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- GlobeNewswire
Sirios announces a significant increase in its resource estimate for the Cheechoo gold project
Figure 1 Plan view. The black-outlined conceptual pit contains the first resource estimate of 1.6 M oz of gold. The green-outlined grey conceptual pit contains the new resource estimate of 1.96 M oz of gold.MONTREAL, Nov. 17, 2020 (GLOBE NEWSWIRE) -- Management of SIRIOS RESOURCES INC. (TSX-V: SOI) is pleased to announce the updated resource estimate for the Cheechoo gold property, 100% owned by Sirios, located in Eeyou Istchee James Bay, Quebec. Following last winter's drilling campaign totaling 5,237 m, an updated resource estimate added an additional 355,000 ounces of gold to its initial resource estimate, representing an increase of 22%. The new resource estimate (Table 1) for this open-pit model includes an inferred resource of 1.96 million ounces of gold, contained in 93.0 million tonnes at an average grade of 0.65 grams of gold per tonne.Table 1: Conceptual pit-constrained Inferred Mineral Resource Estimate using a 0.25 g/t Au cut-off for the Cheechoo Project ClassificationTonnage Grade Ounces (Mt) Au (g/t) Au (oz) Inferred93.0 0.65 1,955,000 This resource estimate update, located entirely within the limits of the Sirios property, is presented at different cut-off grades in Table 2, which the content is for guidance only and should not be interpreted as NI 43-101 approved, and therefore not to be relied upon.Dominique Doucet, President and CEO of Sirios, states: "We are very pleased with the updated mineral resource estimate on Cheechoo. With relatively little drilling and at a low cost, we have significantly increased the size of the mineral resource on the property, demonstrating that the project improves every time work is carried out. The Cheechoo project has additional favorable characteristics including, among others, excellent gold recovery, a very low stripping ratio, (1.1), proximity to existing infrastructure, as well as excellent exploration potential. We are very confident that future work will continue to increase the value of the project."Table 2: Cheechoo Project cut-off grade sensitivity table Cut-off Grade Au (g/t) Tonnage Grade Ounces (Mt) Au (g/t) Au (oz) 0.50 40.4 1.04 1,357,000 0.40 55.1 0.88 1,568,000 0.30 77.9 0.73 1,822,000 0.25 93.0 0.65 1,955,000 0.20 110.2 0.59 2,079,000 Figure 1 Plan view. The black-outlined conceptual pit contains the first resource estimate of 1.6 M oz of gold. The green-outlined grey conceptual pit contains the new resource estimate of 1.96 M oz of gold is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4e276542-e78e-47e8-a4b6-5887280bfc8c The mineral resource estimate was been prepared by consulting firm BBA Inc. in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards incorporated by reference in National Instrument 43-101 (“NI 43-101”). The estimate is based on data from 295 diamond drill holes totaling 67,652 metres and 385 channel samples totalling 3,214.88 metres which were completed by Sirios between 2012 and April 2020. The full technical report will be available on SEDAR (www.sedar.com) under the Corporation’s issuer profile within 45 days. The effective date of the current mineral resource estimate is October 31, 2020.In addition to the resources mentioned above, there is significant potential to increase the mineral resource on the Cheechoo property, should an agreement be reached with the owners of the neighboring property allowing the company to gain access to this material.Notes to the MRE Table: 1. The independent qualified person for the 2020 MRE, as defined by NI 43-101 guidelines, is Pierre-Luc Richard, P. Geo., of BBA Inc. The effective date of the estimate is October 31, 2020. 2. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported Inferred resources in this MRE are uncertain in nature and there has been insufficient exploration to define these resources as Indicated or Measured; however, it is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. 3. Resources are presented as undiluted and in situ for an open-pit scenario and are considered to have reasonable prospects for economic extraction. Although calculated cut-off grades range from 0.25 to 0.26g/t, a cut-off grade of 0.25 g/t Au was used for the MRE. The pit optimization was done using Deswik Mining Software Version 2019.4.514. The constraining pit shell was developed using pit slopes of 45 to 50 degrees in hard rock and 26 degrees in overburden. The cut-off grade and pit optimization was calculated using the following parameters (amongst others): Gold price = USD 1,450, CAD:USD exchange rate = 1.32, Hard Rock Mining cost = $2.60/t mined with incremental bench costs of 0.05$ per 10m bench, Overburden Mining Cost = $3.50/t mined, Mining Recovery = 95%,Mining dilution = 5% at 0g/t Au, Metallurgical Recovery varying from 85% to 88%, Processing cost = $10.00/t processed, G&A = $2.94/t processed, Royalty of 3%, Refining and Transportation cost = $5.00/oz. The conceptual pit-constrained resource has a 1.1:1 stripping ratio. The cut-off grade will be re-evaluated in light of future prevailing market conditions and costs. 4. The MRE was prepared using Geovia® GEMS 6.8.3 and is based on 295 surface drillholes and 385 surface channel samples, with a total of 50,896 assays. The resource database was validated before proceeding to the resource estimation. Grade model resource estimation was calculated from drillhole data using an OK interpolation method in a block model using blocks measuring 10 m x 10 m x 10 m in size. The cut-off date for drillhole database was August 11, 2020. 5. The model comprises 37 mineralized zones (which have a minimum thickness of 3 m), five lithological units and one low-grade mineralized body mostly included in the tonalite intrusive unit, each defined by drillholes intercepts. 6. High-grade capping was done on the composited assay data and established on a per unit basis. Capping grades used vary from 5 g/t to 80 g/t Au and the use of restricted search ellipsoids was also used. A value of zero grade was applied in cases of core not assayed. 7. Fixed density values were established on a per unit basis, corresponding to the median of the SG data of each unit ranging from 2.65 t/m³ to 2.71 t/m³. A fixed density of 2.00 t/m³ was assigned to the overburden. 8. The MRE presented herein is categorized as an Inferred resource. The Inferred mineral resource category is defined for blocks that are informed by a minimum of two drillholes where drill spacing is less than 100 m for the mineralized intrusive-related mineralization. Where needed, some materials have been either upgraded or downgraded to avoid isolated blocks. 9. The number of metric tons (tonnes) and ounces were rounded to the nearest hundred thousand and nearest thousand respectively. 10. CIM definitions and guidelines for Mineral Resource Estimates have been followed. 11. The author is not aware of any known environmental, permitting, legal, title-related, taxation, sociopolitical or marketing issues, or any other relevant issues not reported in this Technical Report that could materially affect the Mineral Resource Estimate. The scientific and technical content of this press release has been reviewed and approved by Mr. Dominique Doucet, P.Eng. President and CEO of Sirios Resources Inc. and Mr. Jordi Turcotte, P. Geo. Senior Geologist who are “Qualified Persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).About Cheechoo PropertySirios’ 100% owned Cheechoo property is located in the Eeyou Istchee James Bay region of Quebec, approximately 800 km north of Montreal, 200 km east of Wemindji and less than 10 km from Newmont’s Eleonore gold mine.About SiriosPioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec, Canada. Sirios focuses its work mainly on its Cheechoo gold discovery, while actively exploring the high auriferous potential of its other properties.Cautionary note regarding forward-looking informationThis 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 October 31, 2020. 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, President, Eng. Tel: (514) 918-2867 ddoucet@sirios.com website: www.sirios.com
- GlobeNewswire
Sirios Resources Inc. to Webcast Live at VirtualInvestorConferences.com, on October 6th
Sirios Resources Inc. invites individual and institutional investors, as well as advisors and analysts, to attend real-time, interactive presentations on VirtualInvestorConferences.comMONTREAL, Oct. 02, 2020 (GLOBE NEWSWIRE) -- SIRIOS RESOURCES INC. (TSX-V: SOI), based in Montreal, focused on mining exploration gold projects in Eeyou Istchee James Bay, Quebec, with its flagship project Cheechoo, announces today that Dominique Doucet, CEO and founder, will present live at Virtual Investor Conferences on October 6th. Date: Tuesday, October 6th Time: 11:30 a.m. Link: https://bit.ly/32NlcklThis will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event. It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.Learn more about the event at www.virtualinvestorconferences.com.Recently, Sirios Resources announced the remaining assay results of the drilling campaign completed in March on the Cheechoo gold property at Eeyou Istchee James Bay, Quebec. The results, just like the previous ones, are promising: 10.3 g/t Au over 12.1 m and 19.5 g/t Au over 7.5 m outside of the resources estimate at Cheechoo. The first resource estimate of the Cheechoo project, published in December 2019 and based on an open-pit model, resulted in an inferred resource of 1.6 million ounces of gold hosted in 71.0 million tonnes, at an average grade of 0.69 grams of gold per tonne, with a waste to ore strip ratio of 1.1: 1. All Cheechoo press releases can be consulted here.About Sirios Resources Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec, Canada. Sirios focuses mainly on its Cheechoo gold discovery while actively exploring the auriferous potential of its other properties.About the Cheechoo property Sirios’ 100% owned Cheechoo property is located in the Eeyou Istchee James Bay region of Quebec, approximately 800 km north of Montreal, 200 km east of Wemindji and less than 10 km from Newmont’s Éléonore gold mine. The property contains the Cheechoo deposit with its maiden NI43-101 resource estimate of 1.6 million ounces gold with a strong potential of increase.About Virtual Investor Conferences® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly-traded companies to meet and present directly with investors. A real-time solution for investor engagement, Virtual Investor Conferences is part of OTC Market Group's suite of investor relations services specifically designed for more efficient Investor Access. Replicating the look and feel of on-site investor conferences, Virtual Investor Conferences combine leading-edge conferencing and investor communications capabilities with a comprehensive global investor audience network.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.CONTACTS: Sirios Resources Dominique Doucet CEO and Founder (514) 918-2867 ddoucet@sirios.comVirtual Investor Conferences John M. Viglotti SVP Corporate Services, Investor Access OTC Markets Group (212) 220-2221 johnv@otcmarkets.com
- GlobeNewswire
Sirios intersects 10.3 g/t Au over 2.9 m on the Aquilon gold property, Eeyou Istchee James Bay, Quebec, Canada
Location of drill holes of Aquilon 2020 Location of drill holes of Aquilon 2020 AQ20-105 AQ20-105 AQ20-108 AQ20-108MONTREAL, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Management of SIRIOS RESOURCES INC. (TSX-V: SOI) is pleased to announce assay results from the seven drill holes completed last July on the Aquilon gold property at Eeyou Istchee James Bay, Quebec. More than thirty high-grade surface gold showings occur on this property, including some with spectacular gold grades (ref.: 12/02/2014; 01/01/2011; 06/26/2008 Press Releases). Numerous shallow drill holes were completed on the property over the years (205 holes totaling 12,247 m), with the majority of this work concentrated on four of the showings when the project was managed by its partners. Sirios reacquired full ownership of Aquilon in 2016, at which point they initiated and continue to revise the exploration strategy on this property, which is ranked internally as having an excellent discovery potential. Moman / Fleur de lys Area Drill hole 108 intersected 4.65 g/t Au over 6.9 m, including 10.3 g/t Au over 2.9 m, extending the Moman showing for more than 175 m laterally to the area of the Fleur de lys showing. This drill hole allows for the first time to spatially connect these two showings, each composed of a main high-grade gold vein and gold halos encompassing others veins and veinlets. An intercept of 4.36 g/t Au over 1.2 m in hole 105, is related to a zone located approximately 15 meters above the Moman vein.Lingo Area The Lingo-3 West Vein with visible gold was intersected at depth by drill hole 106, which assayed 1.43 g/t Au over 1 m. This extends the vein by 60 m, for a total length of approximately 300 metres down plunge from surface along the mineralization axis.Other exploration targets In addition to lode-type mineralization (quartz veins) intersected in the Moman/Fleur de lys and Lingo showing areas, gold mineralization was also associated with semi-massive to disseminated sulphides, similar to the surface SLD showing, and observed in drill hole 109. The drill hole intersected an interval of disseminated sulphides which assayed 4.63 g/t Au over 1 m, as well as another anomalous zone of 0.16 g/t Au over 21.4 m hosted in a tonalite containing less than 5% of disseminated sulphides (pyrite, pyrrhotite).The compilation of historical data, with results of the new drill holes, shows that the vein-type gold mineralization is persistent along a 30-degree dip to the north-northeast with frequent occurrence of visible gold. Drill hole 108 defines a significant lateral extension of the Moman showing outside of the high-grade shoot (cylindrical shape) that had previously been followed for over 100 metres along its plunge trend."We are very encouraged by these results, with only a few drill holes we were able to, for the first time on Aquilon, connect two high-grade gold showings laterally over a significant distance of more than 175 m. The results more than warrant further exploration efforts on this property, including additional drill holes to confirm both the lateral and depth continuity of these showings. Furthermore, the presence of gold mineralization associated with disseminated sulphides, close to a gold-rich hydrothermal system, demonstrates the additional potential to discover a deposit associated with sulphides bearing volcano-plutonic rocks." states Dominique Doucet, founder and President of Sirios.Next steps The results of this drilling campaign have improved our understanding of the gold mineralization model. Compilation work continues with reinterpretation of the historical data, supplemented by the new drilling results, in order to generate new exploration targets. In addition, 643 soil samples (humus) collected this summer in the central area of the property are currently being assayed. The results of this survey could develop new targets.Finally, the seven drill holes of this campaign, totaling 1,414 metres, was the first phase of a larger 10,000-metre program that could be completed in the future.AQUILON – 2020 SIGNIFICANT DIAMOND DRILLING RESULTSDrill Hole AQ20-AreaFromToLength (m)*Grade (g/t Au)Interpretation 105Moman115.0120.05.01.19Zone above the Moman vein incl. 115.8117.01.24.36 224.8227.22.41.21Zone below the Moman vein 106Lingo77.481.44.00.86Extension of the Lingo-2 vein 125.0126.01.0**1.43Extension of the Lingo-3 West vein 108Fleur-de-lys82.589.46.94.65Extension of the Moman zone to Fleur de lys incl. 86.589.42.9**10.30 109SLD31.332.31.04.63Gold mineralization in disseminated sulphides 78.599.921.40.16Anomalous gold zone associated with disseminated sulphides * Length of the drill hole, true width not determined ** Visible gold observed. Drill holes 107, 110 et 111 did not yield significant results. A table of collar coordinates is available at the following link: www.sirios.com/aquilon-bd-coordinates-drilled-20200922Assay quality controlAll drill core was logged and split in half by Sirios personnel on the Aquilon property. One half of the drill core was then sent to a certified commercial laboratory in the Rouyn-Noranda region for assaying and other half kept for future reference. A strict QA/QC program is in place by integrating blanks and certified reference standards to the core sample sequence. The samples were assayed for gold by fire assay with an atomic absorption finish by Actlabs. Samples assaying greater than 2 g/t Au, as well as drill core samples with visible gold, were assayed by fire assay with metallic sieve on a 1 kg sample.About Aquilon The Aquilon property, 100% owned by Sirios, contains 140 claims covering close to 70 km2. It is located approximately 490km east of Radisson and is easily accessible year-round by road, via the Trans- Taïga highway crossing the Eeyou Istchee James Bay region. Diamond drilling on the property is optimal during winter months due to the swampy areas. More information on the property is available at the following link: https://sirios.com/en/aquilon/.About Sirios Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Quebec, Canada. Sirios focuses mainly on its Cheechoo gold discovery while actively exploring the auriferous potential of its other properties.Roger Moar, P.Geo., and Dominique Doucet, P. Eng., Qualified Persons pursuant to National Instrument 43-101, prepared and verified the technical information of this press release, as well as reviewed the final text.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.To contact us: Sirios Resources Inc.Dominique Doucet, Eng., President, CEO ddoucet@sirios.com Tel.: (514) 918-2867Maps accompanying this announcement are available at:https://www.globenewswire.com/NewsRoom/AttachmentNg/6bda9eb6-0228-4082-a59c-c83955a379echttps://www.globenewswire.com/NewsRoom/AttachmentNg/801f4d63-7c7c-4bf0-b64f-e84925639162https://www.globenewswire.com/NewsRoom/AttachmentNg/17890493-49ef-41e3-9bcc-f772a5d745ab
