Siren Gold Limited Annual Report 2020

Golden Point and Morning Star Mines (continued) Figure 16. Seismic survey across Reefton South prospecting permit colour and greyscale contour migrated Stacks showing possible anticlines and reverse faults. Lyell The Lyell Project (comprised of Exploration Permit 60479) is located approximately 40km northeast of Reefton, in the South Island of New Zealand. The Lyell Project is the northern extension of the Reefton Goldfield. The main gold deposits within the Lyell Project include the Alpine United, Tichborne and Break of Day mines. Within these mines, gold tends to occur primarily in narrow high-grade quartz veins controlled by fold-related high-angle shears and faults within the Greenland Group. The initial discovery of rich alluvial ground in Lyell Creek was in 1862, where at least 10,000 oz of gold were mined during the first gold rush. The Lyell Project and surrounding Lyell District contain approximately 21 historic mines, with a total historic underground production of approximately 95,000oz of gold from narrow high-grade quartz veins. The most significant and profitable of these mines was the Alpine United Mine, which operated between 1874 and 1912. Total production from the Alpine United Mine is estimated at 80,510 oz gold at a grade of 16.8 g/t gold to a depth of 550m. Soil geochemistry completed has defined an arsenic and gold anomaly associated with a north south trending anticline over a 1.5km strike, which is open to the north and south (Figure 17). The Alpine United mine lies near the southern end of the anomaly. Only six diamond holes have been drilled at Lyell to the north of the Alpine united mine (Figure 17). Diamond holes ARD2 intersected 2m @ 4.6g/t Au from 50m, 400m north of the mine. A Minimum Impact Access (MIA) was issued by the Department of Conservation in December 2020. Structural mapping and extension soil sampling will commence in Q2 2021. Operations Review for the year ended 31 December 2020 Siren Gold Limited 18