MONTREAL, Aug. 31, 2023 (GLOBE NEWSWIRE) — Management of Sirios Resources Inc. (TSX-V: SOI) is pleased to announce it is resuming exploration work in the Eeyou Istchee James Bay region. The Sirios exploration team is currently pursuing work on the Aquilon gold property in partnership with Sumitomo Metal Mining Canada Ltd. (Sumitomo). Mapping and rock sampling on a series of trenches; a property-wide soil geochemical survey; a structural study; and borehole and drone geophysical surveys will be undertaken in the coming weeks.
An airborne LiDAR survey was completed last June over the entire property (67.4 km2). This survey is in addition to large-scale geochemical till sampling, approximately 40-line km of Induced Polarization (IP) ground geophysical survey, and twelve mechanically excavated trenches completed last March.
The current exploration program is financed by Sumitomo, with Sirios as operator. Sumitomo has the option to earn an 80% interest in the Aquilon project by making an investment of $14.8 million (ref. press release of 12/19/2022).
One-year extension to the validity of mining claims in regions affected by forest fires
Management of Sirios wishes to express its great appreciation for the exceptional measure recently undertaken by the Quebec Ministry of Natural Resources and Forestry, which adds 12 months to the current expiry date of an eligible claim. Eligible claims are mainly those acquired before January 1, 2022 and located in territories affected by extended forest access and circulation bans due to forest fires (ref.: https://mrnf.gouv.qc.ca/en/mines/mining-rights/directives-notices/notices-2023/). This measure affects 876 claims held by Sirios covering 451 km2 in Eeyou Istchee Baie James.
About the Aquilon Project
The Aquilon gold property consists of 140 mineral claims covering an area of 68 km2. It is located in Eeyou Istchee James Bay, Quebec, 10 km south of the Laforge-1 hydroelectric power station and is easily accessible by all-season roads. To date, 32 gold showings have been discovered on the property. Drill intercepts on the Aquilon project are among the highest gold grades reported in Quebec (source: Sigeom), which includes 12,906.5 g/t Au over 0.2 m (Lingo showing), 3,527.4 g/t Au over 0.4 m (Moman showing) and 133.67 g/t Au over 0.8 m (Fleur-de-Lys showing) (ref. press releases of 26/06/2008 and 19/01/2011). More information is available on the recently updated Aquilon Project web page at sirios.com/en/our-projects/aquilon.
Roger Moar, P.Geo. and Dominique Doucet, P.Eng. qualified persons under NI 43-101 prepared and verified the technical information in this press release and reviewed the final version of the text.
Sirios Resources is a Canadian-based mining exploration company focused on developing its portfolio of high-potential gold and lithium properties in the Eeyou Istchee James Bay region of Quebec.
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.
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