Siren Gold Secures Completion of Reefton Project Sale

2 min read | November 26, 2024 04:29 PM AEDT | By Team Kalkine Media

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Siren Gold Secures Completion of Reefton Project Sale — Image source: Shutterstock

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Highlights:

Siren Gold completes the sale of its Reefton Project to Rua Gold, consolidating the Reefton Goldfields in New Zealand.

The transaction includes $4 million in cash and a 26.1% stake in Rua Gold, valued at $18 million.

Siren Gold shifts focus to the Sams Creek Gold Project and antimony projects at Langdons and Queen Charlotte, aiming for significant resource expansion.

Siren Gold (ASX:SNG) has finalized the sale of its Reefton Project in New Zealand to Canada-listed Rua Gold (TSX-V: RUA), valued at $22 million. The sale consolidates the Reefton Goldfields, a region that has produced over 2 million ounces of gold at a grade of 15.8 grams per tonne, and establishes Rua Gold as a focused New Zealand-based gold explorer.

As part of the transaction, Siren Gold has received $4 million in cash and a 26.1% equity stake in Rua Gold, valued at $18 million. This agreement includes a 1,196 km² tenement package within the Reefton Goldfields, further strengthening Rua Gold’s position in the region.

CEO Victor Rajasooriar emphasized the company’s strategic vision of consolidating the Reefton belt, aiming to bring together multiple high-grade projects under a central processing hub model. With the successful completion of this transaction, Siren Gold is now well-positioned with a strong balance sheet, holding over $20 million in cash and Rua shares, in addition to its retained exploration projects.

Siren Gold will now concentrate on its Sams Creek Gold Project, where it holds a mineral resource estimate of 824,000 ounces at 2.80g/t gold. The company is awaiting a pending mining permit for Sams Creek, which it believes has the potential to evolve into a multi-million-ounce underground mining operation.

In addition, Siren Gold is advancing its Langdons and Queen Charlotte antimony projects. At Langdons, located 50 kilometers southwest of Reefton, the company plans further structural mapping and geochemical surveys to uncover new mineralisation. The Queen Charlotte permit, which contains the historic Endeavour antimony mine, is also being explored for its potential to deliver additional resources.

Siren Gold continues to focus on exploration in New Zealand’s South Island, where it holds a suite of promising projects.

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