By Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on the Lyell tenement located within the Reefton Project.
Highlights
The Company’s application to extend the Lyell exploration permit for an additional 5 years has been granted by New Zealand Petroleum and Minerals (NZPaM).
Previous results at Lyell from trenching and surface sampling include:
7m @ 13.8g/t Au (LYTR001) (ASX release 14 October 2022);
8m @ 6.3g/t Au (LYTR002) (ASX release 14 October 2022);
3.0m @ 19.1g/t Au (LYTR009) (ASX release 8 March 2023); and
1.1m @ 36g/t Au (LYTR008) (ASX release 8 March 2023).
The Lyell Goldfield extends 5kms along a mineralised structural trend and includes the Alpine United, Break of Day, Mt Lyell North and United Victory prospects.
Lyell’s access agreement with the Department of Conservation is expected to be concluded during Q3 CY24.
Drilling targeting the high-grade shoots will commence soon after an access agreement is executed.
Background
The Lyell Goldfield is located 40kms north of Reefton (Figure 2), where gold bearing quartz lodes were historically worked over a continuous strike length of 5kms. The Lyell Goldfield is the northern extension of the Reefton Goldfield that produced 2Moz of gold at an average recovered grade of 16g/t. The project overlays the historic Alpine United mine, which produced ~80koz of gold at an average recovered grade of ~17g/t between 1874 and closing in 1912. Several other small mines, such as the Break of Day, Tyrconnell, United Italy, Titchborne, Victor Emanual and United Victory also operated historically north of the Alpine United mine.
Soil sampling has confirmed a NNW trending 4km long anomalous gold zone between the Alpine United and United Victory mines (Figure 3). The Break of Day mine is also located along this anomaly. The soil samples have identified several anomalous areas which may represent mineralised shoots similar to those seen at Alexander River. The Alpine United mine shoot plunged ~45o to the north and was mined down to 500m below the surface and 750m down plunge and is open at depth. A total of 80koz @ 17g/t Au was recovered from the mine.
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