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Arrowhead published an Equity Research Report on Siren Gold Limited
January 31, 2023

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Siren Gold (ASX:SNG) Research Update

Highlights:

  • Arrowhead is updating its coverage on Siren Gold Limited with a fair enterprise value bracket of AUD 0.46 to AUD 0.91 (share price on January 31, 2023: AUD 0.175) based on the Relative Valuation method.
  • Siren Gold’s Global Mineral Resource Estimate (MRE) has increased to 10.2Mt @ 3.0g/t for 994koz on a 100% basis at a 1.5g/t cut-off grade and 13.5Mt @ 2.6g/t for 1,130koz on a 100% basis at a 1.0g/t cut-off grade.
  • The Inferred MRE of Alexander River project stood at 1.07Mt @ 5.0g/t for 170koz at a 1.5g/t cut-off grade, showcasing a growth of 30% on contained ounces and a growth of 22% on grade.
  • Sams Creek project has been extended to include the Bobby Dazzler prospect that lies between Main Zone and Carapace. The Inferred MRE of Bobby Dazzler project stood at 200kt @ 2.6g/t for 16.7koz on a 100% basis at a 1.5g/t cut-off grade and 265kt @ 2.3g/t for 19.3koz on a 100% basis at a 1.0g/t cut-off grade. The updated MRE of Sams Creek project has increased to 9.1Mt @ 2.8g/t for 824koz on a 100% basis at a 1.5g/t cut-off grade.
  • Siren Gold has significant exploration potential at both Sams Creek and Alexander River project for further resource increase, with deposits open along strike and at depth.
  • The company has recently added Cumberland Permit, which is a part of Globe Progress Mine, to its tenement holding. The historical production of Globe Progress Mine was 1.1Moz @ 6g/t, including 420koz @ 12.2g/t from underground and 700koz @ 2g/t from an open pit. The Cumberland permit has a historical production of 44.6koz of gold from 97.9kt of quartz lode, with an average recovered grade of approximately 14.2 g/t.
  • Siren Gold’s recent trenching has confirmed the presence of exceptional high-grade gold-antimony mineralization at Auld Creek.
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