MONTRÉAL, Nov. 19, 2024 (GLOBE NEWSWIRE) — Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) (“Sirios” or the “Company”) is pleased to announce the commencement of its Phase 1 drill program at the Cheechoo gold project, located in Québec’s Eeyou Istchee James Bay territory. 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.
The Phase 1 program will consist of 2,000 to 3,000 meters of diamond drilling. Phase 2 will be of greater scope and will be carried out during the winter of 2025.
Phase 1 will focus on delineating and expanding high-grade zones in the eastern part of the Cheechoo gold deposit (figure 1). Phase 2 will expand drilling to the western part of the deposit, including the high-grade Eclipse zone.
Figure 1: Location of the planned drill collars (in blue) for phase 1 (Nov.-Dec. 2024) of the drilling program.
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 (see Table 1).
Table 1: Selection of high-grade gold intercepts
| Au (g/t) | Length (m) | From (m) | To (m) | Drill hole |
| 30.1 | 8.0 | 317.2 | 325.2 | CH17-112 |
| 30.4 | 7.1 | 130.5 | 137.6 | CH16-052 |
| 9.5 | 16.8 | 132.5 | 149.3 | CH16-041 |
| 21.5 | 7.0 | 74.0 | 81.0 | CH16-035 |
| 8.8 | 16.3 | 21.1 | 37.4 | CH21-280 |
| 31.3 | 4.6 | 162.3 | 166.9 | CH21-295 |
| 65.1 | 2.1 | 99.5 | 101.6 | CH17-095 |
| 9.7 | 14.0 | 125.0 | 139.0 | CH17-112 |
| 27.5 | 4.8 | 82.2 | 87.0 | CH19-245 |
| 41.3 | 3.1 | 17.5 | 20.6 | CHRN17-213 |
| 13.8 | 9.0 | 270.5 | 279.5 | CH20-265 |
| 15.8 | 7.4 | 110.0 | 117.4 | CH21-285 |
| 26.6 | 4.3 | 115.5 | 119.9 | CH15-020 |
| 55.7 | 2.0 | 64.0 | 66.0 | CH19-202 |
| 12.2 | 9.1 | 85.0 | 94.1 | CH18-191 |
| 21.2 | 5.2 | 562.5 | 567.7 | CH17-108 |
| 11.3 | 9.5 | 38.0 | 47.5 | CH15-028 |
| 22.7 | 4.6 | 213.9 | 218.5 | CH20-266 |
| 15.3 | 6.8 | 336.0 | 342.8 | CH19-240 |
| 12.9 | 8.0 | 294.0 | 302.0 | CH17-132 |
| 26.4 | 3.9 | 143.6 | 147.5 | CH18-184 |
| 28.4 | 3.6 | 62.5 | 66.1 | CH16-086 |
| 34.1 | 3.0 | 425.0 | 428.0 | CH17-098 |
| 50.5 | 2.0 | 77.5 | 79.5 | CH19-201 |
| 24.0 | 4.2 | 32.0 | 36.2 | CH16-079 |
| 10.0 | 9.9 | 57.6 | 67.5 | CH18-182 |
| 17.1 | 5.8 | 228.1 | 233.9 | CH17-125 |
| 7.0 | 13.8 | 19.1 | 32.9 | CH21-279 |
| 11.7 | 8.0 | 105.0 | 113.0 | CHRC21-002 |
| 37.3 | 2.5 | 440.7 | 443.2 | CH18-125E |
| 18.8 | 4.9 | 202.5 | 207.4 | CH18-183 |
| 24.0 | 3.8 | 152.0 | 155.8 | CH17-134 |
| 28.3 | 3.2 | 59.1 | 62.3 | CH18-159 |
| 18.9 | 4.6 | 59.5 | 64.1 | CH15-020 |
| 17.5 | 4.9 | 253.0 | 257.9 | CH24-305 |
| 5.2 | 16.2 | 174.9 | 191.1 | CH15-024 |
| 11.8 | 7.0 | 121.5 | 128.5 | CH18-191 |
| 34.2 | 2.4 | 90.0 | 92.4 | CH18-163 |
| 37.1 | 2.2 | 91.8 | 94.0 | CH18-161 |
| 16.2 | 5.0 | 280.5 | 285.5 | CH20-258 |
| 15.8 | 5.0 | 261.0 | 266.0 | CH16-058E |
| 9.6 | 8.2 | 221.3 | 229.5 | CH17-139 |
| 27.8 | 2.8 | 156.6 | 159.4 | CH17-112 |
| 17.0 | 4.5 | 25.8 | 30.3 | CH19-199 |
| 18.0 | 4.2 | 104.8 | 109.0 | CH21-283 |
| 18.8 | 4.0 | 117.5 | 121.5 | CH16-088 |
| 11.8 | 6.3 | 130.0 | 136.3 | CH16-088 |
| 13.1 | 5.5 | 96.1 | 101.6 | CH18-176 |
| 12.8 | 5.5 | 138.5 | 144.0 | CH14-017 |
| 5.0 | 14.1 | 322.6 | 336.7 | CH18-181 |
| 3.4 | 19.7 | 258.1 | 277.8 | CH17-122 |
| 30.1 | 2.2 | 125.8 | 128.0 | CH17-124 |
| 25.6 | 2.4 | 36.8 | 39.2 | CH18-192 |
| 13.1 | 4.6 | 107.3 | 111.9 | CH16-065 |
| 30.2 | 2.0 | 137.5 | 139.5 | CH19-204 |
| 15.1 | 4.0 | 325.0 | 329.0 | CH17-111 |
| 18.7 | 3.2 | 232.0 | 235.2 | CH21-288 |
| 14.7 | 3.9 | 55.0 | 58.9 | CH15-026 |
| 24.8 | 2.3 | 189.2 | 191.5 | CH21-296 |
| 18.9 | 3.0 | 123.0 | 126.0 | CH18-196 |
| 22.9 | 2.4 | 7.3 | 9.7 | CH17-119 |
| 14.7 | 3.7 | 137.0 | 140.7 | CH17-128 |
| 12.8 | 4.2 | 82.7 | 86.9 | CH16-054 |
| 21.3 | 2.5 | 323.0 | 325.5 | CH17-109 |
| 25.8 | 2.0 | 44.7 | 46.7 | CH17-099 |
| 9.0 | 5.6 | 213.5 | 219.0 | CH13-010 |
| 13.7 | 3.6 | 37.3 | 40.9 | CH18-182 |
| 10.6 | 4.5 | 214.0 | 218.5 | CH17-128 |
| 6.3 | 7.5 | 152.5 | 160.0 | CH17-123 |
| 7.8 | 6.0 | 134.5 | 140.5 | CH17-098 |
| 16.1 | 2.5 | 173.4 | 175.9 | CH21-274 |
| 7.7 | 4.7 | 278.1 | 282.8 | CH17-108 |
| 5.4 | 6.7 | 58.3 | 65.0 | CH19-221 |
| 7.1 | 5.0 | 111.0 | 116.0 | CH15-024 |
| 13.3 | 2.5 | 130.6 | 133.1 | CH14-018 |
| 7.1 | 4.4 | 305.6 | 310.0 | CH17-111 |
| 9.8 | 3.0 | 367.0 | 370.0 | CH16-062 |
| 11.0 | 2.6 | 25.5 | 28.1 | CH17-112 |
Grade capped at 100 g/t Au. Lengths along drill hole.
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.
Learn more about Cheechoo at sirios.com/en/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 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 visit our newly redesigned website at www.sirios.com or contact:
Dominique Doucet, CEO
450-482-0603
[email protected]
www.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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/baf6ea42-75ae-4726-ad4d-8adbca16d632
