Montreal (Quebec) – The management of Sirios Resources Inc. (TSX-V: SOI) is pleased to announce an update on the work in progress on its two main projects, the Cheechoo and Aquilon gold properties.
Resource estimate update
Sirios recently awarded consulting firms BBA Inc. and PLR Resources Inc. the mandate for updating the mineral resource estimate. One of the main objectives of this estimate will be to define, for the first time, indicated resources for the Cheechoo gold deposit. This conversion from inferred to indicated resources will increase the robustness of the Preliminary Economic Study (PEA) that will be carried out thereafter.
Exploration and development work
Prospecting work was carried out during the months of June and July 2022 in the area to the east of the 2020 conceptual pit in order to extend the new gold zone which was intersected in the meta-sedimentary rocks during the summer 2021 drilling program (ref. press release of 14/12/2021). A total of 61 samples were collected from this area and are currently awaiting processing at the ALS laboratory in Val d’Or.
Representative samples of the Cheechoo gold mineralization were also collected for further metallurgical testing in order to determine the optimal processing procedure for the Cheechoo deposit.
Improvements and renovations to the Cheechoo camp have been successfully completed, increasing the camp’s accommodation capacity, which will allow for an increased capability for future exploration and development activities.
Finally, improvement work on the project’s access road was also successfully completed. The Cheechoo camp is now easily accessible by pickup truck or other light vehicle, which will increase the access and improve the timing of future exploration and development work.
Phase 1 of the Aquilon “relogging” program (comprehensive and standardized description of historical drill core) was completed at the end of June. The information resulting from this relogging program will allow new 3D modeling to be carried out that will include the new structural data collected in the fall of 2021. This update of the geological modeling of the Aquilon property represents one of the first stages of a systematic exploration program that will continue into 2024.
About the Cheechoo Property
The Cheechoo gold property is 100% owned by Sirios and consists of 225 claims covering an area of 118 km2, divided into three non-contiguous blocks. It is located in Eeyou Istchee James Bay, Quebec, less than 9 km from Newmont’s Eleonore gold mine and is easily accessible by all-season roads. The project’s most recent resource estimate (October 2020) delineated inferred resources of 2.0 million ounces of gold contained in 93.0 million tonnes at 0.65 g/t Au, with significant potential to increase in this resource (BBA, P-L. Richard, P. Geo.; J. Torrealba, P. Eng.; D. Evangelista, P. Eng., NI 43-101 Technical Report, Mineral Resource Estimate Update for The Cheechoo Project, 31/10/2020).
About the Aquilon Property
The Aquilon gold property is 100% owned by Sirios and consists of 140 claims covering an area of 68 km2. It is located in Eeyou Istchee James Bay, Quebec, 10 km south of the Laforge-1 hydroelectric power station and is easily accessible by all-season roads. To date, 32 gold showings have been discovered on the property. Some drill intercepts on the Aquilon project are among the highest grades obtained in Quebec, including 12,906.5 g/t Au over 0.20 m (Lingo showing), 3,527.4 g/t Au over 0.40 m (Moman showing) and 133.67 g/t Au over 0.82 m (Fleur-de-Lys showing) (ref. press releases of 26/06/2008 and 19/01/2011).
The scientific and technical content of this press release has been reviewed and approved by Jordi Turcotte, P.Geo. and Roger Moar, P.Geo., both qualified persons under National Instrument 43-101.
A pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay in Quebec, Canada, Sirios Resources inc. is focused primarily on its Cheechoo gold discovery while actively exploring the high gold potential of its other properties.
BBA has been providing a wide range of consulting engineering services for more than 40 years. Today, its engineering, environmental and commissioning experts team up to quickly and accurately pinpoint the needs of industrial and institutional clients. The firm’s expertise is recognized in the fields of mining and metals, power, biofuels and oil and gas. With 15 offices across Canada to provide clients with local support and field presence, BBA is recognized for providing some of the industry’s most innovative, sustainable and reliable solutions. www.bba.ca
About PLR Resources
PLR Resources is dedicated at providing high-quality geological consulting services to its clients. Specializing in Mineral Resource Estimates, the firm also offers a wide variety of services where the objective is to provide highly skilled professional experts bringing significant added value. www.plr-resources.com
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, expectations and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in such forward-looking statements include, but are not limited to: capital and operating costs that differ materially from estimates; the tentative nature of metallurgical test results; delays or failures in obtaining required governmental, environmental or other approvals; uncertainties related to the availability and cost of necessary financing in the future changes in financial markets; inflation; fluctuations in metal prices; delays in project development; other risks relating to the mineral exploration and development industry; and risks disclosed in public filings of the Company on SEDAR at www. sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this news release are reasonable, readers should not place undue reliance on this information, which speaks only as of the date of this news release, and there can be no assurance that such events will occur or occur within the time periods presented. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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