Siren Gold Limited’s (ASX: SNG) initial maiden drilling campaign at Alexander River near its Reefton gold project in New Zealand has intersected a historical high-grade quartz reef and thick sulphide mineralisation.
Intersections from the first shallow drill holes into the footwall of the reef include: 8.5m @ 11.0 g/t from 25.0m, 7.6m @ 7.8 g/t from 28.2m and 4.7m @ 2.9 g/t from 23.3m.
The initial phase of drilling at Alexander River is expected to be ~2,000m of diamond drilling which is anticipated to consist of ~26 drill holes with ten holes having been drilled to date. Historical mining at the Alexander River project produced 41koz at 26.4g/t.
Managing Director, Brian Rodan, said the company is very excited by the overall thickness of the mineralised zone at Alexander River which includes the historical high-grade quartz reef and the mineralised silicified arsenopyrite sulphide zone discovered in the footwall of the mineralised zone.
This really is very good news for Siren Gold and Siren Gold shareholders,” Mr Rodan said.
“The works conducted to date by our diamond drilling contractor, Eco Drilling has been first class – achieving absolutely rock solid results like this so soon after listing is testament to the pre-preparation of and diligent geological work conducted by the Company’s Technical Director, Paul Angus, along with the site team.
“Reefton is a 35km long ‘goldfield’ not just a single ‘gold mine’ and I believe that the huge potential of this truly world class goldfield will unfold as we continue our exploration campaign over the next 12 months”
Siren successfully listed on the ASX on October 7, 2020 after raising $10m via an IPO. The IPO had very strong support from investors including leading institutional and high net worth investors in Australia and New Zealand.
The company has a large tenement package of ~815 sq. km in the Reefton goldfield located on the South Island of New Zealand that has historically produced +2M oz gold at ~16g/t.
The Alexander River project (comprised of Exploration Permit 60446) is located ~26 km southeast of Reefton. The Alexander River project overlays the areas of the historic Alexander River Mine until its closure in 1943, which produced 41,089 oz of gold at an average gold recovery grade of ~26g/t.