MONTREAL, Sept. 21, 2022 (GLOBE NEWSWIRE) — In a release issued under the same headline today, September 21st by Sirios Resources Inc. (TSX-V: SOI), please note that the map was incorrect and has been replaced. The corrected release follows:
The management of Sirios Resources Inc. (TSX-V: SOI) is pleased to announce an update on the work recently completed on its Cheechoo gold property.
Mechanical stripping and channel sampling
Following the prospecting program completed earlier this summer, three outcrops (figure 1) were mechanical stripped and channel sampled in the area of the metasediments, to the east of the conceptual pit of the Cheechoo gold deposit. A total of 218 samples from 216 meters of channels were sent to the ALS laboratory in Val-d’Or for gold assaying.
In this area, metasediments favorable to gold mineralization extend from the tonalite hosting the Cheechoo gold deposit to more than 500 meters to the east.
Mineral Resource Estimate Update
The mineral resource estimate update continues as planned. One of the main objectives of this update is to define, for the first time, indicated resources for the Cheechoo gold deposit. This conversion from inferred to indicated resources will increase the robustness of the Preliminary Economic Study (PEA) that will be carried out thereafter.
1-kg Reanalysis program
Following the completion of the reanalysis program, a total of 2,626 1-kg sub-samples were re-assayed at the Actlabs and AGAT laboratories. The reanalysis results show an overall increase of approximately 4% in the gold grade compared to the assays carried out previously on 50 g aliquots of the samples (table 1). These 1-kg samples are considered more representative of the gold mineralization. Therefore, in addition to indicating an increase in the average gold grade, this large number of re-assays increases the confidence in the control of the gold grade of the Cheechoo deposit.
Samples re-assayed as part of this program will be incorporated into the ongoing mineral resource update.
|Comparison of all 50 g assays and 1-kg re-assays|
|50 g (g/t Au)||1 kg (g/t Au)||1 kg/50 g|
|1 kg/50 g Average Difference1||+ 12%|
|Number of samples||2,626|
Table 1: Overall final results of the 1-kg reanalysis program.
Assay quality control
For the re-assay program, 1-kg aliquots of reject material were taken from previous core samples and assayed using the “LeachWELL™” method at the AGAT laboratory and using the “metallic sieve” method at the Actlabs laboratory.
Following a strict QA/QC program, blanks and certified reference materials were integrated into the sampling sequence. Special certified reference materials (Assay Pills) were used to ensure adequate quality control of the assays on 1 kg of material.
About the Cheechoo Property
The Cheechoo gold property is 100% owned by Sirios and consists of 225 claims covering an area of 118 km2, divided into three non-contiguous blocks. It is located in Eeyou Istchee James Bay, Quebec, less than 9 km from Newmont’s Eleonore gold mine and is easily accessible by all-season roads. The project’s most recent resource estimate (October 2020) delineated inferred resources of 2.0 million ounces of gold contained in 93.0 million tonnes at 0.65 g/t Au, with significant potential to increase this resource (BBA, P-L. Richard, P. Geo.; J. Torrealba, P. Eng.; D. Evangelista, P. Eng., NI 43-101 Technical Report, Mineral Resource Estimate Update for The Cheechoo Project, 31/10/2020).
The scientific and technical content of this press release has been reviewed and approved by Jordi Turcotte, P.Geo. and Guillaume Doucet, P.Geo., both qualified persons under National Instrument 43-101.
A pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay in Quebec, Canada, Sirios Resources inc. is focused primarily on its Cheechoo gold discovery while actively exploring the high gold potential of its other properties.
Cautionary Note Regarding Forward-Looking Statements
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.
1 Average of all the differences in grade between the assays on 1 kg divided by the assays on 50 g.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cb0baf2e-f960-4170-b60c-1d9aa0845a8f