Siren Gold Limited (ASX: SNG) has had further high-grade exploration success highlighting the significant potential of its Lyell Prospect in New Zealand.
Highlights
• The Mt Lyell North 1km long Au Zone has been identified as a significant new discovery, with previous trench results including; 3.0m @19.1g/t Au, 7.0m @13.8g/t Au, and 8.0m @6.2g/t Au.
• Three new trenches have been excavated at the NW and SE ends of the one km long soil anomaly confirming the presence of gold an all three trenches returning;
• 2.4m @3.2g/t Au (LYTR010);
• 1.0m @6.0 g/t Au (LYTR011), and
• 2.0m @3.1g/t Au (LYTR012).
• All 10 trenches at Mt Lyell North have intersected mineralisation greater than 1.9g/t Au.
• LYTR010 sampled 50m to the north of the outcropping Victory reef intersected in disseminated mineralization.
This trench extends the Victory mineralization to around 75m and is open to the NW and SE.
• Trenches LYTR011 and LYTR012 were excavated at the SE end of the one km anomaly. Both trenches exposed disseminated acicular arsenopyrite mineralization.
• If the mineralization plunges steeply to the north, then there could be a 700m wide shoot between trenches LYTR010 and LYTR011.
• There is a 400m elevation difference between the outcropping reef at the SE and NW ends of the one km strike, indicating that the mineralization may extend down plunge for at least 400m.
• 18 drill pads have been applied for, with drilling scheduled for quarter 4 2023.
Background
The Lyell Goldfield is located 40km north of Reefton, where gold bearing quartz lodes were worked over a continuous strike length of 5km. 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.
Trenching
Seven trenches or channel samples were sampled along the 1km long Mt Lyell North – Victory gold:arsenic soil anomaly. The mineralization intersected comprised mineralized quartz veins with disseminated acicular arsenopyrite.
LYTR001 exposed a 7.0m thick mineralized zone that averaged 7m @13.8g/t Au, with 1.0m grades as high as 25g/t Au. The true thickness of the intersection is interpreted to be around 5.0m.
LYTR002 exposed an 8.0m thick mineralized zone that averaged 8.0m @6.3g/t Au, with 1.0m grades as high as 29.7g/t Au. The true thickness of this intersection is also interpreted to be around 5.0m.
LYTR009 sampled an exposed 0.4m quartz reef with significant visible gold, surrounded by disseminated arsenopyrite mineralized sandstone that averaged 3.0m @19.1g/t Au that assayed 42.0g/t Au and 1.4g/t Au.
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