Montreal (Quebec) – Management of Sirios Resources Inc. (TSXV: SOI) (“The Company”) is pleased to announce that Sirios has filed on SEDAR the technical report titled “Mineral Resource Estimate for the Cheechoo Project Eeyou Istchee James Bay, Québec, Canada”, with an effective date of December 6, 2019. The report, conform to the NI 43-101 standards and completed by the company BBA Inc., includes the resource estimate of the Cheechoo gold project, located at Eeyou Istchee James Bay at Quebec.
The report recommends a first phase of follow-up work on the property which includes:
- A 5,000 metres drilling program to test the potential extension of the resources toward the west
- Continuation of metallurgical tests including, among others, heap leach testwork using intermittent bottle rolls and columns
- A preliminary economic assessment (PEA).
The report indicated that, based on an open-pit constrained model, the inferred resources are estimated at 1.6 million gold ounces (Moz) contained in 71.0 million tonnes (Mt) with an average grade of 0.69 grams of gold per tonne (g/t Au) (figure 1 and 2). In addition, it is mentioned that there is a significant potential to increase the mineral resources by 25% ounces of gold delineated on the Cheechoo property but require an agreement with the neighbouring property to access this material. More details are given on this subject in the report. A cut-off grade of 0.30 g/t Au was used for this mineral resource estimate. The cut-off grade and the optimization of the potential pit were calculated using a gold price of 1,300 USD yielding a strip ratio of 1.1 :1 for the conceptual model of the pit. The reader is asked to refer to the press release of December 11, 2019 and to the complete 43-101 resource estimate report available on SEDAR and on the website of Sirios.
Figure 1 Plan view. The grey-shaded pit contains the maiden resource estimation of 1.6 Moz of gold.
Figure 2 Section view. The grey-shaded pit contains the maiden resource estimation of 1.6 Moz of gold.
The scientific and technical content of this press release has been reviewed and approved by Mr. Dominique Doucet, P.Eng. President and CEO of Sirios Resources Inc. and Mr. Jordi Turcotte, P. Geo. Senior Geologist who are “Qualified Persons” as defined by National Instrument 43-101.
About the Cheechoo Property
The Cheechoo Property located 9 km from the Eleonore gold mine of Newmont at Eeyou Istchee James Bay, Quebec, is wholly owned by Sirios. The first resource estimate of the project (Dec 2019) delineated inferred resources of 1.6 million ounces of gold with a significant potential to increase these resources.
Founded in 1995, Sirios Resources develops and explores its own mining exploration projects. Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec, Canada, over the years, Sirios is focusing on its flagship gold project Cheechoo, the 2016 discovery of the year in Quebec.
Cautionary note regarding 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 December 6, 2019. 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.