Operations and financial review (continued) Figure 2. Sams Creek Tenement map. Siren was granted the Cumberland exploration permit (EP 60747) in December 2022. The permit comprises the northern and southern areas of the previous Globe Progress mining permit (Figure 3). The Globe Progress Mine has produced over 1.1Moz 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. The displaced mineralisation was never found. OGL re-opened the mine as an open pit in 2007 and mined the lowgrade remnant mineralisation down to around 200mwhen the mine closed in 2015. OGL extracted approximately 700koz @ 2g/t Au, taking the total gold production to around 1.1Moz @ 6g/t Au. The Cumberland permit joins Siren’s Big River, Golden Point and Reefton South permits (Figure 3) 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. Directors’ Report for the year ended 31 December 2022 Siren Gold Limited 6
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