Maskwa
Overview
The Maskwa property is strategically located along the highly prospective contact between the Opinaca meta-sedimentary and La Grande volcano-plutonic geological subprovinces. A 2020 till survey revealed multiple anomalies of gold and platinum group elements (PGE) on the property. Notably, several till samples contained anomalous amounts of platinum and palladium arsenides, along with tungsten minerals—an association that can indicate the presence of certain types of gold deposits.
Option Agreement
In December 2023, Sirios entered into an option agreement with Hertz Lithium Inc. (“Hertz”) concerning the Maskwa property. Under the terms of the agreement, Sirios grants Hertz the option to acquire up to a 100% interest in the property, contingent upon a total investment of $2.55 million. Should the option be fully exercised, Sirios will retain a 1.5% net smelter return (NSR) royalty. Additionally, Sirios reserves the right to repurchase 100% of the mining rights for non-critical minerals, including gold, silver, PGEs, and tungsten, by reimbursing Hertz for exploration expenditures up to a maximum of $2 million. Hertz can earn a 100% interest in Maskwa over a three-year period by spending $2.25 million on mineral exploration, making a cash payment of $100,000 on or before the first anniversary, and providing an additional $100,000 in cash or shares, plus $100,000 in cash at closing. Furthermore, Sirios will receive a payment of $250,000, either in cash or shares, upon successful verification of drilling results that confirm a lithium concentration of 1% Li2O or more over a minimum of 25 meters.
Li-52
Overview
The Li-52 property demonstrates significant potential for lithium exploration, as evidenced by the presence of numerous lithium, cesium, rubidium, and gallium geochemical anomalies in lake-bottom sediment samples. Moreover, the Li-52 property is also considered highly prospective for gold exploration, in part due to its strategic location along the contact between the Opinaca meta-sedimentary and La Grande volcano-plutonic geological subprovinces. This geological setting is akin to that found at the Éléonore gold mine and the Cheechoo gold deposit.
Option Agreement
In December 2023, Sirios entered into an option agreement with Bullrun Capital Inc. (“Bullrun”) concerning the Li-52 and Niska properties. Under the terms of the agreement, Sirios grants Bullrun the option to acquire up to a 100% interest in the property, contingent upon a total investment of $5 million. Should the option be fully exercised, Sirios will retain a 1.75% net smelter return (NSR) royalty on Li-52 and a 1.5% NSR royalty on Niska. Additionally, Sirios reserves the right to repurchase 100% of the mining rights for non-critical minerals, including gold, silver, PGEs, and tungsten, by reimbursing Bullrun for exploration expenditures up to a maximum of $2 million per property. Bullrun can earn a 100% interest in the two properties over a three-year period by spending $5 million on mineral exploration ($2.25 million per property), making a cash payment of $200,000 on or before the first anniversary ($100,000 per property), and providing an additional $200,000 in cash or shares ($100,000 per property), plus $100,000 in cash at closing. Furthermore, Sirios will receive a payment of $250,000, either in cash or shares, upon successful verification of drilling results that confirm a lithium concentration of 1% Li2O or more over a minimum of 25 meters.
Niska
Overview
The Niska property is situated less than 10 kilometers north of Azimut Exploration’s Patwon Gold Deposit, which contains 311,200 ounces of gold at 1.93 g/t Au in the indicated category and 513,900 ounces at 1.94 g/t Au in the inferred category (InnovExplo Inc., Technical Report and Initial Mineral Resource Estimate for the Patwon Deposit, Elmer Property, Quebec, Canada, January 4, 2024). Sirios has identified a prospective northeast-southwest trending shear zone on the Niska property, highlighting its potential for grassroots gold discovery. This property offers an excellent opportunity for gold exploration, benefiting from its proximity to infrastructure and multiple known gold showings.
Option Agreement
In December 2023, Sirios entered into an option agreement with Bullrun Capital Inc. (“Bullrun”) concerning the Li-52 and Niska properties. Under the terms of the agreement, Sirios grants Bullrun the option to acquire up to a 100% interest in the property, contingent upon a total investment of $5 million. Should the option be fully exercised, Sirios will retain a 1.75% net smelter return (NSR) royalty on Li-52 and a 1.5% NSR royalty on Niska. Additionally, Sirios reserves the right to repurchase 100% of the mining rights for non-critical minerals, including gold, silver, PGEs, and tungsten, by reimbursing Bullrun for exploration expenditures up to a maximum of $2 million per property. Bullrun can earn a 100% interest in the two properties over a three-year period by spending $5 million on mineral exploration ($2.25 million per property), making a cash payment of $200,000 on or before the first anniversary ($100,000 per property), and providing an additional $200,000 in cash or shares ($100,000 per property), plus $100,000 in cash at closing. Furthermore, Sirios will receive a payment of $250,000, either in cash or shares, upon successful verification of drilling results that confirm a lithium concentration of 1% Li2O or more over a minimum of 25 meters.
Tilly
Overview
The Tilly Property, which is located about 30 kilometers north of the Trans-Taiga Road, is centered on a polymetallic porphyry system known for its rich mineralization, notably molybdenum and copper, with localized occurrences of gold, silver, bismuth, and tellurium. This system is distinguished by the presence of several kilometer-scale hydrothermal breccias, which are key indicators of the property’s significant exploration potential. An unexplained strong magnetic anomaly is also present on the property.