Subject : Analyst comments
MONTREAL, Nov. 25, 2024 (GLOBE NEWSWIRE) — Sirios Resources inc. (TSX-V: SOI; OTCQB: SIREF) (“Sirios” or the “Company”) is pleased to announce the presence of visible gold in eight different locations in the first drilling of its fall 2024 program on the Cheechoo gold project in Eeyou Istchee Baie-James, Quebec.
Several grains of gold were observed by Sirios geologists in drilling CH24-317 (figure 1) at the following depths:
- 86.6m;
- 91.7m;
- 128.0m;
- 167,5m;
- 178,3m (figure 2);
- 189,0m (figure 3);
- 331,3m;
- Between 356.9m and 358.3m (figure 4).
These observations confirm the presence of gold at multiple locations along the hole, but only laboratory analysis results will specify the gold content. The drilling was completed yesterday after reaching the planned depth of 399 meters.
Figure 1: Location of drilling CH24-317 (completed) and CH24-318 (in progress).
Figure 2: CH24-317, 178.3m: Visible gold in a quartz veinlet with arsenopyrite and scheelite.
Figure 3: CH24-317, 189.0m: Visible gold in quartz stockwork with arsenopyrite.
Figure 4: CH24-317, 356.9-358.3m: Multiple grains of gold in 3 decimetric veins of quartz-feldspar-scheelite.
Drilling program in progress
Sirios is currently carrying out the first phase of a diamond drilling program targeting the high-grade zones of the Cheechoo gold deposit. Phase 1 of the program will include approximately 2,000 meters of drilling. Phase 2 will be larger and will be carried out during the winter of 2025.
Phase 1 focuses on delineating and expanding high-grade zones in the eastern portion of the deposit. Phase 2 will extend drilling to the western part of the deposit, including the Eclipse high-grade zone.
This drilling campaign marks an important step in the new vision of the Company for the projecttargeting high-grade areas with a open-air and underground development potential.
Strategic objectives
The main objectives of this drilling program are to:
- Collect data to support a next update of the mineral resource estimate (MRE);
- Test priority targets identified during the comprehensive data review carried out by Sirios during the summer of 2024.
Cheechoo High Grade Zones
The Cheechoo gold deposit is hosted in a tonalite intrusion characterized by multiple gold-enriched zones cashed in a lower grade halo (see our interactive 3D model at sirios.com/en/cheechoo). In addition to the Eclipse zone, numerous high-grade intervals across the deposit suggest the presence of additional high-grade zones. These areas may lie within and beyond the boundaries of the conceptual pit of the2022 Mineral Resource Estimate (MRE).
About the Cheechoo Property
Located less than 15 km from Newmont’s Éléonore gold mine in the Eeyou Istchee Baie-James territory in Quebec, the Cheechoo property, 100% owned by Sirios, contains a unexploited gold deposit with excellent potential for expansion and development.
The most recent Mineral Resource Estimate (MRE) reported, for an open pit model, using a gold price of $1,650:
- Resources indicated: 1.4 million ounces at an average content of 0.94 g/t Au;
- Inferred resources: 500,000 ounces at an average content of 0.73 g/t Au.
Source: BBA, Mineral Resource Estimate Update for the Cheechoo Project, 23/12/2022
Underground mining scenarios were not assessed in the 2022 MRA.
Learn more about Cheechoo at sirios.com/en/cheechoo
Declaration of the qualified person and disclosure NI 43-101
The mineral resource estimate disclosed in this press release complies with the requirements of Regulation NI 43-101 and was prepared by Pierre-Luc Richard, geo, independent qualified person, as defined in Regulation NI 43-101. The effective date of the estimate is July 20, 2022. The mineral resources mentioned above are not mineral reserves since their economic viability has not been demonstrated. The quantity and grade of the inferred mineral resources disclosed are conceptual in nature and are estimated based on geological observations and limited sampling. Geological observations are sufficient to presume, but not to confirm, the continuity of the geology, grade and quality of the mineralization.
The scientific and technical content of this press release has been reviewed and approved by Guillaume Doucet, geo. and Alexandra Blanchette, geo., qualified persons according to the definition of Regulation NI 43-101.
About Sirios
Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) is a Quebec mineral exploration company focused on the development of its 100%-owned Cheechoo gold property located in Eeyou Istchee Baie-James, Canada.
For more information, please contact:
Dominique Doucet, CEO
450-482-0603
[email protected]
www.sirios.com
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws based on expectations, estimates and forecasts as of the date of this press release. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, forecasts 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 these forward-looking statements include, but are not limited to, the following: capital and operating costs that differ materially from estimates ; the provisional nature of metallurgical test results; delays or failures in obtaining required governmental, environmental or other approvals; uncertainties related to the availability and costs of necessary financing in the future; changes in capital markets; inflation; fluctuations in metal prices; delays in project development; other risks relating to the mineral exploration and development industry and those risks set forth 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 statements contained in this release are reasonable, readers should not place undue reliance on this information, which speaks only as of date of this press release, and no assurance can be given that these events will occur or will occur within the time frames mentioned. The Company has no 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.
Photos accompanying this press release are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/59cc4f18-ef54-4b38-bbbb-274480e83b1a/fr
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Press release sent on November 25, 2024 at 09:00 and distributed by:
