1g/t AuEq with additional drilling. Previous drilling results returned high grade gold and antimony of 35.0m @ 11.0g/t AuEq (RDD087) and 20.7m @ 12.0g/t AuEq (ACDDH004) with the drilling also demonstrating considerable thickness of the mineralisation intersected to date. The Auld Creek Gold – Antimony mineralisation corridor extends for ~ 9km from Auld Creek south along Siren’s tenements and the potential for a significant gold antimony resource in this area remains very high. The potential of the Auld Creek area to demonstrate considerable resources of antimony which is vital to the worlds demand for critical minerals, will be a major driver for increasing shareholder value, and could be a significant new and valuable critical mineral industry for New Zealand. Currently, China, Russia & Tajikistan supply 90% of the world’s antimony and antimony is amongst few critical minerals which are listed on all the major economies Critical Minerals lists Globally.”
Background
The Auld Creek Prospect is contained within Siren’s Golden Point exploration permit and is situated between the highly productive Globe Progress mine, which historically produced 418koz @ 12.2g/t Au, and the Crushington group of mines that produced 515koz @ 16.3g/t Au.
More recently Oceana Gold Limited (OGL) mined an open pit and extracted an additional 600koz of gold from lower grade remnant mineralisation around the historic Globe Progress mine.
Collectively these mines produced 1.6Moz at 10g/t Au.
The Auld Creek Prospect represents high-grade gold-antimony (Sb) mineralisation that was potentially offset to the west, along NE-SE trending faults between Globe Progress and Crushington.
Siren has acquired the Cumberland exploration permit that was part of the Globe Progress mining permit. Siren now holds the ground immediately to the north (Auld Creek) and south (Cumberland) of the Globe Progress mine.
The gold-antimony mineralisation extends from Auld Creek south through Globe Progress and the Cumberland prospects (Figure 1) and on to Big River, a strike length of 12kms, with 9kms in Siren’s permits and 3kms in the remaining Globe Progress reserve area.
The Globe Progress mineralisation extends for over 200m vertically below the bottom of the open pit before it was offset by the Chemist Shop Fault (CSF). The offset mineralisation on the other side of the CSF has not been found.
Soil sampling and trenching at Auld Creek has defined an arsenic soil anomaly over 700m along strike and clearly defines the Fraternal and Bonanza mineralisation (Table 1 and Figure 2). The Fraternal zone has been subdivided into the Fraternal and Fraternal North zones and Bonanza into the Bonanza and Bonanza East zones. The Fraternal and the Bonanza zones dip steeply to the west, while the Bonanza East zone dips steeply to the east and appears to link the two west dipping mineralised zones (Figure 2).
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