Sirios signs agreement with Exploration Dios in Azimut's Elmer gold discovery area
February 11 2020 - 9:00AM
Management of
Sirios Resources
Inc. (TSX-V: SOI) is pleased to announce
the signing of an agreement with Dios Exploration Inc. (TSX-V:
DOS), allowing it to obtain a 90% interest of Dios' Solo gold
property. This property is located approximately 13 km southwest of
the recent Patwon gold discovery and directly adjacent to Azimut
Exploration's Elmer property, in James Bay Eeyou Istchee, Quebec.
Sirios will take advantage of its upcoming airborne magnetic survey
on its nearby Niska property to survey the Solo claim block.
Fieldwork undertaken by former claim holders had
located gold in soil anomalies, as well as corresponding
geophysical (induced polarization) anomalies in a topographic
environment where bedrock exposures are non-existent. However,
these targets which can only be properly tested by drilling, have
never been verified.
Dominique Doucet, President and CEO of Sirios,
states: "We are very pleased to have been given the opportunity to
option and explore Dios' property. We have been interested in this
property for quite some time, as it contains excellent
ready-to-drill gold targets."
The agreement allows Sirios to obtain a 51%
interest in the property over a three-year period, with payments
totalling $125,000 and exploration work totalling $600,000. Once
the 51% interest is obtained, Sirios will have the option to
continue the exploration in a joint venture with Dios on a 51/49
basis or to increase its interest in the property to 90%. To
increase its interest Sirios will have to make payments totalling
$150,000 over an additional three year period, and complete a total
of 20,000 metres of drilling on the property. Sirios will have to
complete a minimum of 3,000 metres of drilling in each of these
three additional years. Dios could choose to convert its 10%
interest into a 2% Net Smelter Return (NSR) royalty, half of which
may be purchased by Sirios for 1M$, with a first right of refusal
for the remaining NSR.
The Solo property is located approximately 50 km
west of the 381 km relay station on the James Bay Highway,
connecting Matagami to Radisson in Eeyou Istchee James Bay, Quebec.
It consists of 10 claims covering 5 km2. It is located less than 20
km southwest of the Sirios’ Niska property and approximately 13 km
southwest of the recent Patwon discovery on Azimut's Elmer Gold
property, where drilling results yielded 3.15 g/t Au over 102.0 m,
including 10.1 g/t Au over 20.5 m (Press release of Azimut
01/14/2020).
This press release has been reviewed and
approved by Dominique Doucet, P.Eng. President and CEO of Sirios
Resources Inc. “Qualified Person” as defined by National Instrument
43-101.
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 focuses mainly
on its Cheechoo gold deposit while actively exploring the
auriferous potential of the Eeyou Istchee James Bay area in
Quebec.
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.
Contact information :Dominique
Doucet, President, CEO,
Eng.ddoucet@sirios.comTel.: (514)
510-7961 Website: www.sirios.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/48d86c4e-af98-4309-a844-d6fe4ad1fcdf
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