Description

The Pontax property is located in James Bay, Quebec, approximately 350 km north of Matagami. It consists of 497 claims covering close to 250 sq km. The project's purpose is to test the potential for diamond and metals in a previously unexplored region.

Fieldwork and Geology

In 2006, Sirios discovered a silver-zinc mineralized zone that assayed several kilograms of silver per tonne at some places. The mineralized zone is exposed on surface over 50 m and, in 2007, was intersected by seven drill holes over a length of 200 m. Vertical depth of the zone is at least 100 m and the observed thickness in drill holes (true width not known) is between 1 and 10 m with an average of 3.2 m; the metals weighed averages are 94 g/t Ag, 0.59 % Zn, 0.18 % Cu, 0.22 g/t Au and 0.11 % Pb. The zone is comprised within altered felsic volcanic rocks over a thickness of several tens of meters and is open at depth and laterally to the south-west. Drilling and channel sampling results include: Channel sampling and drilling results include: 821 g/t Ag, 1.31 g/t Au over 4.4 m. incl. 3,343 g/t Ag; 5.4 g/t Au; 2.3 % Pb and 0.6 % Zn over 1.04 m.

Till sampling, litho-geochemistry as well as prospecting were done on some targeted areas of the property. In a 2010 prospecting campaign, a new 10 sq km sector was delineated which hosts a gold bearing centrimetric vein (up to 30 cm in width) with a first sample grading 11.6 g/t in gold and 42.7 g/t in silver. Seven additional samples taken on from this vein, which outcrops over a 60-metre length, graded between 0.5 g/t and 26.1 g/t in gold averaging 9.5 g/t and between 0.5 g/t and 87.0 g/t in silver with an averaging 24.5 g/t. Furthermore, two outcrops hosting pluri-metric quartz veins, veinlets and quartz stockworks were discovered. In each location, a main pluri-metric quartz vein is bordered by a quartz veinlets stockwork zone over an additional ten metres or so. Fifteen samples from these zones graded between nil and 0.3 g/t in gold and between nil and 3.3 g/t in silver. These outcrops, 230 meters apart, are themselves located 3.7 km away from the first gold bearing vein described above. All these veins seem to be part of the same structural system associated to a fault trending northwesterly.

About fifteen silver and gold potential drilling targets were delineated on the property. A drilling program is planned on the property during winter 2010-2011. A ground access will be available through a winter road connecting to the Matagami-Radisson paved road.

Agreement

The property is wholly-owned by the company. According to 2005 agreement with Dios, depending on the results and if the project focuses specifically on gold or metals, Sirios has the option to buy back Dios' share, by repaying in cash or shares the acquisition and exploration costs at book value and vice versa. Furthermore, Dios keeps a 1% NSR ("Net Smelter Return") royalty on the claims transferred back to Sirios that can be bought back for $1,000,000.

Press Releases

All of Sirios' press releases are available in the the "press" section.