MONTRÉAL, Jan. 15, 2025 (GLOBE NEWSWIRE) -- Sirios Resources Inc. (TSX-V: SOI; OTCQB: SIREF) (“Sirios” or the “Company”) is pleased to announce the results of the last two drill holes from Phase 1 of its Fall–Winter 2024–25 drilling program targeting depth extensions of gold mineralization at the Cheechoo project in Eeyou Istchee James Bay, Quebec. As with the first two drill holes of the program (ref.: press release 12/16/2024), gold mineralization was intercepted in holes #319 and #320 at the locations anticipated by Sirios' geological team. Following these results, drilling resumed this week including, in addition to new holes, the deepening of drill holes #317 and #319 by 100 m and 50 m, respectively.
MAIN RESULTS FROM DRILL HOLES 319 AND 320
DDH CH24-
From (m)
To (m)
Au (g/t)
Length (m)
319 EOH** : 402.0m
33.0
46.0
1.69
13.0
Incl. 36.8
39.8
6.26
3.0
Incl. 38.8
39.8
*14.94
1.0
219.1
233.5
0.76
14.4
248.0
252.4
2.88
4.4
Incl. 249.7
251.0
*8.81
1.3
364.8
375.0
0.89
10.2
378.9
395.4
2.16
16.5
Incl. 390.9
393.9
9.84
3.0
Incl. 392.9
393.9
*26.41
1.0
320 EOH: 683.5m
232.5
266.6
0.72
34.1
371.5
389.6
1.81
18.1
Incl. 382.7
383.7
*20.93
1.0
406.5
441.8
1.03
35.3
Incl. 415.1
416.1
*19.78
1.0
501.7
504.0
3.65
2.3
552.9
558.6
7.46
5.7
Incl. 554
555.0
*40.70
1.0
597.5
628.0
0.69
30.5
665.0
683.5
0.55
18.5
Interval lengths are measured along the holes and do not necessarily equate to true thickness. *Visible Gold. ** EOH : End Of Hole.
Dominique Doucet, President and CEO of Sirios Resources, stated: “We are very pleased with the assay results from this first phase and to resume drilling. As expected, all four drill holes intersected high-grade gold at depths below the conceptual pit used to delineate current resources. The results continue to increase our confidence in the distribution of gold grade, both in the enriched zones at depth and in the lower-grade halo. We are confident that the drilling from recent weeks, as well as the drilling we are about to carry out, will create additional value for the Cheechoo project by adding underground mining potential, which has never been evaluated until now, to the open-pit potential.”
Location of drill holes CH24-317 to CH24-320.
Figure 1: Location of drill holes CH24-317 to CH24-320.
Phase 1 of the Fall–Winter 2024–25 Drilling
Holes #319 and #320 completed phase 1 of the Fall-Winter 2024-25 program for a total of 1,882 meters. The deepening of drill hole #317 is ongoing, to be followed by the drilling of phase 2 targets as well as the deepening of #319.
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. 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. 12/23/2022
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.
Analytical quality control The drill core was described and sampled by Sirios staff at the Cheechoo exploration camp. The core was sawn into two halves, one sent to a certified commercial laboratory for analysis, and the other retained for future reference. Following a strict analytical quality assurance and control program, blanks and certified reference materials were integrated into the sampling sequence. Samples were assayed for gold, on approximately 500g of crushed material, with the Photon AssayTM method (PAAU02) at the MSALABS laboratory located in Val-d'Or. Samples with the presence of visible gold were assayed using the entire sample material with the Photon AssayTM method. A whole-rock geochemical analysis was also performed by ICP-MS and ICP-OES on most of the samples.
The scientific and technical information contained in this press release has been reviewed and approved by Dominique Doucet P. Eng., who is a Qualified Person 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.
