Siren Gold Limited

Arrowhead is updating its coverage on Siren Gold Limited (Siren Gold, Siren or the company) with a fair value bracket of AUD 0.21 to AUD 0.33 per share (share price on March 15, 2024: AUD 0.062) based on the Relative Valuation method. 

• Siren’s maiden fieldwork at the Langdons prospect recorded outstanding gold and antimony grades at surface up to 506g/t Au and 9.3% Sb. The company collected six samples from Langdons mullock heap which returned gold grades ranging from 4 to 506g/t Au and up to 9.3% antimony. Liberty reef, located 300m along strike to the east from Langdons Reef, returned 1.75m @ 4.5g/t Au.
• Ionic leach survey identified a second Au-As-Mo anomaly at Anvil, Sams Creek, which extended for at least 1km from the mineralized outcrop, with significant rock chips up to 57g/t Au. Other anomalies including Copper-Lead and Rare Earth Elements (REE) were also detected and these multi-element responses might indicate potential for a large multi-metal, multi-phase mineral system at Sams Creek.
• The company has applied for 2-year extension to prospecting permits in Bell Hill and Waitahu and has applied for 5-year extension of exploration permits at Alexander River, Big River, and Lyell.
• SNG has received capital commitment to raise c. AUD 2.2 mn through placement by issuing up to 40.2 mn shares at AUD 0.05 per share. The funds will be used for drilling and soil sampling at Auld Creek, Sams Creek, Langdons and Big River North, as well as for working capital requirements and to cover the placement costs. In addition, the placement participants will be issued one attaching unquoted option for every placement share issued, exercisable at AUD 0.10 per share, expiring 3 years from the date of issue.
• SNG has appointed Mr. Victor Rajasooriar as the new Managing Director (MD) and Chief Executive Officer (CEO) from April 02, 2024. Mr. Rajasooriar has over 25 years of operational and technical experience in underground and open-pit mining operations. Victor holds a Bachelor of Engineering (Mining) from the WA School of Mines and is a member of the Australian Institute of Company Directors and the Australasian Institute of Mining and Metallurgy.

Key Highlights:

Reefton Goldfield

• Reefton is a large historic NZ goldfield with previous gold production totalling 11 Moz from alluvial, open cut and 85 historic underground mines.
• Siren has assembled a dominant ~825km2 tenement package across the Reefton Goldfield
• Siren’s current MRE of 511koz @ 3.4g/t AuEq (inclusive of highgrade antimony mineralisation)

Sams Creek

• Sams Creek porphyry dyke 7kms long & 50m wide, open at depth, outstanding exploration potential
• Sams Creek MRE of 824koz @ 2.8g/t Au

Siren’s current Global Resource 1.3Moz @ 3.3g/t AuEq

Highlights:

• Five diamond holes were completed at Auld Creek, with all five holes intersecting significant mineralisation in the Bonanza East Shoot.
  • ACDDH011 intersected 5m @ 4.1g/t Au, 7.0% Sb for 20.6g/t AuEq from 78.3m, including 3.1m @ 6.5g/t Au, 11.4% Sb for 33.4g/t AuEq.
  • ACDDH013 intersected 4.5m @ 1.6g/t Au, 1.7% Sb for 5.5g/t AuEq.
  • ACDDH014 intersected 2.7m @ 2.8g/t Au, 1.1% Sb for 5.3g/t AuEq.
  • ACDDH012 intersected 5m @ 2.1g/t Au from 18.7m.
  • ACDDH011 also intersected the footwall of the Fraternal Shoot and the base of the block model, returning 1.7m @ 3.6g/t Au, 1.7% Sb for 6.8g/t AuEq.
• Siren’s Reefton Mineral Resource estimate stands at 444koz of gold and 8.7kt of Sb for 511koz @ 4.4g/t AuEq, with Bonanza East still to be included.
• Siren’s maiden fieldwork at the Langdons prospect has recorded outstanding gold and antimony grades at surface of up to 506g/t Au and 9.3% Sb.
• An Ionic Leach soil survey recently carried out at Sams Creek has identified a second major Au-As-Mo anomaly at Anvil, similar to the Main Zone anomaly which contains a Mineral Resource Estimate (MRE) of 824koz @ 2.8g/t Au.
• The Anvil anomaly extends for at least 1km from the mineralised outcrop with significant rock chips recording up to 57g/t Au.
• The Anvil anomaly might represent a NE plunging mineralised fold hinge similar to the Main Zone located 1km to the east.
• Siren’s Global Mineral Resource estimate now stands at 1.27Moz of gold and 8.7kt of Sb for 1.33Moz @ 3.3g/t AuEq (100% basis).
• Positive policy direction from the New Zealand Government and Ministers sworn in 27 November 2023, with key policy agreements to strengthen mining and regional development.
• The Hon Shane Jones, Minister for Resources, has expressed strong support for mining and critical mineral extraction in New Zealand

Highlights:

• Sams Creek is an intrusion-related gold deposit (IRGD) with mineralisation contained within a porphyry dyke.
• The Sams Creek porphyry dyke is over 7kms long, up to 60m thick, and extends down dip for at least 1km. Only 15% of the Sam’s Creek porphyry dyke has been drilled to date.
• An Ionic Leach soil survey recently carried out has identified a second major Au-As-Mo anomaly at Anvil, similar to the Main Zone anomaly which contains a Mineral Resource Estimate (MRE) of 824koz at 2.8g/t Au*.
• The Anvil anomaly extends for at least 1km from the mineralised outcrop with significant rock chips recording up to 57g/t Au.
• The Anvil anomaly might represent a NE plunging mineralised fold hinge similar to the Main Zone located 1km to the east.
• The orientation ionic leach soil survey detected known mineralisation 500m below the surface at Main Zone.
• Copper-Lead and Rare Earth Elements (REE) were also detected, and the multi-element responses indicate potential for a large multi-metal, multi-phase mineral system at Sams Creek.

Highlights:

• Siren’s maiden fieldwork at the Langdons prospect has recorded bonanza gold and antimony grades at surface of up to 506g/t Au and 9.3% Sb.
• Langdons is a more recent tenement application and contains a number of high-grade Au-Sb reefs, that were mined historically with a recovered grade of 60g/t Au.
• Early reported historical mining grades at Langdon were up to 2,610g/t Au and 1,120g/t Ag.
• A trench across the Liberty reef 300m along strike from the historic Langdons’ antimony mine returned 1.75m @ 4.5g/t Au.
• Anomalous gold, stibnite and arsenic soil geochemistry extends over an additional 400m of strike length with several mapped quartz reefs.
• The high grade system extends to the edge of the overlying cover and it is expected that the mineralisation will continue under the cover.

Highlights:

• Arrowhead is updating its coverage on Siren Gold Limited (Siren Gold, Siren or the company) with a fair value bracket of AUD 0.26 to AUD 0.41 per share (share price on (January 12, 2024: AUD 0.067) based on the Relative Valuation method.
• In Q4 2023, Siren Gold completed drilling five diamond holes at Auld Creek, each intersecting significant mineralization in the Bonanza East Shoot. High-grade antimony was evident in three of these holes (ACDDH011, ACDDH013 and ACDDH014). The deepest hole, ACDDH014, intersected the Bonanza Shoot approximately 75m below the surface and is open at depth. ACDDH011 also intersected the footwall of the Fraternal Shoot and the base of the block model, which may increase the Fraternal Mineral Resource Estimate (MRE).
• While the assay results are still pending, these mineralization intersections at Bonanza East can increase the overall MRE of the Auld Creek Project.
• As part of future exploration, the company will target Bonanza and Fraternal North mineralization zones. It plans to drill two new holes to test mineralization below the Fraternal North trenches, and three additional holes at Fraternal Shoot to test the mineralization 250m below the surface.
• The recent change in New Zealand’s government and its support to the country’s mining and rare earth minerals industry will fast-track the development of Siren Gold’s assets in the region, providing an upside for the company.

• In this company update, Siren Gold provides an update to shareholders on policy changes in mineral regulation and management announced by the new coalition government in New Zealand.

• Five diamond holes have been completed at Siren’s Auld Creek Prospect, with all five intersecting significant mineralization in the Bonanza East Shoot.
• The deepest hole intersected the Bonanza Shoot approximately 75m below surface and is open at depth.
• The next stage of drilling will target the untested Bonanza and Fraternal North mineralization.

Highlights:

Reefton Goldfield

• Reefton is a large historic NZ goldfield with previous gold production totalling 11 Moz from alluvial, open cut and 85 historic underground mines.
• Siren has assembled a dominant ~1,000km2 tenement package across the Reefton Goldfield
• Siren’s current MRE of 511koz @ 3.4g/t AuEq (inclusive of highgrade antimony mineralisation)

Sams Creek

• Sams Creek porphyry dyke 7kms long & 50m wide, open at depth, outstanding exploration potential
• Sams Creek MRE of 824koz @ 2.8g/t Au

Siren’s current Global Resource 1.3Moz @ 3.3g/t AuEq

Highlights:

• Five diamond holes have been completed at Auld Creek with all five holes intersecting significant mineralisation in the Bonanza East Shoot. Assay results are pending.
• High grade antimony evident in three holes (ACDDH011, ACDDH013 and ACDDH014).
• The Bonanza East mineralised zone was previously identified in two trenches (BZTR0001; 6m @ 6.2g/t AuEq and BZTR008; 6m @ 5.6g/t AuEq) and drillhole ACDDH004 (2.6m @ 4.3g/t Au).
• The deepest hole ACDDH014 intersected the Bonanza Shoot approximately 75m below the surface and is open at depth.
• ACDDH011 also intersected the footwall of the Fraternal Shoot and the base of the block model which may increase the Fraternal MRE.
• Previous drilling targeted the Fraternal mineralised zone which has been drilled to 175m and is open at depth.
• Fraternal has an Inferred MRE of 66koz at 3.5g/t Au and 8.7kt at 1.5% Sb for 132koz of AuEq at 7.1g/t AuEq at a 1.5g/t AuEq cut-off.
• The Bonanza and Fraternal North mineralised zones are yet to be drilled.