NEWS RELEASE TRANSMITTED BY CCN NEWSWIRE
FOR: SIRIOS RESOURCES INC.
CDNX SYMBOL: SOI
OCTOBER 23, 2001 – 12:52 EDT
SIRIOS RESOURCES INC.: Zinc Project Optioned in the
MONTREAL, QUEBEC, CANADA–SIRIOS RESOURCES INC. is pleased to
announce the closing of a letter of intent with SOQUEM INC
(“SOQUEM”) to explore a zinc property for volcanic massive
sulphide mineralization (VMS) in the region of the Matagami base
metal mining camp.
The project comprises 350 claims covering 56 square kilometers and
is located some tens of kilometers from Matagami, Quebec.
Previous work by SOQUEM uncovered a felsic volcanic complex with
similar geochemical signature as the Matagami mining district
which hosts numerous base metal deposits. Marie-Jose Girard,
M.Sc.in volcanology, sees a strong mineral potential in this
property due to the recent discovery by SOQUEM of a five-meters
thick zinc-bearing exhalative horizon (chert) that may be
equivalent to the Matagami Key Tuffite. Such exhalites or chert
are key elements to explore for Archean VMS: as they are markers
for volcanic calm spells during which the sulphides may accumulate
to form economic deposits. Most Abitibi mining camps are
associated with volcanic centers and all the known Matagami base
metal deposits are hosted along the key tuffite or its equivalent.
Felsic volcanics (rhyolites) on the property show strong
geochemical alterations typical of those associated with VMS.
Moreover, geophysical anomalies (that may imply the presence of
conductive metallic concentrations) are located in strike with the
same zinc-bearing exhalite.
SIRIOS can earn a 50 % interest in the property owned by SOQUEM by
spending $750,000 in three years in exploration expenditures,
including 20% the first year for $200,000 in work expenditures and
an additional 10% for another $200,000 in work expenditures the
following year. SIRIOS shall be manager of the exploration work
during the exploration phase and may acquire up to a 65 % interest
in the property by spending $5,000,000 in work or carrying out a
bancable feasability study.
One of the most active mining exploration companies in Quebec,
SIRIOS, granted Prospector of the Year by the QPA, is a very
dynamic junior with some 20,592,474 Common Shares issued and
outstanding, trading on CDNX under SOI. Annual and Special
Meeting of SIRIOS shall be held on October 30 at the Delta HOTEL
in Montreal. SOQUEM is a division of SGF Mineral inc., a
subsidiary of the SGF, which mission is to carry out economic
development projects in partnership and in accordance with
accepted requirements of profitability.
For more information:
Dominique Doucet, CEO