MONTRÉAL, 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 at eight different locations in the first drill hole of its Fall 2024 program on the Cheechoo gold project in Eeyou Istchee James Bay, Québec.
Multiple gold grains were observed by Sirios geologists in drill hole 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 assay results will specify the gold grade. The drill hole was completed yesterday after reaching the planned depth of 399 meters.
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Figure 1: Location of drill holes CH24-317 (completed) and CH24-318 (in progress).
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Figure 2: CH24-317, 178.3m: Visible gold in a quartz veinlet with arsenopyrite and scheelite.
20241125_Figure_3
Figure 3: CH24-317, 189.0m: Visible gold in a quartz stockwork with arsenopyrite.
Sirios is currently carrying out the first phase of a diamond drilling program targeting high-grade zones of the Cheechoo gold deposit. The Phase 1 program will consist of approximately 2,000 meters of drilling. Phase 2 will be of greater scope and will be carried out during the winter of 2025.
Phase 1 focuses on delineating and expanding high-grade zones in the eastern part of the deposit. Phase 2 will expand drilling to the western part of the deposit, including the high-grade Eclipse zone.
This drilling campaign marks a significant milestone in the Company's new vision for the project, targeting high-grade zones with potential for both open-pit and underground development.
Strategic Objectives
The primary objectives of this drill program are to:
Gather data to support an upcoming Mineral Resource Estimate (MRE) update;
Test high-priority targets identified during the comprehensive data review conducted by Sirios during the summer of 2024.
Cheechoo’s High-Grade Zones
The Cheechoo gold deposit is hosted in a tonalite intrusion characterized by multiple gold-enriched zones encased 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 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.
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 Au. Source: BBA, Mineral Resource Estimate Update for the Cheechoo Project, 23/12/2022
Underground mining scenarios have not been evaluated in the 2022 MRE.
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 Guillaume Doucet, P.Geo. and Alexandra Blanchette, P.Geo., who are Qualified Persons as defined by National Instrument 43-101.
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.
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.
