Siren Gold Limited Annual Report 2020

Alexander River The Alexander River project (comprised of Exploration Permit 60446) is located ~26km southeast of Reefton. The Alexander River project overlays the areas of the historic Alexander River Mine until it closed in 1943, which produced 41,089 oz of gold at an average gold recovery grade of ~26g/t. Mapping and Sampling Structural mapping has confirmed that the Alexander River mineralised zone comprises two separate reefs. The Bull-McVicar-Bruno reef track (McVicar Reef) is an ENE striking, steeply SE dipping reef that crosscuts a F2 fold axial trace. The Loftus-McKay reef track extends from Bruno into Mullocky Creek and is NNE-striking and dips 50o to the NW (Figure 2). The Loftus-McKay reef is subparallel to the F2 fold axial trace. Channel samples were taken of the outcropping Loftus McKay reef in the Mullocky Creek area. These include 15m @ 7.4g/t Au, 2.5m @ 6.4g/t Au (partially reef exposed), 8m @ 4.1g/t Au and 5m @ 4.0g/t Au (partially reef exposed) shown in (Figures 2 and 3). The reef generally comprises of a 0.6m thick hanging wall quartz reef with silicified and acicular arsenopyrite mineralised greywacke in the footwall. Previously sampling by CRA has focused on the exposed quartz reef. Soil sampling, mapping and rock chip sampling were undertaken between Mullocky Creek and the Alexander River in an area that extends 1.5km north of the known Alexander reef system. Two outcropping quartz reefs were found. The Newcombe Lode was described by Morgan in 1921. This reef is around 1m thick and comprised milky quartz and no visible sulphide. From historic reports this reef contained around 1g/t Au but recent sampling did not detect any gold. The New Discovery reef also outcrops in the Alexander River and is a 10-12m thick (true thickness) shear zone comprising of quartz veins, stockwork, quartz breccia, pug breccia and mineralised argillite. It contains some pyrite and lesser arsenopyrite (up to 400ppm As) but no gold. Operations Review for the year ended 31 December 2020 Annual Report 2020 3