Siren Gold : New Mineralised Shoot Intersected at Alexander River

onlyASX RELEASE 16 December 2021

useASX CODE: SNG

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Brian Rodan

Managing Director

personalPaul Angus Technical Director

Keith Murray

Non-Executive Director

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41 - 43 Ord Street

West Perth WA 6005

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: [e-mail] w: www.sirengold.com.au

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New Mineralised Shoot intersected at

Alexander River

Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its recent exploration activities.

Highlights

• A new mineralised zone was intersected in AXDDH068a below the McVicar West shoot between 373m and 385m (12m) for a true thickness of approximately 8.5m. The interval returned 11.8m @ 1.60g/t Au, including 5m @ 2.2g/t Au. The zone comprised a moderate to strong acicular arsenopyrite mineralisation like AXDDH065 (5m @ 2.8g/t Au) that intersected the top of the McVicar West Shoot. It is interpreted that AXDDH068a intersected the top of a new shoot designated the Bull West Shoot. This is the third mineralised shoot in the same west dipping fault that includes the Loftus-McKay and McVicar West shoots. To further test the Bull West Shoot, a fan of holes can be drilled from approved drill pads that would cover a 500m strike length of the shoot.
• AXDDH074 intersected the McVicar West shoot 100m down plunge from AX63 (9.9m @ 6.4g/t Au). The hole intersected a 10m thick mineralised zone from 313m, including a 1m thick smokey quartz reef containing visible gold. This intersection extends the McVicar West shoot to over 300m down plunge, with six holes now drilled in the McVicar West shoot containing visible gold (Table 1).
• AXDDH066 was drilled into the historically mined (41,089 oz at an average grade of 26g/t Au) McVicar East Shoot and intersected a 9m thick (including a 1.2m void) disseminated acicular arsenopyrite zone above a 3.5m void that corresponds with Level 2 of the McVicar mine. A 1 - 2m thick quartz reef was mined on this level, that averaged around 40g/t Au according to the historic mine plans. The disseminated mineralisation above the reef assayed 7.8m @ 2.6g/t Au. If these two intercepts are combined, the pre- mined shoot intersection would have been around 9m @ 7-8g/t Au. Only three other drillholes have been drilled into the McVicar East shoot, with AXDDH010 intersecting 6.5m @ 7.8g/t Au and AXDDH012 intersecting 8.5m @ 11g/t Au. AXDDH015 intersected several stopes. The McVicar East Shoot will be targeted in Q1 2022.

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Exploration Activities

Alexander River

The Alexander River project (comprised of Exploration Permit 60446) is located ~26 km southeast of Reefton and overlays areas of the historic Alexander River Mine which produced 41,089 oz of gold at an average gold recovered grade of ~26g/t, until it closed in 1943.

Diamond drilling commenced at the Alexander River Project in September 2020, with a total of 70 holes drilled to date and two holes in progress for a total of 9,968m. Fifty-one holes for 8,846m have been drilled in 2021 (Table 3). Results have been received for 60 holes to date, with significant intercepts shown in Table 2.

Figure 1. Schematic long section through Alexander River reef system.

Bull West Shoot

Zonge Engineering carried out a dipole-dipole resistivity and IP survey over part of the Alexander River tenement in 2010. A discontinuous chargeability high correlated with the main McVicar-Bruno mineralisation trend (Figure 2). However, a larger chargeability high appeared to indicate a deeper target north of the McVicar reef. The northern chargeability high is more extensive and has potentially more depth extent compared with the McVicar-Bruno anomaly. Initially, the northern anomaly was interpreted to represent a potential parallel mineralised fault zone in the hangingwall (Figure 2). However, several diamond holes drilled through this zone did not detect any reason for the IP anomaly. The northern chargeability high is represented by three distinctive bullseyes, numbered 1 to 3 on Figure 2. Anomaly-1 lies directly above the McVicar West Shoot. The IP Anomaly is around 150m wide, similar to the interpreted width of the Loftus McKay and McVicar West Shoots (Figure 1). The reason why Anomaly-1 lies above the McVicar West shoot is not clear. However, if Anomaly-1 represents the McVicar West shoot, then potentially Anomaly-2 and Anomaly-3 represent additional deeper shoots.

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A vertical diamond hole: AXDDH068a, was drilled from Pad 41 to intersect the reef track below Anomaly-2. The reef track was estimated to be around 375m below surface. A mineralised zone was intersected between 373m and 385m (12m) for a true thickness of approximately 8.5m. The interval returned 11.8m @ 1.60g/t Au, including 5m @ 2.2g/t Au. The zone comprised a moderate to strong acicular arsenopyrite mineralisation like AXDDH065 (5m @ 2.8g/t Au) that intersected the top of the McVicar West Shoot (Figure 1). It is likely that AXDDH068a intersected the top of a new shoot designated the Bull West Shoot below Anomaly-2. AXDDH048, AXDDH061 and AXDDH072 were all drilled below the McVicar West Shoot and did not intersect any significant mineralisation (Figure 1), indicating a clear barren zone below the McVicar West Shoot that supports this interpretation.

To further test the Bull West Shoot, a fan of holes can be drilled from approved Pads 30 and 39 (Figures 2 and 5), that would cover a 500m strike length of the shoot.

Figure 2. Cross Section through IP Anomalies 1-3, reef track and the Bruno, McVicar West and Bull West shoots.

McVicar West Shoot

AX74 was drilled from Pad 41 to intersect the McVicar West shoot 100m down plunge from AX63 (9.9m @ 6.4g/t Au). The hole intersected the mineralised zone between 312.8m and 322.5m (9.7m). The zone comprises a 1m thick smokey quartz reef with visible gold (Figures 3 and 4) followed by a 2m zone of quartz veining and strong acicular arsenopyrite mineralisation, with the remaining intersection showing moderate to weak disseminated arsenopyrite mineralisation. This intersection now extends the McVicar West shoot over 300m down plunge (Figure 1). Six holes now drilled in the McVicar West shoot have visible gold.

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Visible Au

Visible Au

Figure 3. AX74 core showing smokey quartz reef in the hangingwall.

1mm

Figure 4. Visible gold in AX74 core.

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Results were received for AXDDH065 that intersected the top of the shoot 50m above AXDDH063 (9.9m @ 6.4g/t Au). AXDDH065 intersected 9m @ 1.8g/t Au, including 5m @ 2.8g/t Au. Nine holes have now intersected the McVicar West shoot which extends down plunge for over 300m, with six holes containing visible gold and it is open at depth (Table 1 and Figure 1). The average thickness and grade of the drillholes to date is 4.2m @ 5.6g/t Au. As expected, the shoot thickness pinches and swells and ranges from 2m to 10m, with an average of 4.2m. The grade is also variable but, significantly, six of the nine holes contain visible gold and with relatively wide spaced drilling (100m x 50m) and small core samples this variability is expected.

Table 1. McVicar West shoot diamond drillhole intersections.

Hole ID	From	To	Interval	Au (g/t)	Visible Au
A6-3*	130.6	137.0	6.4	5.0	no
AXDDH046	208.0	210.0	2.0	1.9	no
AXDDH049	198.5	202.6	4.1	10.6	yes
AXDDH054	210.3	213.0	2.7	1.7	yes
AXDDH055	214.6	217.0	2.4	7.0	yes
AXDDH060	221.0	223.4	2.4	5.8	yes
AXDDH063	261.1	271.0	9.9	6.4	yes
AXDDH065	226.0	231.0	5.0	2.8	no
AXDDH074	312.8	322.5	9.8	awaited	yes
Weighted Average		4.2	5.6

• Drilled from Level 6

McVicar East Shoot

AXDDH066 was drilled from Pad 18 into the McVicar East Shoot and intersected a silicified disseminated acicular arsenopyrite zone between 58m and 67m, which included a 1.2m void. The hole then intersected a 3.5m void that corresponds with Level 2 of the historic McVicar mine. A quartz reef was mined on this level which averaged 1.3m at an average grade of 40g/t Au according to the historic mine plans. The disseminated mineralisation above the reef assayed 7.8m @ 2.6g/t Au. If these two intercepts are combined the pre-mined shoot intersection would have been around 9m @ 7-8g/t Au.

Only three other drillholes have been drilled into the McVicar East shoot, with AXDDH010 intersecting 6.5m @ 7.8g/t Au and AXDDH012 intersecting 8.5m @ 11g/t Au. AXDDH015 intersected several stopes. The McVicar East Shoot will be targeted in Q1 2022.

Hangingwall Reef

While drilling from Pad 18 a new mineralised structure was intersected approximately 30m above the Bull East reef track. This is a separate sub-parallel structure from the mineralised fault that contains the McVicar and Bull East shoots. The mineralised zone was around 7m thick and is composed of disseminated acicular arsenopyrite mineralisation. AXDDH067 intersected 6m @ 0.8g/t, Au including 1m @ 2g/t Au from 13m. This structure was also intersected in AXDDH069 and AXDDH070, with assay results awaited.

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