Gold, antimony and momentum: Siren targets NZ’s Sams Creek riches

Siren Gold has kicked into gear with a $4 million capital raise that’s set to accelerate drilling at its flagship Sams Creek gold project in New Zealand and unlock fresh value from high-grade antimony-gold targets at its Langdons and Queen Charlotte projects. The raise, backed by strong institutional and sophisticated investor support, marks a turning point for Siren as it sharpens its focus on resource growth and development across a portfolio positioned squarely in the path of record gold and antimony prices.

At the heart of the story sits Sams Creek, a seven-kilometre-long porphyry dyke system hosted in Golden Bay in the northwest of New Zealand’s South Island.

With a JORC-compliant mineral resource estimate of 824,000 ounces at 2.8 grams per tonne (g/t) gold, Sams Creek already ranks as one of the country’s largest undeveloped gold deposits. Yet more than 90 per cent of drilling so far has been concentrated on the Main Zone fold, leaving multiple interpreted fold targets open along strike and at depth.

Recent step-out drilling highlighted the scale of the opportunity. Wide mineralised intercepts, including 47 metres at 2.2g/t, 61m at 2.5g/t, 42m at 3.2g/t and 22m at 5.4g/t gold, point to continuity well beyond the defined resource. Siren’s technical director Paul Angus says Sams Creek remains one of New Zealand’s “last great underexplored gold systems”, and 3D geological modelling suggests significant upside from multiple northeast-plunging shoots that extend into untested zones.

The funds raised will bankroll more than 3000m of infill and step-out drilling targeting Carapace, SE Traverse and the Main Zone blocks, aimed at converting a substantial portion of the current inferred ounces into the higher-confidence indicated category by mid-2026. 

An updated scoping study is scheduled for release in the third quarter of 2026. It is expected to incorporate new geotechnical and metallurgical data as Siren progresses toward development, pending a decision on its mining permit application, expected this year.

Importantly, Siren’s recent $4 million capital raise was completed at 5 cents a share. In the days since, the company’s stock has rallied to about 7c a share, representing a rally of about 40 per cent on the placement price. Notably, trading volumes suggest little evidence of participants flipping stock into the market, implying that the raise has been tightly held and signalling solid investor conviction in the company’s near-term strategy.

Siren Gold’s recently appointed chief executive officer Zane Padman told Bulls N’ Bears: “This funding allows us to fast-track our growth strategy by running drill programs and field exploration in parallel across multiple assets. 

“Sams Creek, Langdons, and Queen Charlotte each offer distinct value, and our strategy is designed to unlock that potential in parallel. A highly anticipated mineral resource update and scoping study will follow Sams Creek drilling, while at Langdons and Queen Charlotte, our immediate focus is on generating and testing high-impact drill targets. 

“It’s an exciting time for Siren as we unlock value across a portfolio aligned with global demand for gold and critical minerals.”

While Sams Creek anchors the strategy, Siren’s Langdons project southwest of the town of Reefton is rapidly shaping up as a strategic differentiator. The project sits on ground first mined in the late 1800s when early operators chased reefs carrying spectacular grades. Historical records point to assays as ridiculously high as 2610g/t gold and 1120g/t silver.

Siren’s recent work has breathed new life into the district. Field mapping has rediscovered a 2m-thick shear zone rich in disseminated arsenopyrite and stibnite, where portable XRF sampling has returned readings up to 8.5 per cent antimony.

Samples from mullock heaps have gone even higher, returning up to 60 per cent stibnite, and according to the company, gold grades exceeding an astounding 500g/t confirm the site’s potential to host high-value mineralisation at surface.

Langdons also carries modern relevance thanks to antimony’s new status as a critical mineral essential to energy storage, defence applications and advanced electronics.

With prices trading above US$60,000 (A$92,000) per tonne –up almost 100 per cent in the past year - and China’s dominance of global supply under increasing scrutiny, Padman calls Langdons “a project of its time”. He notes that exploration success here could position Siren as a key player in diversifying supply chains for Western markets.

Soil geochemistry has already defined a 400m anomalous gold-antimony halo with ionic leach anomalies suggesting extensions a further 200m under shallow cover - drilling targets that will be tested in the months ahead.

Siren’s high-grade antimony exposure extends further east to the Queen Charlotte project near Marlborough, where the company recently secured an exploration permit covering the historic Endeavour mine - New Zealand’s largest past producer of antimony. In the late 19th century, Endeavour shipped more than 3000t of stibnite ore directly to England and metallurgical testwork completed in the 1970s achieved recoveries of 90 per cent from concentrates grading 63 per cent antimony.

The mineralised system extends for at least 1.2 kilometres along strike and more than 400m vertically, with similarities to Auld Creek in the Reefton goldfield, suggesting considerable upside remains untested beneath the historic workings.

Against this backdrop, Siren’s timing looks compelling. Gold has recently pushed to about US$3400 (A$5200) per ounce, driven by tightening global supply and renewed investor demand for inflation hedges, while antimony’s rally reflects geopolitical supply pressures and growing downstream demand in renewables, batteries and semiconductors. China’s recent export curbs have only amplified the focus on alternative supply hubs. Siren’s portfolio of antimony-rich assets in a stable, mining-friendly jurisdiction positions the company squarely in the crosshairs of this critical minerals narrative.

Adding further depth to the story is Siren’s 17 per cent stake in Rua Gold, giving it indirect exposure to the Hauraki gold district and OceanaGold’s high-grade Wharekirauponga discovery, where resources stand at 2 million ounces of gold at 14.3g/t. For a junior explorer, it’s a rare combination of leverage and optionality without dilution from additional capital spend.

“The West Coast is alive with activity. Endura Mining (previously Federation) is attracting strong investment to advance the Snowy River mine under Jake Klein’s leadership, while Rua Gold holds the dominant land position across the region, encompassing several historic high-grade mines,’’ Padman says.

“In Otago, Santana’s Bendigo-Ophir project is shaping up to support more than 200 jobs at full production. Across the country, momentum is building rapidly, and Siren Gold is well positioned to be part of a resurging New Zealand mining sector that’s drawing global attention and serious capital.”

Leadership changes at Siren have also injected fresh momentum. Padman, a geologist and mining executive with more than 15 years’ experience spanning exploration, open-pit and underground operations, was appointed just this month. 

He brings a track record of delivering resource growth and operational turnarounds, including at Westgold Resources’ Meekatharra operations. Padman’s pragmatic, results-driven style complements founder and chairman Brian Rodan’s long-term vision, sharpening the company’s dual-pronged growth strategy: advance Sams Creek toward development while unlocking district-scale potential at Langdons and Queen Charlotte.

With drilling rigs mobilising, assay results pending from Langdons and field programs kicking off at Queen Charlotte, Siren enters the second half of 2025 with multiple catalysts on the horizon. A mining permit decision for Sams Creek is expected before year-end and an upgraded resource model and scoping study are set to follow in 2026.

For a company operating at the intersection of record gold prices, critical minerals demand and resurgent investor interest in New Zealand’s resources sector, the next 12 months could prove transformational.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au