Sirios Resources drills 22 metres of 4.9 g/t gold at Cheechoo, Quebec
Sirios Resources Inc. [SOI-TSXV; SIREF-OTC] reported assay results of the first 10 drill holes, totalling 1,888 metres, from the drilling campaign completed last September on the 100%-owned 320 km north of Matagami, Eeyou Istchee, James Bay, northern Quebec .
Significant drill results include 4.90 g/t gold over 22.0 metres, including 71.69 g/t gold over 1.0 metres (drill hole CH21-RC-02); 2.36 g/t gold over 22.5 metres, including 16.06 g/t gold over 2.5 metres (CH21-274); and 0.68 g/t gold over 6.5 metres, a new zone outside the Cheechoo deposit (CH21-269).
In addition to these results, holes CH21-RC-01, RC-02 and -271 to -274 confirmed the continuity of gold mineralization along the east-northeast edge of the Cheechoo tonalite, at the contact with the meta-sediments. This data will be useful in the upcoming resource estimate scheduled for 2022. This updated resource estimate is expected to include the conversion of a significant amount of Inferred Resources to Indicated Resources.
Hole CH21-268 demonstrated the presence of gold mineralization to a depth of over 700 metres along the tonalite/meta-sediment contact, highlighting the potential to expand the deposit at depth.
Drill hole CH21-269, which ended in gold mineralization, allows to connect, both laterally and at depth, intercepts previously found in holes -129 and -67. Thus, identifying a new gold bearing zone in a new geological setting (i.e., mineralization hosted within the meta-sediments), located outside the limits of the currently defined Cheechoo deposit. This area will require follow-up in the next drilling program.
| Dominique Doucet, President and CEO, stated, “I am very pleased with this first batch of drill results, which let us progress positively toward our goal of an updated mineral resources estimate.” |
The 2021 summer drill program included 34 NQ-size holes, for a total of 6,836 metres. Assay results for the remaining 24 holes are still pending. Once these results are received (Q2 2022), an update to the mineral resource estimate will be initiated. The primary objective of this new mineral resource estimate will be to convert Inferred resources into Indicated resources. This resource conversion would significantly increase the value of the Cheechoo deposit by increasing the confidence level in the resource definition. The upcoming mineral resource estimate will form the basis for a Preliminary Economic Assessment (PEA) of the deposit.
All of this work is part of the transition that the Cheechoo Project is undergoing, with the focus moving the project from exploration to development stage.
The Cheechoo gold property is less than 9 km from Newmont’s Eleonore gold mine. An October 2020 Inferred Resource estimate for the Cheechoo project is 2.0 million ounces of gold contained in 93.0 million tonnes averaging 0.65 g/t gold, with significant potential to increase this resource.