Drilling At Auld Creek Continues To Intersect A Broad Mineralised Zone

• Siren’s fourth drillhole ACDDH007 at the Auld Creek prospect has intersected the Fraternal Shoot.
• ACDDH007 intersected 26.5m @ 2.7g/t Au, 0.07% Sb or 26.5m @ 2.9g/t AuEq from 124m, including zones of:
  • 17.5m @ 3.7g/t Au, 0.1% Sb for 3.9g/t AuEq from 133m, and
  • 8.5m @ 6.7g/t Au from 142m.
• Results expand mineralisation confirmed from existing drillholes that include:
  • 35.0m @ 4.1g/t Au, 2.9% Sb or 35.0m @ 11.0g/t AuEq,
  • 6.0m @ 4.1g/t Au, 4.1% Sb or 6.0m @ 13.8g/t AuEq,
  • 34.0m @ 1.6g/t Au, 0.7% Sb or 34.0m @ 3.3g/t AuEq,
  • 20.7m @ 5.9g/t Au, 2.6% Sb or 20.7m @ 12.0g/t AuEq, and
  • 17.9m @ 2.3g/t Au, 0.1% Sb or 17.9m @ 2.6g/t AuEq.
• Assay results for drillholes ACDDH008 and ACDDH009 are still pending.
• An Exploration Target of 115,000 to 130,000 AuEq ounces at a grade of between 6.0 and 7.0g/t AuEq has been estimated for the Fraternal Shoot, based on existing surface trenches and drillhole results. This Exploration Target extends to approximately 185m down plunge.
• Maiden Resource will be estimated once all assays from the current drill program have been completed.

“As previously reported on 8 June, Siren was particularly excited about the type of mineralisation evident in the drillholes at Auld Creek and we are now very pleased to report that the latest assays confirm the presence of consistent high-grade gold across the entire Fraternal intercept. AXDDH009 also intersected a broad zone of mineralisation, with assays pending. Drilling is continuing, with updated results to be provided to the market over the coming weeks”.

Background

The Auld Creek Prospect is contained within Siren’s Golden Point exploration permit and is situated between the highly productive Globe Progress mine, which historically produced 418koz @ 12.2g/t Au, and the Crushington group of mines that produced 515koz @ 16.3g/t Au (Figure 1). More recently OceanaGold (OGL) mined an open pit and extracted an additional 600koz of gold from lower grade remnant mineralisation around the historic Globe Progress mine. Collectively these mines produced 1.6Moz at 10g/t Au.

Figure 1. Reefton area showing Auld Creek Project, and surrounding gold and coal mines.

Within 20kms of the Auld Creek Project at Reefton there are 18 mines, including seven coal mines and the Globe Progress gold mine. A coal handling facility and train loadout are located at the northern end of Reefton town.

The Auld Creek Prospect represents high-grade gold-antimony (Sb) mineralisation that was potentially offset to the west, along NE-SE trending faults between Globe Progress and Crushington.

The gold-antimony mineralisation extends from Auld Creek south through Globe Progress and the Cumberland prospects and on to Big River, a strike length of 12kms with 9kms in Siren’s permits and the remaining 3kms in the Globe Progress reserve area.

The Auld Creek arsenic soil anomaly now extends for over 700m along strike. Trenching along the soil anomaly has clearly defined the high-grade Au-Sb mineralisation in the Fraternal, Fraternal North, Bonanza and Bonanza West Shoots (Figure 2).

The Reefton Goldfield can be correlated with the Lachlan Fold that contains epizonal gold-antimony deposits like Fosterville and Costerfield. Siren’s Auld Creek epizonal deposit contains high grade gold and massive stibnite veins.

Siren has used the same gold equivalent formula (𝐴𝑢𝐸𝑞 = 𝐴𝑢 g/𝑡 + 2.36 × 𝑆𝑏 %) used by Mandalay Resources Ltd for the Costerfield mine (refer Mandalay Website: Mandalay have adopted CY2022 metal prices of US$1,750 / ounce gold and US$13,000 / tonne antinomy).

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