Major copper producer Sandfire Resources has offloaded its Sam’s Creek Gold Project in New Zealand to Siren Gold for $250,000.
The Project currently has a significant JORC (2012) mineral resource of 7.5 million tonnes @ 2.43 grams per tonne gold for 588 kilo ounces of contained gold, with a significant potential for expansion.
The extensive gold mineralisation is hosted within a 40-metre thick porphyry dyke that extends for over seven kilometres and is open at depth, with favorable metallurgical test work indicating a gold recovery rate of 84-87 per cent.
Siren already has a large strategic tenement holding in the nearby Reefton and Lyell Goldfields, which historically produced over 2 million ounces of gold at an average recovered grade of 16 grams per tonne.
Sandfire’s main operations include the high-grade DeGrussa and Monty copper-gold mines in inland Western Australia.