Siren Gold Advances Sams Creek Mining Permit Amid Promising Resource Expansion

Sams Creek: A Gold Project on the Cusp of Development

Siren Gold Limited (ASX: SNG) has taken a significant step forward in advancing its flagship Sams Creek gold project located in New Zealand’s upper South Island. The company submitted a Mining Permit application on 21 March 2025 to New Zealand Petroleum & Minerals (NZPAM), marking a critical transition from exploration towards potential mining operations.

The Sams Creek deposit is anchored by a substantial 7-kilometre-long porphyry dyke, up to 50 metres thick and extending vertically for at least one kilometre. The current Mineral Resource Estimate (MRE) stands at 824,000 ounces of gold at an average grade of 2.8 grams per tonne, primarily contained within the A1 Antiform structure. This resource underpins the company’s confidence in the project’s viability.

Scoping Study and Mining Strategy

Supporting the Mining Permit application is a comprehensive Scoping Study that evaluated both open pit and underground mining scenarios. The study, based on a gold price of US$2,500 per ounce, outlines two mining options: one combining open pits at SE Traverse and Main Zone followed by underground mining, and another focusing on underground mining accessed near the SE Traverse pit. Both options incorporate modern processing techniques with metallurgical testwork indicating a 90% gold recovery rate at a throughput of up to 1.25 million tonnes per annum.

While the study demonstrates promising project economics, Siren is currently withholding detailed production and financial forecasts due to the predominance of Inferred Resources in the early mine life. The company plans to address this by conducting infill drilling later in 2025 to upgrade the resource classification to over 75% Indicated, enabling a more definitive update to the Scoping Study and compliance with ASX reporting standards.

Exploration Upside: The A2 Antiform and Deeper Targets

Beyond the established A1 Antiform, Siren has identified a parallel A2 Antiform structure with encouraging gold mineralisation. Recent drilling intersected significant gold grades at depth, including 11 metres at 2.01g/t and 13 metres at 3.14g/t gold, confirming the presence of mineralised shoots plunging northeast. The company is actively pursuing this target with ongoing drilling, including a recent 23-metre intersection of the Sams Creek Dyke at 487 to 510 metres depth, with assay results pending.

Additionally, geophysical surveys have revealed potential deeper porphyry targets characterized by multi-metal anomalies including copper, gold, and rare earth elements. These findings suggest a complex, multi-phase mineral system that could materially enhance Sams Creek’s resource base if further exploration confirms economic mineralisation.

Broader Project Portfolio: Langdon’s and Queen Charlotte

Complementing Sams Creek, Siren continues to advance its Langdon’s antimony-gold project near Reefton, having recently secured the prospecting permit transfer. Langdon’s historic reefs yielded high-grade gold and antimony, with recent sampling confirming significant grades up to 506g/t gold and 9.3% antimony. The company is interpreting recent ionic leach and passive seismic surveys to refine exploration targets ahead of an exploration permit application.

At Queen Charlotte, Siren awaits the grant of an exploration permit covering the historic Endeavour Inlet antimony mine, New Zealand’s largest antimony producer in the late 19th century. The mineralised system here extends vertically over 400 metres and contains both antimony and unrecovered gold, presenting a compelling exploration opportunity with limited prior drilling.

Financial Position and Outlook

During the quarter ended 31 March 2025, Siren invested $439,000 in exploration and evaluation activities, maintaining a disciplined approach to capital allocation. The company closed the quarter with $2.48 million in cash, supported by a $49,000 final working capital adjustment from the sale of its Reefton tenements to Rua Gold Limited, in which Siren now holds a 26.1% stake.

Looking ahead, Siren’s immediate priorities include receiving assay results from recent drilling at Sams Creek, advancing infill drilling to upgrade resource confidence, and progressing permit applications at Langdon’s and Queen Charlotte. These activities will be pivotal in unlocking the full value of Siren’s New Zealand-focused gold and critical minerals portfolio.