Directors’ Report Lyell (continued) Figure 22. Magnified Gold shown in Figure 21. Diamond Drilling In 2011 Auzex Resources Limited drilled six diamond holes in two areas 400m and 1km to the north of the Alpine United mine. The best result was in ARD4 which intersected 2m@ 4.6g/t Au from 62m near the Break of Day mine. The Break of Day mine produced 4,600oz of gold at an average grade of 66g/t. Siren plans to commence drilling at Lyell in 2023. Reefton South Exploration Permit (EP) application 60928.01 replaces the previous prospection permit 60465 which expired and covers the same area of Early Ordovician Greenland Group rocks to the west of the Cumberland and famous Blackwater mines and buried Greenland Group rocks to the south of the Blackwater. The Greenland Group rocks are interpreted to extend south of Blackwater, beneath a veneer of glacial moraine and have not been explored for hard rock gold deposits. The two largest gold mines in the Lyell-Reefton goldfields; Globe Progress (~1.1 Moz) and Blackwater (740koz + inferred resource of 700koz) lie close to the cover boundary and it is unlikely that the gold mineralisation stops there. The Reefton South area also possesses a significant history of alluvial gold mining with an estimated 8 Moz of gold recovered along theWest Coast south of Reefton. Bell Hill The Bell Hill Prospecting Permit 60632 is located approximately 40 km south of Reefton and abuts the southern boundary of the Reefton South permit (Figure 3). The project contains a continuation of the buried Greenland Group rocks found in the Reefton South permit. There has been no historical hard rock mining, but alluvial gold is mined from the overlying gravels sourced fromGreenland Group. Waitahu TheWaitahu Prospecting Permit 60759 covers the northern extension of the Golden Point reef under the cover. The historic mines at Reefton are potentially located on two mineralised corridors. The eastern corridor includes the Capleston, Crushington, Globe Progress, Cumberland and Big River mines and the western corridor extends from Reefton town south through the Golden Point, Morning Star, Blackwater, and Homer mines. The eastern corridor potentially contains the thicker, high sulphur sheared deposits i.e., Globe / Big River style, while the western corridor contains low sulphur, narrow high-grade quartz veins i.e., Blackwater style. for the year ended 31 December 2022 Siren Gold Limited 34
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