NEWS RELEASE TRANSMITTED BY CCN – A NEWSWIRE SERVICE OF ITG
FOR: SIRIOS RESOURCES INC.
ME SYMBOL: SOI
OCTOBER 16, 2000 – 09:35 EDT
SIRIOS RESOURCES INC.: Drilling to Start for Porphyry
Molybdenum-Copper at TILLY
MONTREAL, QUEBEC, CANADA–Diamond drilling is starting on the
molybdenum-copper TILLY property of SIRIOS RESOURCES INC.
(“SIRIOS”) near LG-4, James Bay, where a major mineralized
porphyry system was discovered within granitic intrusives by
SIRIOS.
The TILLY property is centered on this polymetallic (Mo-Cu-Au)
system within quartz-phyric biotite granitic intrusives,
characterized by a cluster of six hydrothermal breccia (open-space
breccia) and three stringer zones over a 3.5 X 3km area. The size
of these hydrothermal breccia is significant, varying from 60-75m
X 200m up to 50-250m X 700m. The size of the stringer zones is
reaching up to 50 X 300-400m. Such a cluster of stringer and
breccia zones is usually typical of mineralized porphyry systems
(more than 50% occur in association with hydrothermal breccia
although the mineralization is not always breccia-hosted;
Sillitoe, 1985). Metal zoning, frequent in such systems, was
noted by geologists from SIRIOS.
A soil sampling survey was recently completed over a 9 sq.
kilometer area and molybdenum, copper and/or gold anomalies can
already be delineated from preliminary data for some of the
showings. Other significant anomalies remain unexplained for the
time being and additional prospecting and soil sampling surveys
are required to follow up their extent.
The stringer zones had returned values up to 0.7% copper (Cu) and
1.4% molybdenum (Mo). Four of the breccia have just been
discovered and prospecting work is still ongoing. The two
previously known breccia had returned up to more than 2% Mo, 0.3%
Cu, 2g/t Au and 12 g/t Ag. Actual porphyry deposits grade, for
instance, around 0.4 to 0.5% Cu and 0.13 – 0.2% Mo. Previous
channel sampling by SIRIOS had returned 0.14% Mo over 89m of
channeling through one breccia. (Atomic absorption assays from ITS
Bondar Clegg Chimitec Val-d’Or laboratories).
The TILLY property exploration program is being funded by a
$364,680 grant from the Ministere des Ressources Naturelles du
Quebec (MRNQ) (Funding Program for Junior Mining Companies). An
amount of $63,800 shall be used for working capital general
purposes whereas a total of $300,880 will help fund some
exploration projects such as TILLY and ESCALE. Officers of SIRIOS
would like to show their appreciation for this MRNQ financial
assistance, a pro-mining strategy from the Quebec Government.
The TILLY property, which is wholly owned by SIRIOS, is located 30
kilometers west of LG-4, James Bay, Quebec. Molybdenum-metal (Mo)
is used as alloy in the manufacturing of special steels;
molybdenum-oxyde is traded around US$2.70 per pound. This metal
is produced mainly from porphyry deposits ranging from 100 up to
1,000 million tonnes and from 0.1% up to 0.3% Mo in size and
grade, respectively.
SIRIOS is an exploration company for diamond, precious and base
metals. Some 17,544,474 Common Shares of SIRIOS are issued and
outstanding, trading on the Montreal Exchange under SOI.
For more information:
Dominique Doucet, CEO
ddoucet@sirios.com
Phone: 514-510-7961
