Siren Gold : to Ramp up Exploration in 2022

onlyASX RELEASE 1 December 2021

useASX CODE: SNG

BOARD

Brian Rodan

Managing Director

personalPaul Angus Technical Director

Keith Murray

Non-Executive Director

HEAD OFFICE

Level 2,

41 - 43 Ord Street

West Perth WA 6005

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

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Siren to ramp up exploration in 2022

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

Highlights

• Siren plans to accelerate its exploration activities in 2022, with a total of 20,000m of diamond drilling budgeted. This is an 80% increase on the estimated 11,000m to be drilled in 2021. Drilling will largely focus on the Alexander River and Big River projects, with smaller scale programs at Golden Point and Lyell.

• Drilling in the first quarter will focus on defining a maiden JORC resource at Alexander River and recommencement of drilling at Big River. Alexander River drilling will focus on drilling out the Bull East, Loftus-McKay and McVicar West shoots to around 300m below surface (500m down plunge) where Siren has estimated an Exploration Target of 500k-700koz at 5-7g/t Au1. Once completed, Alexander River drilling will focus on extending the three shoots to around 600m below surface (1,000m down plunge).

• Drilling at Big River will initially focus on the Big River mine area, targeting Shoot 4, A2 and Prima Donna shoots to significantly extend the current Exploration Target of 100,000-125,000 ounces at 7-9g/t Au1.

Alexander River

Diamond drilling at Alexander River to date has extended the Bull, Loftus-McKay and McVicar West shoots from surface down to around 150m below surface, with significant drillhole intersections shown in Table 1. Siren's Exploration Target of 500-700koz at 5-7g/t Au1 is based on these shoots extending to around 300m below surface or 500m down plunge (ASX announcement 19 August 2021). Siren plans to extend the drilling to 300m below surface on all three shoots (shown by red ellipses in Figure 1), by the end of Quarter 1 2022, and produce its maiden JORC resource.

Once completed, Alexander River drilling will focus on extending the three shoots to around 600m below surface (1,000m down plunge), and scout drilling below the Bull and McVicar West shoots for additional mineralisation. A total of approximately 10,000m of diamond drilling is planned.

1 The potential quantity and grade of the targets is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

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Figure 1. Schematic long section through Alexander River reef system. Red ellipses indicate the shoots targeted for extension through further drilling.

Table 1. Significant Alexander River drilling results.

Hole ID	Shoot	From (m)	To (m)	Interval	True Thickness	Au (g/t)
				(m)	(m)
AXDDH008	Bruno East	23.3	28.0	4.7	4.5	2.9
AXDDH010	McVicar East	28.2	35.0	6.9	5.0	7.3
AXDDH012	McVicar East	24.0	32.5	8.5	8.0	11.0
AXDDH016	Bull East	62.0	70.0	8.0	7.0	2.6
AXDDH018	Bull East	26.0	34.0	8.0	7.0	2.9
		47.0	50.0	3.0	2.5	4.1
AXDDH024	Bruno East	22.8	24.3	1.5	1.2	11.5
AXDDH030	Loftus-McKay	52.5	54.3	1.8	1.8	6.7
AXDDH033	Loftus-McKay	117.0	123.0	5.2	5.2	5.3
AXDDH034	Loftus-McKay	43.0	46.0	3.0	2.5	10.8
AXDDH035	Loftus-McKay	46.0	48.0	2.0	2.0	6.1
AXDDH036	Loftus-McKay	62.7	66.0	3.3	3.0	7.0
		30.0	32.0	2.0	2.0	26.8
AXDDH047	Loftus-McKay	56.0	61.0	5.0	3.5	9.1
	incl	56.0	57.6	1.6	1.1	27.9
AXDDH049	McVicar West	198.5	202.6	4.1	4.1	10.6
AXDDH050	Loftus-McKay	4.2	26.0	21.8	21.8	2.3
	incl	4.2	12.0	7.8	7.8	4.3

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AXDDH055	McVicar West	214.6	217.0	2.4	2.4	7.0
AXDDH059	Bull East	127.0	134.4	7.4	6.0	3.3
AXDDH060	McVicar West	221.0	223.4	2.4	2.4	5.8
AXDDH063	McVicar West	261.1	272.0	9.9	9.9	6.4
	incl	264.1	269.0	4.9	4.9	12.0
	incl	264.1	264.8	0.7	0.7	43.1
AXDDH065	McVicar West	225.0	234.0	9.0	8.5	1.8
	incl	226.0	231.0	5.0	4.5	2.8

Figure 2. Schematic long section showing Alexander River mineralised shoots (red) overlayed on the Fosterville shoots (Voisey etal 2020)21with Alexander River topography. The red ellipses represent the target Inferred Resource area and green ellipses the potential extention of the Alexander River shoots down to 600m below surface that will be targeted in 2022.

Big River

The Big River project (comprised of Exploration Permit 60448) is located ~15 km southeast of Reefton. The project overlays the areas of the historic Big River Mine which produced ~136,000 oz of gold at an average recovered grade of ~34g/t between 1880 and 1942.

The historic underground mine workings have been modelled in 3D and this, coupled with historic mine reports, shows that four main ore shoots were mined around the Sunderland anticline. Shoot 1 was mined to Level 4, Shoot 2 to Level 6, Shoot 3 to Level 12 and Shoot 4 to Level 7, when the mine closed in 1942. Two new potential shoots; the A2 and Prima Donna are located east and west of the Big River mine. The A2, Big River Mine and Prima Donna combined cover a strike of around 500m which is overlaid by anomalous gold and arsenic soil geochemistry.

2 Voisey etal, 2020. Analysis of a Telescoped Orogenic Gold System: Insights from the Fosterville Deposit. Economic Geology, V 115, no.8, pp. 1645-1664.

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Diamond drilling commenced at the Big River project in 2011 when Oceana Gold Limited (OGL) drilled 26 holes for a total of 5,032.6m. Siren commence drilling in October 2020 and drilled 16 holes for a total of 2,743m. Drilling to date has focused on Shoot 4 and A2 (Figure 3).

Previous drillhole results that intersected Shoot 4 are summarised in Table 2, and include 6.6m @ 21.4g/t Au (BRDDH004), 3m @ 18.5g/t Au (BRDDH009) and 2m @ 12.1g/t Au (BRDDH003). BRDDH035 was drilled 50m below BR34 (5.9m @ 4.1g/t Au) and intersected 6.3m @ 3.4g/t Au from 375m. This is the deepest hole drilled to date at the Big River project.

The A2 shoot is located in a second anticline 200m to the west of the Sunderland anticline. Mapping and channel sampling identified outcropping quartz reef up to 1m thick surrounded by sulphide rich sediments containing lenses of massive sulphide in the footwall. Channel sampling indicates that the quartz reef is relatively low grade, but the footwall mineralisation assayed up to 11g/t Au.

Seven shallow diamond holes drilled into the A2 Shoot tested 100m along strike to a depth of around 25-50m. Drillhole BR20 intersected 5.0m @ 4.2g/t Au from 24m below a stope. BR30, 50m along strike from BR20, intersected 3.5m @ 2.5g/t Au. BR22 - BR24 were drilled on a second structure 30m to the west. These holes intersected a 10m wide zone with lower grade gold mineralisation but with the same high arsenic and sulphur mineralisation. BRDDH023 has very high sulphur, averaging 10.9% over 8m, with a high of 36% over 1m. These results are encouraging and indicate a strongly mineralised system at surface, which may have high gold mineralisation below level 3 (~100m) similar to Shoot 1 and Shoot 4 (Figure 3).

The 1942 map by Gage shows the Prima Donna reef approximately ~200m east of Big River mine. The Prima Donna was reported as a 'large lode carrying some gold and encouraged the company to commence forming track to the outcrop with the view of prospecting it at depth, but this has been discontinued'. Mine records indicate that an adit was driven in 200m to the south of Big River Mine along the eastern limb of the Sunderland anticline but did not produce any ore. Drilling by OGL intercepted low grade mineralisation between Big River Mine and Prima Dona workings but the Prima Donna reef has not been drilled.

Based on the drillhole intersections in Shoot 4 the Company has estimated a maiden Exploration Target of 100koz-125koz at 7-9g/t Au (ASX announcement 23 September 2021)1.

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Figure 3. Schematic long section through Alexander reef system. Proposed drillholes shown by grey dots and exploration targets by ellipses.

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