Siren Gold Limited (ASX: SNG) has released an updated JORC (2012) Mineral Resource Estimate (MRE) for the Sams Creek Gold Project in New Zealand completed by Measured Group (MG).
Highlights
• Updated Sams Creek Mineral Resource Estimate (MRE) of 807,772 ounces at 2.82g/t Au, representing a 37.4% increase in contained ounces and a 16% increase in grade.
• This includes the Maiden MRE for the SE Traverse prospect of 1.28Mt @ 3.56g/t Au for 146koz.
• At a higher cut-off of 1.85g/t Au, the Sams Creek MRE is now 7.07 million tonnes grading 3.10g/t Au for 705,729 ounces of contained gold.
• Sams Creek is open in all directions and has significant potential for increased gold resources from additional exploration drilling. The new MRE supports Siren’s strategy to develop a large tonnage, bulk mechanised underground mining operation.
• Global Resource now stands at 938koz Au at 3g/t Au (on a 100% basis) or 739koz at 3g/t Au for Siren’s relevant interest.
• Alexander River updated MRE is due in December.
• Siren will target further Resource growth at Sams Creek in 2023 with
multiple high-priority targets identified.
Siren believes there is significant potential at Sams Creek for a large underground mining operation. The Sams Creek Dyke (SCD) is up to 60m thick, can be traced for over seven km along strike, has a vertical extent of at least one km and is open at depth. Drilling to date has focused on a 1km section of the dyke from the Carapace to the Main Zone.
Topography is very steep, with the SCD outcropping from 800m-200m above sea level and it has been intersected in drillholes to -200m. The SCD has been folded into gentle NE plunging folds, with the gold veins preferentially forming in the fold hinges, resulting in NE plunging mineralised shoots. To date around 127 diamond holes have been drilled in this zone.
Drilling to date has been focussed around the Main Zone, Carapace and SE Traverse (resource model area) with little or no drilling at Doyles, Anvil West and Anvil East. To date only around 15% of the SCD has been drill tested. Rock chip samples along the SCD are shown in Figure 3. These show that Roirdans, Western Outcrops, Doyles, Anvil West and Anvil East all have high-grade rock chips, interpreted to be associated with NE trending anticline hinges and have the potential to contain additional mineralisation
Golder completed a JORC Main Zone Resource estimate in 2013 for an open pit mining scenario and included large areas of low-grade mineralisation. An Indicated and Inferred Resource of 1Moz @ 1.54g/t Au at a 0.7g/t cut-off was estimated. At a 1.5g/t cut-off the estimate is 588koz @ 2.43g/t Au.
Siren considers that Sams Creek is a potential underground mine and believes the model could be improved for an underground mining scenario, by trimming some of the low-grade dyke, and using separate domains for the high-grade mineralisation along the fold hinges and lower-grade fold limbs.
The 2013 resource estimate does not include the SE Traverse prospect. The SE Traverse is an isolated section of dyke approximately 500m long and 200m wide that is interpreted to be a continuation of the anticline hinge that extends from the Main Zone for over 1.5kms and is open at depth. Drillhole intersections in the SE Traverse confirm the continuation of the higher-grade mineralisation in the anticline hinge.
For further information please visit: https://www.sirengold.com.au/
