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MONTREAL , April 20, 2021 (GLOBE NEWSWIRE) -- The management of Sirios Resources Inc. (TSXV: SOI) is pleased to announce the signing of a diamond drilling contract with Synee Drilling Inc. to carry out a minimum of 2,500 metre, to commence this summer on the Cheechoo gold property in Eeyou Istchee James Bay, Quebec. The drilling program will test mainly gold exploration targets located outside the Cheechoo deposit as well as its extension at depth. This drilling will be carried out in addition to the recently announced 7,500 metre infill reverse circulation (RC) program.
The objective of this summer's reverse circulation drilling program will be to better define the Cheechoo deposit and subsequently initiate a new resource estimate update (starting in 2022). This update is expected to convert a significant amount of the inferred resources to indicated resources. Improving the classification of the project's gold resources will allow us to improve the market valuation of the Cheechoo deposit, as well as taking the project to a more advanced stage by completing a Preliminary Economic Assessment (PEA).
Increase in the trading volume of Sirios on the TSX-V
Sirios' management wishes to inform its shareholders that all activities of the company are proceeding normally and that there is no known reason for the recent increase in trading volume on the stock exchange. The high volumes could be related to the end of the escrowed period on the flow-through shares issued in the last financing of Sirios.
The scientific and technical content of this press release has been reviewed and approved by Dominique Doucet, P.Eng, President and CEO of Sirios Resources Inc. and Jordi Turcotte, P.Geo.
About Synee Drilling Inc.
Synee Drilling Inc., is a drilling services company owned 51% by Tawich Development Corporation (TDC) of Wemindji and 49% by Machines Roger International of Val-d’Or.
About the Cheechoo Property
The Cheechoo gold property, wholly-owned by Sirios, is located in Eeyou Istchee James Bay, Quebec, less than 9 km from Newmont’s Eleonore gold mine. The latest resource estimate for the Cheechoo project (October 2020) estimated an inferred resource of 2.0 million ounces of gold contained in 93.0 million tonnes of rock at an average grade of 0.65 g/t Au, with significant potential to increase this resource.1
A pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay, Quebec, Canada. Sirios Resources Inc. is primarily focused on its Cheechoo gold discovery while actively exploring the high gold potential of its other properties.
Neither 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.
1 BBA, Mineral Resource Estimate Update for The Cheechoo Project, 31/10/2020