MONTREAL, Feb. 13, 2024 (GLOBE NEWSWIRE) -- Management of Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) are pleased to announce the start of a 1,000-metre diamond drilling program aimed at including the high-grade Eclipse area in the next update of the Mineral Resource Estimation (MRE) for the Cheechoo property.
Located west of the main Cheechoo gold deposit (figure 1), the Eclipse area is not included in the updated 2022 MRE, which outlined 1.4 Million Gold Ounces (Indicated) and 500,000 Gold Ounces (Inferred) (BBA, Mineral Resource Estimate Update for the Cheechoo Project, 20/07/2022).
Highlights:
- Previous drilling defined the high-grade Eclipse zone over approximately 120 m laterally, 2 to 6 metres in width and over 250 m deep (open at depth).
- Several high- and very high-grade gold intervals were intersected in the Eclipse area (figure 2).
- Gold mineralization at Eclipse is associated with various quartz-feldspar veins, veinlets and stockworks hosted in a tonalite intrusion, with the presence of arsenopyrite and pyrrhotite (typically 0.5 to 1%) as well as visible gold grains.
A detailed presentation about the Eclipse high-grade gold area is available here:
Figure 1: Location of the Eclipse area.
Figure 2: Longitudinal section of the high-grade Eclipse zone.
Dominique Doucet, President and CEO of Sirios, stated: “Due to the high-grade gold content of the Eclipse zone, we can foresee an underground mining scenario using a ramp access for this zone that would enable us to reach the mining operation stage more quickly. This underground operation would then set the stage for starting large-scale open-pit mining in the main area of the Cheechoo deposit.”
Upcoming Event
Sirios will be attending the 2024 PDAC Convention in Toronto from March 3 to 6. Come and meet us at booth #2910!
The scientific and technical content of this press release has been reviewed and approved by Dominique Doucet, P.Eng., President and CEO of Sirios Resources Inc. and Jordi Turcotte, P.Geo, qualified persons under National Instrument 43-101.
About the Cheechoo Property
The Cheechoo gold property, 100% owned by Sirios, is located in Eeyou Istchee James Bay in Quebec, 200 km east of Wemindji and less than 10 km from the Newmont’s Eleonore gold mine. The project's latest resource update delineated, for an open pit model, indicated resources of 1.4 million ounces of gold contained in 46.3 million tonnes at an average grade of 0.94 g/t Au, as well as inferred resources of 500,000 ounces of gold contained in 21.1 million tonnes at a grade of 0.73 g/t Au (ref.: 12/06/2022 Press Release).
About Sirios
Sirios Resources is a Canadian mining exploration company focused on developing its portfolio of high-potential gold properties in the Eeyou Istchee James Bay region of Quebec.
Cautionary note regarding forward-looking information
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.
The estimate of Inferred Mineral Resources mentioned in this press release conform 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.
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.
Contact:
Dominique Doucet, P.Eng., President and Chief Executive Officer
450-482-0603
info@sirios.com
Website: www.sirios.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/933146b5-384b-46fd-92b6-00d2dc408972
https://www.globenewswire.com/NewsRoom/AttachmentNg/ec009276-7490-45c0-ac3a-b9d99360115d
