Siren Gold Limited’s (ASX: SNG) second drillhole at the Auld Creek prospect has intersected the Fraternal Shoot at the Auld Creek Prospect in New Zealand.
Highlights
• ACDDH005 intersected 17.9m at 2.3g/t Au, 0.1% Sb for 2.6g/t AuEq from 59.4m, including: 3.9m @3.3g/t Au, 0.1% Sb for 3.6g/t AuEq, and 10.0m @2.8 g/t Au, 0.1% Sb for 3.1g/t AuEq.
• Results confirm existing drillholes that include: 35.0m @4.1g/t Au, 2.9% Sbor 35.0m @11.0g/t AuEq, 6.0m @4.1g/t Au, 4.1% Sbor 6.0m @13.8g/t AuEq, and 34.0m @1.6g/t Au, 0.7% Sbor 34.0.0m @3.3g/t AuEq and 20.7m @5.9g/t Au, 2.6% Sbor 20.7m @12.0g/t AuEq.
• Assay results for the second hole ACDDH006 are still pending.
• The thickness and consistency of the first holes at Auld Creek is very encouraging and consistent with recent trench results and historical drillholes.
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 OceanaGold (OGL) mined an open pit and extracted an additional 600koz of gold from lower grade remnant mineralization around the historic Globe Progress mine. Collectively these mines produced 1.6Moz at 10g/t Au.
Within 20kms of the Auld Creek Project at Reefton there are 18 mines, including seven coal mines and the Globe Progress gold mine. A coal handling facility and train loadout are located at the northern end of Reefton town.
The Auld Creek Prospect represents high-grade gold-antimony (Sb) mineralization that was potentially offset to the west, along NE-SE trending faults between Globe Progress and Crushington.
The gold-antimony mineralization extends from Auld Creek south through Globe Progress and the Cumberland prospects and on to Big River, a strike length of 12 km with nine km in Siren’s permits and the remaining three km in the Globe Progress reserve area.
The Auld Creek arsenic soil anomaly now extends for over 700m along strike. Trenching along the soil anomaly has clearly defined the high-grade Au-Sb mineralization in the Fraternal, Fraternal North, Bonanza and Bonanza West Shoots.
The Reefton Goldfield can be correlated with the Lachlan Fold that contains epizonal gold-antimony deposits like Fosterville and Costerfield. Siren’s Auld Creek epizonal deposit contains high grade gold and massive stibnite veins.
Siren has used the same gold equivalent formula (𝐴𝑢𝐸𝑞 = 𝐴𝑢 g/𝑡 + 2.36 × 𝑆𝑏 %) used by Mandalay Resources Ltd for the Costerfield mine. Mandalay has adopted CY2022 metal prices of US$1,750 / ounce gold and US$13,000 / tonne antinomy).
For further information please visit: https://sirengold.com.au
