MONTREAL, Aug. 04, 2021 - The management of Sirios Resources Inc.
(TSXV: SOI) is pleased to announce that a total of 2,517 metres of drilling has been completed to date on the Cheechoo gold property in Eeyou Istchee James Bay, Quebec. Visible gold was observed in ten instances in five of the nine definition diamond drill holes totalling 1,767 m. Two additional definition holes were drilled by reverse circulation (RC) for a total of 211 metres. To date, three exploration diamond drill holes have been completed for a total of 539 metres. The presence of visible gold, as well as the lithologies intersected, are in accordance with the expectations of Sirios' geologists and the modeling of the gold deposit.
Given the superior production rate of diamond drilling compared to reverse circulation drilling, Sirios' management decided to complete the remainder of the campaign by diamond drilling. The definition drill program will therefore continue by diamond drilling with Synee Drilling Inc. on the sites initially planned. The total number of meters to be drilled could be modified.
The objective of the definition drilling program is to better define the Cheechoo deposit and initiate an updated resource estimate (as early as 2022) that will allow for a significant amount of inferred resources to be converted to indicated resources. The improved gold resource classification of the project will increase the value of the Cheechoo deposit and help advance the project to a more advanced stage with the completion of a Preliminary Economic Assessment (PEA).
About the Cheechoo Property
The Cheechoo gold property, wholly-owned by Sirios, is located in Eeyou Istchee James Bay, Quebec, less than 9 km from Newmont's Eleonore gold mine. The latest resource estimate for the Cheechoo project (October 2020) estimated an inferred resource of 2.0 million ounces of gold contained in 93.0 million tonnes of rock at an average grade of 0.65 g/t Au, with significant potential to increase this resource.1
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. senior geologist, both qualified persons under National Instrument 43-101.
A pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay, Quebec, Canada, Sirios Resources Inc. is focusing primarily on its Cheechoo gold discovery, while actively exploring the gold potential of its other properties.
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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the Rules of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Dominique Doucet, President, CEO, Eng.
Tel. : (514) 918-2867
website : www.sirios.com
1 BBA, Mineral Resource Estimate Update for The Cheechoo Project, 31/10/2020