MONTREAL, Feb. 11, 2020 (GLOBE NEWSWIRE) -- 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.com
Tel.: (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