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What does a gold company do once it delivers a million-ounce resource?
“Search for the next million ounces and find it faster!”
That’s according to Siren Gold Managing Director Brian Rodan, who’s delivered that JORC indicated and inferred resource across his New Zealand projects.
Siren has just raised $2.6 million to continue progressing its projects at Reefton, Lyell and Sam’s Creek Goldfields on the South Island.
Mr Rodan said the company has progressed quickly, thanks in part to the ease of operating in New Zealand and quick assay turnarounds.
“All the things that we need to complete the exploration program seem to happen in a very timely manner,” he said.
“The jurisdiction there is as good as equal to here in Western Australia.”
Despite Siren Gold’s success, this month’s share price has been trading at its lowest point since listing, a long way from its peak above 80 cents back in late 2020.
“The Reefton Belt has untold potential because it’s been shut down for 70 years,” Mr Rodan said.
The company will prioritise works at its Auld Creek prospect at the northern end of the Reefton project, which is where the team has identified a critical metal, Antimony, amongst the gold.
More than 80 per cent of the world’s antimony comes from China and Russia, and the price has soared due to demand for antimony for solders, munitions, bearings, flame retardants and batteries.
Recovery of antimony has become a priority for Siren at Reefton.
“We know that we can recover 92-95 per cent of the gold and we’re now studying the additional treatment route of capturing as much antimony as we can from the stibnite,” Mr Rodan said.
“We’ve done a feasibility study on building a mill, we know the cost to build a mill, we’ve assessed various locations in the Reefton Belt and we’ve also done a lot of test work on treating the various ores.
“We’re going to continue field work and commence drilling at Auld Creek because we think it’s going to carry higher grades than what we’ve seen at Alexander River and potentially big River.
“We think it’ll also carry high grades of antimony and stibnite and we think that’s going to hit home to investors when we see that we double the value of the material in the rock.”
Siren Gold shares were down 3.7 per cent, trading at 13 cents at 12:55 pm AEDT.
