NEWS RELEASE TRANSMITTED BY CCNMatthews
FOR: SIRIOS RESOURCES INC.
TSX VENTURE SYMBOL: SOI
NOVEMBER 22, 2002 – 08:43 EST
Sirios, Garaffa: Second Brazilian Gold Project With
Amazonia
MONTREAL, QUEBEC, CANADA–SIRIOS RESOURCES INC. is pleased to
announce that it has agreed to option the Garaffa gold property
covering 30,000 hectares in the Tapajos Mineral Province of Para
state, Brazil from Amazonia Mineracao Ltda. This is a further
development in the Strategic Alliance announced by Sirios and
Amazonia previously (see Press Releases, 06/14/02; 09/26/02).
The President of Sirios, Dominique Doucet P.Eng said after his
recent due diligence visit to Brazil that Garaffa was “an
exciting property, with highgrade gold mineralization and the
potential to generate significant resources in the near term”.
Gold mineralization at Garaffa is associated with a 3 to 7m wide
zone of quartz-pyrite veins, vein breccias and vienlets which
have been exposed and mined over a strike length of 200m, down to
a depth of 30m. Four channel samples across the zone returned
gold grades averaging between 6 and 15g/t. Three grab samples of
gossaniferous vein material collected during a recent visit by
Dominique Doucet returned gold grades of 31 g/t, 318 g/t, and 2
g/t Au respectively. These samples were sent to ALS Chemex
Chimitec Val d’Or laboratories and assayed for gold by fire-assay
(30 g) followed by atomic absorption; all assays were double
checked.
Garaffa is situated at the southern extension of a major
mineralized NNE trending fault zone which links several active
artisanal mining operations (garimpos), gold anomalies and
occurrences over a strike length of over 40 km. The Garaffa
licences cover half of this strike length.
Under the terms of the agreement with Amazonia, Sirios will also
have access to an extensive database on Tapajos which will be
used to identify new opportunities in the region.
The details of the agreement with Amazonia includes that Sirios
will acquire 50% of the Garrafa property and new acquisitions in
the immediate area given the expenditure of $US1M over 3 years
including payments of $20,000. on signing the letter of agreement
and $100,000 on or before its first anniversary. Sirios would
have the option to acquire an additional 20%, for a total
interest of 70%, by funding exploration to feasibility. Sirios
would also have the option to acquire 100% of any other property
held currently by Amazonia in the Tapajos Province, by funding
exploration on that property to feasibility. Amazonia would have
the right either to buy back 30% of any project by reimbursing
30% of exploration expenditures of that project, or to retain a
1% NSR at no cost. In the case of any additional properties
acquired in the Tapajos Mineral Province (excluding the Garrafa –
Ouro Roxo Trend), Sirios will own 100% interest subject to
Amazonia’s 30% buy back right.
Sirios and Amazonia (web site: http://www.amzgold.com/) formed a
strategic alliance to explore for and develop small to medium
size high grade gold deposits with near term production potential
in Brazil. Amazonia is a privately owned brazilian company formed
by a group of experienced exploration and mining professionals
supported by an extensive network of associates and contacts in
Brazil and Canada with substantial operating experience. Amazonia
is currently a partner with Troy Resources Australia in
developing the Sertao gold deposit in Goias, Brazil.
For more information:
Dominique Doucet, CEO
ddoucet@sirios.com
Phone: 514-510-7961
