Siren Gold Limited provided an update on its Auld Creek Prospect. 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 at 12.2g/t Au, and the Crushington group of mines that produced 515koz at 16.3g/t Au. More recently OceanaGold Limited (OGL) mined an open pit and extracted an additional 600koz of gold from lower grade remnant mineralisation around the historic Globe Progress mine.

The Auld Creek mineralisation extends for over 2kms and appears to represent a block that was potentially offset to the west, along NE-SE trending faults between Globe Progress and Crushington. Siren has recently acquired the Cumberland exploration permit that was part of the Globe Progress mining permit and now holds the ground immediately to the north (Auld Creek) and south of Globe Progress mine. The gold-stibnite mineralisation extends from Auld Creek, south through Globe Progress and the Cumberland prospects, and on to Big River, representing a strike length of 12kms, with 9kms within Siren's permits and the remaining 3kms in the Globe Progress reserve area.

The Globe Progress mineralisation extends for over 200m vertically below the bottom of the open pit before being offset by the Chemist Shop Fault (CSF). The offset mineralisation on the other side of the CSF has not been found. The Reefton Goldfield has been correlated to the Lachlan Fold Belt that contains epizonal gold-antimony deposits like Fosterville and Costerfield.

Siren's Auld Creek epizonal deposit contains high grade gold and massive stibnite veins. For example, diamond drillhole RDD0087 intersected a true thickness of 12m at 4.1g/t Au and 2.9%Sb and trench FFTR001 intersected 6m at 8.9g/t Au and 4.4% Sb. Siren has used the same gold equivalent formula (= g/+ 2.36 × %) used by Mandalay Resources Ltd. for the Costerfield mine (refer Mandalay Website: Mandalay have adopted calendar year 2022 metal prices of USD 1,750 /ounce gold and USD 13,000 /tonne antinomy.

The formula is also based on a metal recoveries of 93% for gold and 95% for antimony). This gold equivalent factor has increased from 1.58 previously reported to 2.36, due to the increase in the stibnite price from USD 8,000/t to USD 13,000/t. Using this formula, the RDD087 drillhole intersection would change from 12m at 4.1g/t Au, 2.9% Sb to 12m at 11.0g/t AuEq when the stibnite is taken into account. Antimony is a critical metal of which China and Russia combined produce approximately 82% of the world's antimony raw material supply.

Antimony features highly on the critical minerals lists of many countries, including Australia, the USA, Canada, Japan and the European Union. Antimony alloys with lead and tin, which results in improved properties for solders, munitions, bearings and batteries. Antimony is also a prominent additive for halogen-containing flame retardants.

Adequate supplies of antimony are critical to the world's energy transition, and to the high-tech industry, especially the semi-conductor and defence sectors. For example, antimony is a critical element in the manufacture of lithium-ion batteries and to the next generation of liquid metal batteries that lead to scalable energy storage for wind and solar power. The price of antimony has increased significantly since 2016 and reached as high as USD 14,000/tonne in 2022.

As previously reported, Siren has completed infill soil sampling to better define the soil anomalies. The arsenic soil anomaly now extends for over 700m along strike and clearly defines the Fraternal and Bonanza mineralisation. The Fraternal zone has been subdivided into the Fraternal and Fraternal North zones and Bonanza into the Bonanza and Bonanza West zones.

Siren has excavated six trenches across the Fraternal Shoot (FTTR001, FTTT002, FTTR003, FTTR005, FTTR010, FTTR011 and FTTR013), six trenches across the Fraternal North Shoot (FTTR004, FTTR006, FTTR007, FTTR008 FTTR009 and FTTR012) and seven trenches across the Bonanza Shoot (BZTR001 - BZTR007). Results are still pending for a number of the trenches. Trench FTTR001 in the Fraternal Shoot was previously reported as 6.0m at 8.9g/t Au and 4.4% Sb for 15.8 g/t AuEq (based on the old AuEq factor of 1.58).

This trench has now been extended and intersected an additional 2.4m of mineralisation, including a 1.0m thick stibnite rich zone that assayed 15.9% Sb, and a 0.7m thick zone that assayed 123g/t Au, increasing the intersection significantly to 8.4m at 19.7g/t Au, 5.3% Sb for 32.0g/t AuEq (based on the new AuEq factor of 2.36). Trench FTTR004 in the Fraternal North Shoot was previously reported as 4.0m at 4.2g/t Au, 0.36% Sb for 4.4g/t AuEq (based on a AuEq factor of 1.58). This trench has also now been extended and intersected an additional 1.5m of mineralisation, increasing the intersection significantly to 5.5m at 4.5g/t Au, 0.3% Sb for 5.1g/t AuEq (based on the new AuEq factor of 2.36).

Between 1996 and 2013, OGL drilled 17 diamond holes for 2,016m, defining a mineralised zone up to 13m true width. The Fraternal mineralisation was intersected in several holes, including RDD0087, which intercepted a true width of 12m at 4.1g/t Au and 2.9% stibnite from 63m. The highest grades in the deposit are generally associated with strong stibnite mineralisation.

The deepest drillhole intersected gold mineralisation less than 100m below surface, and mineralisation remains open at depth and along strike. Diamond hole RDD081 that was drilled by OGL was not assayed for stibnite. The core was quartered and sent to an SGS laboratory for gold analysis, and pulps were analysed by Siren using a portable XRF.

The results show high grade stibnite on the hangingwall, similar to the trenches and other drillholes. RDDH081 intersected 6m at 2.0g/t Au, 2% Sb for 6.4g/t AuEq from 45m.