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SNG - Siren Gold

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Siren Gold Limited (SNG) is an Australian public company, incorporated on 19 May 2017.

The Company's wholly owned subsidiary, Reefton Resources Pty Limited (RRL), is the holder of, and applicant for, a package of permits in the Reefton Goldfield (Reefton Gold Project) on the South Island of New Zealand, which has been explored and mined for both hard rock and alluvial gold since the first discovery of gold in 1870, and most recently at the Globe-Progress Mine held by OceanaGold Limited.

The Reefton Gold Project is made up of three granted exploration permits (the Big River Project, Alexander River Project and Lyell Project) and one prospecting permit (the Reefton South Project), which has expired and is in the process of being renewed. The Company has made applications for an additional prospecting permit (the Bell Hill Project) and exploration permit within part of the area of the Reefton South Project (the Golden Point Prospect).

It is anticipated that SNG will list on the ASX during October 2020.

https://www.sirengold.com.au
 
Black_Diamond said:
Will Siren Gold Ltd (SNG) bounce back to $0.80?
Click to expand...

It's possible, but there will need to be a catalyst for the share price to start moving north. If they're a gold mining company they will need to find some gold. That will definitely help.

If you have position in SNG, perhaps you can tell us a little about how their exploration activities are going?
 
I just noticed this Kiwi golder pop it's head above the parapets.

big.gif


gg
 
Hmm the Sirens' song, got to stop even looking at cash burning companies in this climate.
Last close 0.28.
Company IPO'd at 0.25, raising $10m
Second raising by placement at 0.35 raised $4m, directors participated.
AGM preso 27 May says only $4m cash left
3 rigs drilling
Shares issued 96m, options/perf shrs 15m. I haven't seen any options less than 0.25 ex price.
M.D owns 19.5% of the company.
Whats got my gambling neurones twitching is the Fosterville analogue. Reefton gold field (N.Z) and Fosterville (Vic) are parts of one terrane but were pulled apart when Gondwanaland disintegrated, or something like that. Past mining and contemporary drilling is showing striking similarities of rock type and mineralisation btw Alexander River prospect on the Reefton goldfield and Fosterville. Fosterville gets richer at deep levels not reached yet by SNG drilling.

Not Held

Best intersection, Alexander River:

Screenshot_20220613-171847_Drive.jpg
 
Most recent guide to cash postion is from the 27 May AGM presentation, which is worth reading/viewing if really interested. At that date they state SNG was holding $4m cash. Not a lot, with 3 rigs drilling and engaged in a scoping study. We're still in a period of tax loss selling which might affect share price and there might be fears of another capital raise.

Not Held

Screenshot is from Annual Report and describes assets at 31 December 2021.

Screenshot_20220613-221213_Drive.jpg
 
finicky said:
M.D owns 19.5% of the company.
Click to expand...

I do like it when management put their money where their mouth is. At least you know that their interests are aligned with those of shareholders. It doesn't necessarily mean the company will be a success, but is does inspire some confidence at least.

19.5% of a $26.85 million company is $5.25 million on paper that I'm sure the M.D. doesn't want to go down the proverbial gurgler.
 
finicky said:
Hmm the Sirens' song, got to stop even looking at cash burning companies in this climate.
Last close 0.28.
Company IPO'd at 0.25, raising $10m
Second raising by placement at 0.35 raised $4m, directors participated.
AGM preso 27 May says only $4m cash left
3 rigs drilling
Shares issued 96m, options/perf shrs 15m. I haven't seen any options less than 0.25 ex price.
M.D owns 19.5% of the company.
Whats got my gambling neurones twitching is the Fosterville analogue. Reefton gold field (N.Z) and Fosterville (Vic) are parts of one terrane but were pulled apart when Gondwanaland disintegrated, or something like that. Past mining and contemporary drilling is showing striking similarities of rock type and mineralisation btw Alexander River prospect on the Reefton goldfield and Fosterville. Fosterville gets richer at deep levels not reached yet by SNG drilling.

Not Held

Best intersection, Alexander River:

View attachment 142838
Click to expand...
The maiden mineral resource estimate for Alexander River is expected soon, along with the process plant scoping study and the Alexander River and Big River scoping study.

Also, SNG just recently acquired Sam's Creek gold project for supposedly a bargain giveaway price of only a mere $250K! (seems too good to be true)
 
Telamelo said:
The maiden mineral resource estimate for Alexander River is expected soon, along with the process plant scoping study and the Alexander River and Big River scoping study.

Also, SNG just recently acquired Sam's Creek gold project for supposedly a bargain giveaway price of only a mere $250K! (seems too good to be true)
Click to expand...
SNG @ 0.30c +7.14% on good volume this morning..
 
SNG @ 0.32c +4.92% .. think if we see any strong interest/buying coming in this week then it suggests potential release of overdue MRE "just around the corner" so to speak as good news tends to leak imo
 
Think it's good value/low risk with great upside potential buying here around mid-high 0.20's especially with likelihood of terrific assay results coming in as 3 drilling rigs at the moment

(last time share price shot up +55% in a single day on spectacular gold strike)
 
Telamelo said:
Think it's good value/low risk with great upside potential buying here around mid-high 0.20's especially with likelihood of terrific assay results coming in as 3 drilling rigs at the moment

(last time share price shot up +55% in a single day on spectacular gold strike)
Click to expand...
Good day for SNG as jumped +11.54% :)
 
Alexander River - Maiden Mineral Resource Estimate!
 

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gone quiet over the last few years ... and down from 40c in 2022 to as low as 4.5c recently; now 7c

where are we at? A bit of scratching around, and a possible corporate action / disposal:

Highlights
• At the Reefton project, diamond drillhole ACDDH015 intersected both the Bonanza East and Fraternal Shoots.
o The Bonanza Shoot downhole intersection assayed 12.4m @ 5.3g/t Au and 14.9% Sb from 69.6m, with an estimated true width of 6m.
o The Bonanza East intersection contains significant antimony mineralisation, including a very rich section that assayed 6.0m @ 5.2g/t Au and 25.6% Sb.
o The Fraternal Shoot downhole intersection assayed 23.0m @ 4.0g/t Au and 0.22% Sb from 105m, with an estimated true width of 8m.
• The second hole drilled, ACDDH016, was targeted to intersect near the interpreted top of the Bonanza East Shoot approximately 120m above ACDDH015. The hole intersected 21m of moderate to strong arsenopyrite mineralisation assaying 22.2m @ 7.3.0g/t Au and 0.3% Sb with true width estimated at 10m.
• At Sams Creek an Ionic Leach soil survey identified a number of targets both around and inside two large circular structures.
o The circular structure anomalies have been divided into five dyke and six porphyry targets.
o The dyke targets have an Au-As signature, and the porphyry targets have an Au-Cu-REE signature.
• A 4 hole drilling program comprising 526m was carried at the Anvil Prospect, with all 4 holes intersecting mineralisation similar to the Main Zone prospect. All assay results were announced post the quarter end (ASX Announcements dated 02 and 25 July 2024).
• Post the quarter end, Siren entered into a definitive agreement with Canadian listed RUA Gold Inc. (CSE:RUA) for the sale of the Reefton Project to consolidate the Reefton Goldfield.
• The proposed transaction is for RUA to acquire Siren’s 100% owned subsidiary, Reefton Resources Pty Ltd (NZ):
o RUA to acquire the Reefton Project for A$20m, comprising A$2m in cash and A$18m in RUA shares.
o Siren Chairman Mr Brian Rodan will join the RUA Board on completion of the transaction.
o Acquisition price of A$45/oz, based on Reefton’s current 444,000 oz inferred Mineral Resource Estimate.
o Post transaction, Siren will hold approximately 30.2% of RUA’s common shares currently outstanding, maintaining a significant interest in the Reefton project as well as acquiring an interest in the high-grade Glamorgan Project in the North Island of New Zealand.
o Siren will retain the Sams Creek Project with a current MRE of 824koz @ 2.8g/t Au and remain listed on the ASX.
o The total consideration equates to approximately A$0.10 per issued share of Siren, which represents a 28.4% premium over Siren’s closing share price on 12 July 2024.
• Post transaction Siren will have cash and investments of over $20m, representing 10cps per SNG share, and it will focus on the Sams Creek Project, which currently has a MRE of 824koz of gold and a pending mining permit application, whilst shareholders will remain invested in Reefton through the RUA shareholding.
 
Good evening
AFR electronic article published 8pm tonight (13/10/24)

Sarah Thompson, Kanika Sood and Emma Rapaport
Oct 13, 2024 – 8.00pm

Kiwi explorer Siren Gold, capitalised at $20 million on the ASX, may be a minnow, but its 60 per cent share price gain over the past month has investors recalibrating its M&A potential as consolidation sweeps across gold players from WA to West Africa. Industry sources are tipping New Zealand is the next stop for consolidation in gold miners.

Sources said Siren’s resource of 1.2 million ounces at 3.1 grams per tonne in New Zealand’s Reefton Goldfield would be an enviable discovery for a WA miner, but the early-stage nature of the project – it is yet to receive mining permits – has boxed it into the micro-cap territory. That’s despite NZ Resources Minister Shane Jones in May signalling a more balanced approach to development and conservation via a draft minerals strategy to 2040.

Those who have studied up on Siren’s prospects include Perennial Value Management, which inched up to 7.68 per cent in late August, and Toronto-listed Kiwi gold player Rua Gold, which has signed a definitive agreement to acquire Siren’s Reefton project for $20 million in scrip. Now, sources suggest, at least two suitors could be eyeing Siren Gold as the beachhead for consolidation among Kiwi gold players.

The first name on everyone’s lips is Santana Minerals, the $468 million ASX-listed explorer which is riding high on a 400 per cent-plus share price gain over 12 months and whose chairman, Peter Cook, is not shy of M&A. However, it’s still waiting on environmental approvals for its Bendigo-Ophir project in Central Otago – and tacking on another development-stage asset in Siren’s Reefton may be a tall order ...

Siren’s second potential suitor – and the one that sources said had a higher probability of trying to scupper the Rua bid – is Federation Mining, which is crawling with movers and shakers from the ASX’s mid-market gold mining stars and counts Australian Super as a big backer. To name a few, Evolution Mining’s Mark Le Messurier is Federation’s CEO, and Jim Askew chairs the board.

More importantly, Federation has a Kiwi asset next door to Siren’s, where it has already squared off permits and built mining infrastructure. Sources said putting the two together would give Federation an alternative feed source, while enabling it to squeeze out significant synergies.

Should either Santana or Federation throw their hat in the ring, they would be looking to build scale against Toronto-listed Oceana Gold, which at $C2.8 billion ($3 billion) is the biggest listed Kiwi gold miner.

Federation last year tapped Jarden to run a strategic review, while Siren has been advised by Red Cloud in North America in the past.

Daily Chart
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Not holding

Kind regards
rcw1
 

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