Directors’ Report Auld Creek (Golden Point permit) (continued) Figure 15. Auld Creek N-S schematic long section. Cumberland The Globe Progress Mine has produced over 1.1Moz of gold and is the largest mine in the Reefton Goldfield, followed by Blackwater (740koz @ 14.2g/t Au). The Globe Progress mine produced 420koz @ 12.2g/t Au until 1926 when it closed. The mine extended down to 420m below the surface where the mineralisation was offset by the Chemist Shop Fault and the displaced mineralisation was never found. OceanaGold Limited (OGL) re-opened the mine as an open pit in 2007 and mined the low-grade remnant mineralisation down to around 200mwhen the mine closed in 2015 when the gold price was ~A$1,500 compared to around A$2,700 currently. OGL extracted approximately 700koz @ 2g/t Au, taking the total gold production to around 1.1Moz @ 6g/t Au. OGL surrendered the Globe Progress mining permit in 2019. New Zealand Petroleum and Minerals (NZPaM) split the mining permit into two areas. The area containing the Globe Progress open pit, processing plant, tailings storage facility (TSF) and waste rock stacks was reserved until 6 December 2023 while site rehabilitation is being completed. The remaining permit area became open ground as Newly Available Acreage (NAA) in October 2020. Under NAA regulations the ground is opened for applications before a set close-off date. Applications are then reviewed by NZP&M and the permit granted to the applicant they consider has the best work programme to evaluate the mineral potential. Siren Gold was granted an exploration permit for the non-reserved area on 14 December 2022 for an initial period of 5 years. The Cumberland permit comprises the northern and southern areas of the previous Globe Progress mining permit as shown in Figure 16. The Cumberland permit joins Siren’s Big River, Golden Point and Reefton South permits and abuts the Federation Mining permit, who are currently developing the Snowy River underground mine to extract around 700koz of gold below the historic Blackwater mine. for the year ended 31 December 2022 Siren Gold Limited 24
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