Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) (“Sirios” or the
“Company”) is pleased to unveil a
new vision for its
Cheechoo gold project, located in Québec’s Eeyou Istchee
James Bay territory. In the wake of the winter 2024 drilling
program, Sirios embarked on a comprehensive management review of
data, spanning several months. This
in-depth
analysis, conducted in collaboration with specialized
geological and mining consultancy firms, including PLR Resources
Inc., has yielded
very promising results. The
thorough examination has led to the
identification of
multiple high-priority targets for delineating high-grade zones
that may lead to both open-pit and underground mining.
Notably, the near-surface Eclipse zone has emerged as a standout
prospect, exhibiting
remarkable high-grade
continuity across numerous drill holes (Figures 1 to 3).
This strategic assessment has not only validated the company's
exploration efforts but also opened up
new avenues for
future development at the Cheechoo gold project.
Dominique Doucet, CEO of Sirios, comments: “We are thrilled to
launch this new vision for the Project. Cheechoo now presents dual
potential: large-volume open-pit mining and/or high-grade
underground development. This new outlook is a game changer for the
Project, consequently leading our team to design an intensive
drilling program targeting high-grade enriched zones.”
Cheechoo’s High-Grade Zones
The Cheechoo tonalite intrusion forms the centerpiece of the
property, characterized by multiple gold-enriched zones
encased in a lower-grade halo. In addition to the Eclipse
zone, numerous high-grade intervals throughout the deposit
suggest the occurrence of additional high-grade zones.
These zones may be found both within and beyond the boundaries of
the 2022 Mineral Resource Estimate (MRE) conceptual pit (see Table
1).
Table 1: Selection of high-grade gold
intercepts
Au (g/t) |
Length (m) |
From (m) |
To (m) |
Drill hole |
Zone |
30.1 |
8.0 |
317.2 |
325.2 |
CH17-112 |
Outside* |
30.4 |
7.1 |
130.5 |
137.6 |
CH16-052 |
Outside* |
9.5 |
16.8 |
132.5 |
149.3 |
CH16-041 |
Outside* |
21.5 |
7.0 |
74.0 |
81.0 |
CH16-035 |
Outside* |
8.8 |
16.3 |
21.1 |
37.4 |
CH21-280 |
Outside* |
31.3 |
4.6 |
162.3 |
166.9 |
CH21-295 |
Outside* |
65.1 |
2.1 |
99.5 |
101.6 |
CH17-095 |
Eclipse Zone |
9.7 |
14.0 |
125.0 |
139.0 |
CH17-112 |
Outside* |
27.5 |
4.8 |
82.2 |
87.0 |
CH19-245 |
Outside* |
41.3 |
3.1 |
17.5 |
20.6 |
CHRN17-213 |
Outside* |
13.8 |
9.0 |
270.5 |
279.5 |
CH20-265 |
Outside* |
15.8 |
7.4 |
110.0 |
117.4 |
CH21-285 |
Outside* |
26.6 |
4.3 |
115.5 |
119.9 |
CH15-020 |
Outside* |
55.7 |
2.0 |
64.0 |
66.0 |
CH19-202 |
Eclipse Zone |
12.2 |
9.1 |
85.0 |
94.1 |
CH18-191 |
Outside* |
21.2 |
5.2 |
562.5 |
567.7 |
CH17-108 |
Outside* |
11.3 |
9.5 |
38.0 |
47.5 |
CH15-028 |
Outside* |
22.7 |
4.6 |
213.9 |
218.5 |
CH20-266 |
Outside* |
15.3 |
6.8 |
336.0 |
342.8 |
CH19-240 |
Outside* |
12.9 |
8.0 |
294.0 |
302.0 |
CH17-132 |
Outside* |
26.4 |
3.9 |
143.6 |
147.5 |
CH18-184 |
Outside* |
28.4 |
3.6 |
62.5 |
66.1 |
CH16-086 |
Outside* |
34.1 |
3.0 |
425.0 |
428.0 |
CH17-098 |
Outside* |
50.5 |
2.0 |
77.5 |
79.5 |
CH19-201 |
Eclipse Zone |
24.0 |
4.2 |
32.0 |
36.2 |
CH16-079 |
Outside* |
10.0 |
9.9 |
57.6 |
67.5 |
CH18-182 |
Outside* |
17.1 |
5.8 |
228.1 |
233.9 |
CH17-125 |
Outside* |
7.0 |
13.8 |
19.1 |
32.9 |
CH21-279 |
Outside* |
11.7 |
8.0 |
105.0 |
113.0 |
CHRC21-002 |
Outside* |
37.3 |
2.5 |
440.7 |
443.2 |
CH18-125E |
Outside* |
18.8 |
4.9 |
202.5 |
207.4 |
CH18-183 |
Outside* |
24.0 |
3.8 |
152.0 |
155.8 |
CH17-134 |
Outside* |
28.3 |
3.2 |
59.1 |
62.3 |
CH18-159 |
Outside* |
18.9 |
4.6 |
59.5 |
64.1 |
CH15-020 |
Outside* |
17.5 |
4.9 |
253.0 |
257.9 |
CH24-305 |
Eclipse Zone |
5.2 |
16.2 |
174.9 |
191.1 |
CH15-024 |
Outside* |
11.8 |
7.0 |
121.5 |
128.5 |
CH18-191 |
Outside* |
34.2 |
2.4 |
90.0 |
92.4 |
CH18-163 |
Eclipse Zone |
37.1 |
2.2 |
91.8 |
94.0 |
CH18-161 |
Eclipse Zone |
16.2 |
5.0 |
280.5 |
285.5 |
CH20-258 |
Outside* |
15.8 |
5.0 |
261.0 |
266.0 |
CH16-058E |
Outside* |
9.6 |
8.2 |
221.3 |
229.5 |
CH17-139 |
Outside* |
27.8 |
2.8 |
156.6 |
159.4 |
CH17-112 |
Outside* |
17.0 |
4.5 |
25.8 |
30.3 |
CH19-199 |
Eclipse Zone |
18.0 |
4.2 |
104.8 |
109.0 |
CH21-283 |
Outside* |
18.8 |
4.0 |
117.5 |
121.5 |
CH16-088 |
Outside* |
11.8 |
6.3 |
130.0 |
136.3 |
CH16-088 |
Outside* |
13.1 |
5.5 |
96.1 |
101.6 |
CH18-176 |
Outside* |
12.8 |
5.5 |
138.5 |
144.0 |
CH14-017 |
Outside* |
5.0 |
14.1 |
322.6 |
336.7 |
CH18-181 |
Outside* |
3.4 |
19.7 |
258.1 |
277.8 |
CH17-122 |
Outside* |
30.1 |
2.2 |
125.8 |
128.0 |
CH17-124 |
Outside* |
25.6 |
2.4 |
36.8 |
39.2 |
CH18-192 |
Outside* |
13.1 |
4.6 |
107.3 |
111.9 |
CH16-065 |
Outside* |
30.2 |
2.0 |
137.5 |
139.5 |
CH19-204 |
Eclipse Zone |
15.1 |
4.0 |
325.0 |
329.0 |
CH17-111 |
Outside* |
18.7 |
3.2 |
232.0 |
235.2 |
CH21-288 |
Outside* |
14.7 |
3.9 |
55.0 |
58.9 |
CH15-026 |
Outside* |
24.8 |
2.3 |
189.2 |
191.5 |
CH21-296 |
Outside* |
18.9 |
3.0 |
123.0 |
126.0 |
CH18-196 |
Outside* |
22.9 |
2.4 |
7.3 |
9.7 |
CH17-119 |
Outside* |
14.7 |
3.7 |
137.0 |
140.7 |
CH17-128 |
Outside* |
12.8 |
4.2 |
82.7 |
86.9 |
CH16-054 |
Outside* |
21.3 |
2.5 |
323.0 |
325.5 |
CH17-109 |
Outside* |
25.8 |
2.0 |
44.7 |
46.7 |
CH17-099 |
Eclipse Zone |
9.0 |
5.6 |
213.5 |
219.0 |
CH13-010 |
Outside* |
13.7 |
3.6 |
37.3 |
40.9 |
CH18-182 |
Outside* |
10.6 |
4.5 |
214.0 |
218.5 |
CH17-128 |
Outside* |
6.3 |
7.5 |
152.5 |
160.0 |
CH17-123 |
Outside* |
7.8 |
6.0 |
134.5 |
140.5 |
CH17-098 |
Outside* |
16.1 |
2.5 |
173.4 |
175.9 |
CH21-274 |
Outside* |
7.7 |
4.7 |
278.1 |
282.8 |
CH17-108 |
Outside* |
5.4 |
6.7 |
58.3 |
65.0 |
CH19-221 |
Outside* |
7.1 |
5.0 |
111.0 |
116.0 |
CH15-024 |
Outside* |
13.3 |
2.5 |
130.6 |
133.1 |
CH14-018 |
Outside* |
7.1 |
4.4 |
305.6 |
310.0 |
CH17-111 |
Outside* |
9.8 |
3.0 |
367.0 |
370.0 |
CH16-062 |
Outside* |
11.0 |
2.6 |
25.5 |
28.1 |
CH17-112 |
Outside* |
*High-grade gold intercepts located outside the Eclipse
zoneGrade capped at 100 g/t Au. Lengths along drill hole.
Planned Drilling Program
Sirios' technical team is currently designing an
intensive drilling program aimed at delineating
high-grade zones within the property. The company intends to
disclose comprehensive details about this strategic program in
forthcoming press releases, offering stakeholders valuable insights
into Sirios' exploration plans and objectives.
Mineral Resource Estimate (MRE) Update
Following this drilling program, Sirios will proceed with an
update of the mineral resource estimate. This update will serve as
the basis for a future Preliminary Economic Assessment (PEA).
New Website
We are also proud to announce the launch of our redesigned and
updated website. We invite you to visit
sirios.com to discover our revamped
platform which offers an enhanced user experience, featuring
our exclusive interactive 3D model viewer
for the Cheechoo deposit.
A French version of the website will be available soon.
About the Cheechoo Property
Located less than 15 km from Newmont's Éléonore gold mine in the
Eeyou Istchee James Bay territory of Québec, the Cheechoo property,
100% owned by Sirios, contains an untapped gold deposit
with excellent expansion and development potential.
The most recent mineral resource estimate (MRE) reported, for an
open-pit model, using a USD 1,650 gold price:
- Indicated resources: 1.4
million ounces at an average grade of 0.94 g/t
Au
- Inferred resources: 500,000
ounces at an average grade of 0.73 g/t
AuSource: BBA, Mineral Resource Estimate Update for the
Cheechoo Project, 23/12/2022
Underground mining scenarios have not been evaluated in
the 2022 MRE.
Learn more about Cheechoo at sirios.com/cheechoo
Analytical Protocols and Data Verification
Procedures
Each sample in Sirios' Cheechoo database has undergone gold
assaying at a certified laboratory and been subjected to
comprehensive quality assurance and quality control (QA/QC)
procedures. These procedures include the use of certified reference
materials (CRMs), field and laboratory duplicates, blank materials,
and external laboratory checks. As assaying methods have evolved
over time, detailed information about the specific protocols used
for each drill hole is available in the past press releases on
Sirios' website at www.sirios.com.
Qualified Person Statement and NI 43-101
Disclosure
The Mineral Resource Estimate mentioned in this press release
conforms 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 July 20, 2022. 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.
The scientific and technical information contained in this press
release has been reviewed and approved by Dominique Doucet, P.Eng.
and Guillaume Doucet, P.Geo., who are Qualified Persons as defined
by National Instrument 43-101.
About PLR Resources
PLR Resources is a trusted geological consulting firm founded by
Pierre Luc Richard, a mineral resource estimation expert who has
authored/coordinated more than 100 technical reports under National
Instrument 43-101 and JORC. The company specializes in mineral
resource estimates and project evaluations and offers a wide
variety of services, from grassroots exploration planning to
feasibility studies and mining operation optimization, serving
clients that include juniors, major operators as well as financial
experts seeking reliable and realistic advice.
www.plr-resources.com
About Sirios
Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) is a
Quebec-based mineral exploration company focused on developing its
100%-owned Cheechoo gold property, located in Eeyou Istchee James
Bay, Canada.
For more information, please contact:
Dominique Doucet,
CEO450-482-0603info@sirios.comwww.sirios.com
Cautionary note regarding forward-looking
statements
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/6757dc3c-8018-4ed4-b8ec-98e9420d0454
https://www.globenewswire.com/NewsRoom/AttachmentNg/b3b6f393-c3e6-47af-84ce-134114aab22d
https://www.globenewswire.com/NewsRoom/AttachmentNg/f804af5b-8a5b-480b-b124-0f58e0f521e5
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