Sirios files the 43-101 report of the resources estimate for the Cheechoo gold project in Quebec
TSX-V : SOI January 28, 2020
Sirios files the 43-101 report of the resources estimate for the
Cheechoo gold project in Quebec
Montreal (Quebec) – Management of Sirios Resources Inc. (TSXV: SOI) ("The Company") is
pleased to announce that Sirios has filed on SEDAR the technical report titled "Mineral Resource
Estimate for the Cheechoo Project Eeyou Istchee James Bay, Québec, Canada", with an effective
date of December 6, 2019. The report, conform to the NI 43- 101 standards and completed by the
company BBA Inc., includes the resource estimate of the Cheechoo gold project, located at
Eeyou Istchee James Bay at Quebec.
The report recommends a first phase of follow-up work on the property which includes:
- A 5,000 metres drilling program to test the potential extension of the resources toward
the west
- Continuation of metallurgical tests including, among others, heap leach test work using
intermittent bottle rolls and columns
- A preliminary economic assessment (PEA).
The report indicated that, based on an open- pit constrained model, the inferred resources are
estimated at 1.6 million gold ounces (Moz) contained in 71.0 million tonnes (Mt) with an
average grade of 0.69 grams of gold per tonne (g/t Au) (figure 1 and 2) . I n addition, it is
mentioned that there is a significant potential to increase the mineral resources by 25% ounces
of gold delineated on the Cheechoo property but require an agreement with the neighbouring
property to access this material. More details are given on this subject in the report. A cut -off
grade of 0.30 g/t Au was used for this mineral resource estimate. The cut -off grade and the
optimization of the potential pit were calculated using a gold price of 1,300 USD yielding a strip
ratio of 1.1 :1 for the conceptual model of the pit. The reader is asked to refer to the press release
of December 11, 2019 and to the complete 43- 101 resource estimate report available on SEDAR
and on the website of Sirios.
Figure 1 Plan view. The grey-shaded pit contains the maiden resource estimation of 1.6 Moz of gold.
Figure 2 Section view. The grey-shaded pit contains the maiden resource estimation of 1.6 Moz of gold.
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 Resource s Inc. and Mr. Jordi Turcotte,
P. Geo. Senior Geologist who are “Qualified Persons” as defined by National Instrument 43-101.
About the Cheechoo Property
The Cheechoo Property located 9 km from the Eleonore gold mine of Newmont at Eeyou Istchee
James Bay, Quebec, is wholly owned by Sirios. The first resource estimate of the project (Dec
2019) delineated inferred resources of 1.6 million ounces of gold with a significant potential to
increase these resources.
About Sirios
Founded in 1995, Sirios Resources develops and explores its own mining exploration projects.
Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of
Quebec, Canada, over the years, Sirios is focusing on its flagship gold project Cheechoo, the
2016 discovery of the year in Quebec.
Cautionary note regarding forward-looking information
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 th ose 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; cha nges 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 SED AR 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
December 6, 2019. 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.
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Contact information :
Dominique Doucet, President, CEO, Eng.
Tel.: (514) 510-7961 Website: www.sirios.com