Exploration Now Underway In NZ
New precious metal player Siren Gold Limited(ASX: SNG) has commence trading on the ASX following the completion of its A$10 million Initial Public Offer (IPO).
At the A$0.25 per share Offer Price the Company’s market capitalisation is A$20 million.
The IPO had very strong support from new investors including leading institutional and high net worth investors in Australia and New Zealand.
The Company also welcomes the long term and ongoing support of a number of successful mining identities in Siren, with a strong understanding of underground mining.
Drilling recently commenced at the company’s Alexander River project in in New Zealand where the company has high grade outcropping veins within a 1,200m long quartz reef.
The initial phase of drilling is expected to be approximately 2,000m of diamond drilling which is expected to consist of approximately 26 drill holes. Historical mining at the Alexander River project produced 41koz at 26.4g/t.
Drilling has been completed on three of the 13 initial permitted pads. Core logging and assaying is in progress with results expected in approximately 4-6 weeks subject to the workload at the assay laboratory.
Sirenis targeting the commencement of drilling in late October at Big River, where historical mining produced 136koz at 34.1g/t gold.
Drilling by OceanaGold Limited in 2012 delivered strong results which included: 20m at 8.1g/tfrom 127m including, 6.6m @ 21.4g/tfrom 127m; and 3m at 18.5g/tfrom 147m.
Managing Director, Brian Rodan, said Siren has planned a follow up drill strategy at Big River with approximately 10 drillholes for a total of ~2,200m.
“I would especially like to thank our drilling contractor Eco Drilling who has worked extremely hard to expedite the mobilisation of the diamond drilling equipment to site and commence the drilling programme in a safe and professional manner,” Mr Rodan said.
“With the IPO funds received the company has already commenced the first steps of our ongoing drilling campaign at the high-grade historic Alexander River gold mine.
“The company has a large tenement position in the Reefton Goldfield with a host of historic mines and a number of high-grade drill targets on our tenement package.
“Siren Gold Limitedis excited to be taking these first steps in the recommencement of exploration on the Reefton Goldfield.
“Reefton is a 35km long “Goldfield”, not just a single “Gold Mine” and we look forward to providing further exploration updates to investors as we progress our journey on this exciting project.”
