MONTREAL, CANADA–(CCNMatthews – Nov. 15, 2006) – Directors of SIRIOS RESOURCES INC. (TSX VENTURE:SOI) are pleased to report the first rock channel sampling results from the PONTAX property where grab samples grading up to 1,665 g/t silver were previously released on October 30. The recent channelling was completed to validate the silver-gold occurence. The PONTAX property is located in the surrounding area of the Goldcorp’s Eleonore project, Opinaca Reservoir, James Bay, Quebec.
Three (3) rock sawing channel samples totaling a 10-meter length returned the following grades :
C1 : 821 g/t Ag; 1.31 g/t Au; 0.56% Pb and 0.18% Zn over 4.36 meters incl. 3,343 g/t Ag; 5.4 g/t Au; 2.3 % Pb and 0.6 % Zn over 1.04 m.
C2 : 116 g/t Ag; 0.16 g/t Au; 0.15% Pb, and 0.27% Zn over 2.73 meters incl. 358 g/t Ag; 0.6 g/t Au; 0.4 % Pb and 0.5% Zn over 0.72 m.
C3 : 18 g/t Ag over 2.88 m. located at the outer limit of the mineralized zone
These channel samples come from the discovery outcrop, taken crosswise across the mineralized zone and located 10 m apart. A fourth 2.2-meter sample was channeled to check the host rock composition outside the mineralized trend more than 200 m away from the other ones and yielded no significant values. Sample assaying was performed at Lab Expert, Rouyn-Noranda, by fire assay and atomic absorbtion. All samples were duplicated and are currently reassayed at ALS-Chemex, Val-d’Or. Industry standard quality controls were applied, including blank insert between each sample.
SIRIOS completed this October-November a second more extensive channel sampling campaign, stripping, line cutting and geophysical (induced polarization) survey over a 2 sq. kilometer area surrounding the silver-gold discovery. Twelve new rock-saw channel samples totaling a 128-meter length were completed on six different outcrops located more than 400 m away from the discovery outcrop and were sent out for assaying.
The geophysical survey outlined a continuous chargeability anomaly extending over more than two kilometers, and which is open on both sides along strike. It shows an exceptional very high chargeability response over a little more than one kilometer of strike length, in direct association with the silver bearing zone. The geophysical data suggests that the silver bearing zone is open on both sides along strike, has a several meter width and is itself hosted within a larger disseminated sulfide mineralization halo of tens of meters in size. The whole of the mineralized occurrences in the area are coincidental with this anomaly.
The silver zone is hosted within silicified felsic volcanic pyroclastics (lapillis tuff, block tuff) bearing chlorite, mica and tourmaline. The mineralized zone is formed by disseminated sulfides (pyrite, galena, sphalerite and chalcopyrite) totalling less than 10% of the whole rock. This mineralization is associated to the pervasive alteration in the tuffs.
The exploration of the PONTAX property is carried out through a partnership with Dios Exploration Inc. (TSX VENTURE:DOS), a diamond explorer. Under the original 2005 agreement with DIOS, depending on the results, if the project is to focus specifically on gold or metals, SIRIOS has the option to buy back DIOS’ share, by repaying in cash or shares (acquisition and exploration costs at book value) and vice versa, and DIOS keeps a 1% NSR on the claims transferred back to SIRIOS that can be bought back for 1,000,000 C$.
Field work is performed by the personnel of IOS Services Geoscientifiques Inc., Saguenay, Quebec, with the staff of SIRIOS, under the supervision of Rejean Girard, Geo., Qualified Person. Abitibi Geophysics Inc. of Val-d’Or, Quebec, carried out the 18,4 km line induced polarization and magnetometric survey.
The PONTAX property is located in James Bay, Quebec, some 350 km north of the town of Matagami along the paved road going to the town of Radisson. One hundred eighty new claims (pending) were added recently to this property totalling 1,680 claims covering more than 870 sq. kilometers. SIRIOS is actively exploring the Opinaca gold area, James Bay, Quebec.
This press release was prepared by Dominique Doucet, P. Eng., President of Sirios, Qualified Person, who made a third visit to the property last week.
The TSX Venture has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO