MONTREAL, QUEBEC–(Marketwire – Oct. 10, 2007) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) announces that its partner Golden Valley Mines Ltd. (TSX VENTURE:GZZ) has initiated diamond drilling (Phase II) on the Cheechoo Gold Project, James Bay, Quebec. The 3,000-metre diamond drilling program will test up to thirty targets derived from geological mapping, ground and airborne geophysical surveys and selective geochemical sampling.
Initial drilling activities are focused on the Cheechoo “A” Block claims located immediately west of Les Mines d’Or OPINACA’s (Goldcorp) Eleonore property and contiguous with Beaufield’s Opinaca property. Targets to be tested include the high-grade “Letang Showing” (up to 209.24 g/t gold in grab samples) and a well-developed and mineralized shear (2.3 kilometers northwest-trending corridor along the property’s northeast boundary), associated with a series of airborne electromagnetic, magnetic and induced polarization anomalies, hosted in similar altered and mineralized “Roberto-style” sediments, along a quartz-diorite and granodiorite-amphibolitized basalt contact. This mineralized corridor may represent the up-ice and up-slope source area for the five separate and discreet shoreline boulder fields (ref.: 01/29/2007 press release), where sampling results of 2.14 g/t gold; 24.2 g/t silver and 2.7% copper and 1.65 g/t gold have been recorded.
During the 2007 summer, the following fieldwork was completed on the four detailed grids established over the Sharks and Cheechoo “B” properties, to include the “Marchand” Showing (up to 11.96 g/t gold in rock grab sample results; ref.: 05/31/2007 press release) and the “Garrioch” Showing (up to 0.39 g/t gold rock grab sample results) mineralized corridors:
– 4 grids on the Sharks and Cheechoo “B” properties (250 line kilometers or approx. 173 land- based line kilometers;
– 5,339 grid and reconnaissance humus soil samples;
– Detailed grid-mapping and sampling completed over five separate mineralized trends;
– 115.6 linear metres of channel sampling over showings and / or mineralized corridors;
– 40.1 line kilometers of induced polarization (I.P.), 36.2 line kilometers of Horizontal Loop Electromagnetic (H.L.E.M.) and 168.8 line kilometers of magnetic surveying. and
– I.P. survey (still in progress) over the Marchand showing grid.
In addition, follow-up detailed mapping, prospecting and geochemical surveying was completed over sections of the Cheechoo “A” property as follow-up to results obtained in the 2006 program:
The 2007 Golden Valley’s exploration budget on Cheechoo is currently estimated at a minimum of $1,000,000.
The Cheechoo gold project includes the Cheechoo and Sharks Sirios’ properties both subject to option – joint ventures agreements with GZZ pursuant to which GZZ, in each case, will earn an initial 60% interest by funding $1,000,000 in exploration over 4-years. Following initial vesting, GZZ may then earn an additional 20% interest by completing a bankable feasibility study within 6 years of vesting. Should Sirios then elect to allow GZZ to provide the production financing, GZZ would then acquire a final additional 5% interest.
This press release was prepared by Dominique Doucet, P. Eng., President of Sirios, Qualified Person and based on information transmitted by Golden Valley Mines Ltd.
The TSX-V has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO