MONTREAL, QUEBEC–(Marketwired – June 10, 2015) – Management of Sirios (TSX VENTURE:SOI) reveals its three-year business plan focused on its Cheechoo gold discovery at James Bay. The plan’s objective is to move forward quickly the project from the exploration stage to the development one in order to offer an optimal return for the shareholders. The Board of Directors, with its new members, will support the officers of Sirios to realize this business plan.
For the first year of this plan, the management plans a major diamond drilling program of 15,000 metres. This program that will start at the end of June, for approximately nine months, has the goal to delineate inferred resources of more than one million ounces of gold and will be comprised of 4 tasks:
- Task 1: Surface fieldwork
Stripping and trenching as well as complementary geochemical sampling of soil and till.
- Task 2: Anomalies testing by drilling: 3,000 metres
Around 3,000 metres of drilling will serve to target arsenic, gold and tungsten soil anomalies that are not yet tested as well as geological structures inferred by geophysical surveys.
- Task 3: 12,000 metres of drilling to delineate resources
The program should allow the identification of gold resources inside the current borders of the gold-bearing envelope of 1.1 km as well as to test its extension toward west and north-west and, in depth for the zones with higher grades.
- Task 4: New metallurgical tests
The possibility to undertake new metallurgical tests, complementary to the ones completed in last March, is under consideration.
The progress of the fieldworks will be reported regularly to the shareholders. Also, the officers of Sirios have recently increased their efforts of visibility to private individual and institutional investors in Quebec, Ontario and Europe.
The Cheechoo gold project is located in James Bay, Quebec, 800 km north of Montreal and less than 10 km from the Eleonore gold mine of the producer Goldcorp that has recently started its commercial production. This world-class deposit contains mineral reserves of 4.03 million ounces of gold as well as inferred mineral resources of 4.1 million ounces of gold. (Source: Press release of Goldcorp, March 28 2014) In 2012, Sirios concluded an agreement with Golden Valley Ltd. regarding ownership Cheechoo allowing it, to upon completion of certain obligations and counterparties, increase its current interest from 45% to 100% (press release dated December 9, 2013). Sirios is the manager of the project.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information:
Dominique Doucet, CEO