Stock 15-04-2024 12:10 7 Views

Bonanza East 12.4m @ 33.4 g/t AuEq, including 6m @ 53.4 g/t AuEq

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its latest drilling program at Auld Creek, located within the Reefton Project.

Highlights

Diamond drillhole ACDDH015 intersected both the Bonanza East and Fraternal Shoots.

The Bonanza East downhole intersection assayed 12.4m @ 5.3g/t Au and 14.9% Sb for a gold equivalent of 33.4g/t AuEq from 69.6m, with an estimated true width of 6m.The Fraternal Shoot downhole intersection assayed 23.0m @ 4.0g/t Au, 0.22% Sb for a gold equivalent of 4.5g/t AuEq from 105m, with an estimated true width of 8m.The Bonanza East intersection contains significant antimony mineralisation, including a very rich section that assayed 6.0m @ 5.2g/t Au and 25.6% Sb for 53.4g/t AuEq.

The second hole drilled, ACDDH016, was targeted to intersect near the interpreted top of the Bonanza East Shoot, approximately 120m above ACDDH015. The hole intersected 21m of moderate to strong arsenopyrite mineralisation from 68m with intermittent stibnite veining in the first six metres. Assay results are awaited.

Siren Managing Director and CEO, Victor Rajasooriar commented:

“We are delighted with the assay results from the first drillhole of 2024 delivering some very high-grade intersections at Auld Creek. Auld Creek is evolving into a high-grade discovery and is continuing to demonstrate the scale and high-grade potential throughout the whole Reefton field. The ongoing drilling at Auld creek is expected to add significantly to our understanding of the Antimony and Gold distribution within the mineralisation and will be used to update the Auld Creek Inferred MRE.

Additionally, the significance of the high concentration of Antimony should not be underestimated, with Antimony being geopolitically significant and recognised as a critical mineral. We look forward to continually exploring and further unlocking the full potential of the Reefton belt”.

Background

In 2024, Siren’s strategy at Auld Creek is to drill test all four mineralised shoots (Fraternal, Fraternal North, Bonanza and Bonanza East) identified from soil sampling, surface trenching and diamond drilling carried out over the past 12 months.

The Fraternal and Bonanza west dipping mineralised faults are interpreted to be sub-parallel approximately 100m apart (Figure 1). On the Fraternal Fault at least two mineralised shoots have been identified: Fraternal and Fraternal North, which are interpreted to plunge moderately to the south.

The Bonanza Fault was targeted by historic explorers with a shaft and exploration drive. Only one shallow hole has been drilled in this fault, by OceanaGold Ltd (TSX: OGC) in 1996, and it intersected 1m @ 4.7g/t Au near the interpreted footwall of the interpreted Bonanza Shoot.

The Bonanza East Fault dips to the east and links between the Fraternal and Bonanza Faults. Diamond drilling by Siren in 2023 confirmed the continuance of the Bonanza East Shoot that was intersected in surface trenches, with ACDDH011 intersecting 5m @ 4.1g/t Au, 7.0% Sb for 17.3g/t AuEq 80m below the surface. The Bonanza East Shoot is interpreted to plunge to the north, with the top and bottom limits constrained by the intersection with the Fraternal and Bonanza mineralisation.

Siren plans to target the Bonanza East, Bonanza and Fraternal North Shoots with the initial drilling over the next few months, with all four shoots having then been tested to around 100m below surface. The second phase of drilling will then target down plunge extensions to the mineralisation.

The gold equivalent (AuEq) factor is based on a combination of the gold and antimony prices, so it changes from time to time. The AuEq factor has recently been updated with, AuEq = Au (g/t) + 1.88 x Sb (%). Commodity prices used in the equivalence formula are US$1,900/oz Au and US$12,000/t Sb.

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