Montreal, QC – Management of Sirios Resources Inc. (“Sirios” or the “Company”) (TSX-V: SOI; OTCQB: SIREF) is pleased to announce that, following the positive progress of the ongoing drilling program in the Eclipse high-grade gold area of its Cheechoo property, the program has been increased to more than 3,000 metres. The campaign is well underway and is expected to end shortly.
“Newmont’s recent announcement of their intention to sell the neighbouring Éléonore gold mine at the same time that we are in the process of delineating high-grade gold mineralization in the Eclipse area means that any potential purchaser of this mine will certainly consider the Cheechoo deposit – which is currently the only quality gold resource in the vicinity of Éléonore – as a key strategic element for the enhancement of operations at this mine,” commented Dominique Doucet, CEO of Sirios.
“On the other hand, I am proud to point out that we have just recently granted access to our camp to Fury Gold Mines’ team to allow them to execute the drilling program recently announced on their neighbouring property. We hope that this beginning of logistical collaboration between our two companies will continue and intensify in the near future in order to promote the development of the area.”
The drilling program currently being conducted by Sirios aims to confirm the continuity of the high-grade Eclipse gold zone. Subsequently, Sirios will be able to assess the potential of this area for underground development using a ramp.
About the Eclipse Area
A high-volume resource of 1.4 million ounces of gold (indicated) and 500,000 ounces of gold (inferred) has already been delineated in the main area of the Cheechoo deposit (Figure 1). The Eclipse area includes a high-grade gold zone that is not included in this resource. For more information, see the Eclipse Area Presentation.
Figure 1: The three areas of the Cheechoo gold deposit
About the Cheechoo Property
The Cheechoo gold property, 100% owned by Sirios, is located in Eeyou Istchee James Bay, Quebec, 200 km east of Wemindji and less than 10 km from Newmont’s Éléonore gold mine. The property’s latest resource update delineated, for an open pit model, indicated resources of 1.4 million ounces of gold contained in 46.3 million tonnes at an average grade of 0.94 g/t Au, as well as inferred resources of 500,000 ounces of gold contained in 21.1 million tonnes at a grade of 0.73 g/t Au (ref.: press release of 06/12/2022).
About Sirios
Sirios Resources is a Quebec-based mineral exploration company focused on developing its portfolio of high-potential gold properties in Eeyou Istchee James Bay, Canada.
Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates; the preliminary nature of metallurgical test results; delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
The estimate of Inferred Mineral Resources mentioned in this press release conform to National Instrument 43-101 standards and was prepared by Pierre-Luc Richard, P. Geo., independent qualified person, as defined by NI 43-101 guidelines. The effective date of the estimate is July 20, 2022. The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity.