ADVANCED EXPLORATION PROJECT

Aquilon Gold Property

High-grade gold system discovered by Sirios, featuring some of the highest grade intercepts ever drilled in Québec.

Overview

Sirios has discovered more than 30 gold showings on its Aquilon property, many of which display remarkable gold grades. The Aquilon project has yielded drill intercepts that are among the highest-grade gold results reported in Québec, including:

Size

7,100 ha

Ownership

Partnership with Sumitomo Metal Mining Canada,
with a 1% NSR to Gold Royalty Corp

834.4 g/t Au over 1.7 m,
including 3,527.4 g/t Au over 0.4 m (Moman showing)
12,906.5 g/t Au over 0.2 m (Lingo showing)
116.5 g/t Au over 2.3 m (Moman showing)
425.3 g/t Au over 0.6 m (Moman showing)
133.7 g/t Au over 0.8 m (Fleur-de-Lys showing)

Location

The Aquilon property is located in the Eeyou Istchee James Bay region of Québec and is accessible year-round via the Billy-Diamond Highway and the Trans-Taïga road. The property lies approximately 10 km south of the Laforge-1 hydroelectric power station, ensuring proximity to essential infrastructure. The nearby Mirage Outfitter, situated less than 60 km from the property, provides logistical support with accommodation and an airstrip.

Geological Setting

The property is located within the Aquilon greenstone belt in the La Grande geological subprovince. This greenstone belt is composed of four main lithological units, namely mafic and felsic volcanic units, ultramafic units and iron formations. The western part of the property is characterized by an erect anticline regional fold, plunging moderately to the NW. It is bordered by polyphased tonalitic intrusives of the Coates Suite and tonalitic and dioritic gneisses of the Brésolles Suite. The property is centered on a bimodal volcanic sequence with a core occupied by a felsic calc-alkaline complex. The rocks of the Aquilon volcano-sedimentary belt were metamorphosed to lower to upper amphibolite facies and locally retrograded to greenschist facies. Structural data and overprint relationships indicate that the western part of the Aquilon volcano-sedimentary belt has undergone at least five ductile and brittle deformation events.

Gold Mineralization

Gold mineralization is mainly associated with felsic horizons of volcano-sedimentary units of the Aquilon greenstone belt. This geological setting is typical of many Archean gold deposits, suggesting significant exploration potential. Two types of mineralization have been identified on the property:

Orogenic vein gold mineralization

This type of high-grade mineralization is mainly present along a topographic lineament called the Wolf Corridor. This zone is defined by 24 high-grade gold showings distributed laterally over more than 4 km. Several of these showings, including Lingo-3-West, Fleur-de-Lys and Moman, form N-NE oriented shallow dipping ore shoots. Mineralization is hosted within quartz veins with minor amounts of calcite and occurs as coarse gold grains associated with minor amounts of sulphides (pyrite-pyrrhotite ±chalcopyrite ±sphalerite ±galena). The walls of the veins expose hydrothermal alteration in sericite and pyrite of varying intensity.

Gold associated with semi-massive to disseminated sulphide horizons

This type of lower-grade mineralization is hosted in various types of lithologies on the property including felsic to intermediate volcaniclastics, basalts, lapilli tuffs and tonalitic intrusions. It occurs in the form of multi-centimetric to metric bands enriched in pyrite, pyrrhotite and chalcopyrite. These zones show large muscovite and disseminated pyrite alteration halos.

Exploration Program

Soil Geochemical Survey

In June 2024, Sirios completed an extensive 1,000-sample B-Horizon soil geochemical survey. This targeted survey was conducted in areas previously identified as gold anomalous during the comprehensive 2023 property-wide geochemical survey.

Mechanical Trenching and Geological Mapping

Building on the findings of the June geochemical survey, a series of strategic mechanical trenching operations is scheduled for October 2024. These trenches will be excavated over selected geochemical and structural targets. Concurrent with the trenching, our team will conduct detailed geological mapping and systematic channel sampling across all exposed areas. These trenches will significantly enhance our understanding of the property’s mineralization patterns and structural controls.

Drilling Program

The primary objective of the 2024 exploration program is to define high-priority drill targets that will be ready to be tested in early 2025. By synthesizing data from the soil geochemistry, trenching, as well as geological modelling, we aim to optimize our drilling strategy and maximize the potential for discovery.

Agreement

Since December 14, 2022, the Aquilon project has been held in joint partnership with Sirios Resources Inc. and Sumitomo Metal Mining Canada Ltd. Sumitomo can earn an initial 51% interest in the project by paying a sum of $200,000 at signing to Sirios and incurring an aggregate of $4.6 million in mineral exploration expenditures, on or before the third anniversary of the option agreement. Sirios will be the operator during this earn-in period, entitled to a 10% management fee. A firm commitment of $1.6-million will be spent on the property during this earn-in period.

Sumitomo can earn an additional 29% interest in the project, for an aggregate of 80%, by incurring an additional aggregate of $10 million in mineral exploration expenditures, on or before the sixth anniversary of the option agreement. Following the earn-in of an 80% interest, Sumitomo and Sirios will form a joint venture in respect of the project. In the event a joint venture participant’s interest is diluted to below 10%, it will convert its joint venture interest to a net smelter return (“NSR”) royalty of 2%.

Latest Updates on the Aquilon Project