MONTREAL, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Management of SIRIOS RESOURCES INC. (TSX-V: SOI, OTCQB:SIREF) (“Sirios”) is pleased to announce the signing of an option agreement on the Maskwa property located in Eeyou Istchee James Bay in Quebec, with Hertz Lithium Inc. (“Hertz”) (CSE: HZ). Pursuant to the agreement, Sirios has agreed to grant Hertz the option to acquire up to a 100% interest in the lithium/gold property, following an investment totaling $2.55M as described below.
If the option is completed, Sirios will retain a 1.5% NSR royalty. In addition, Sirios will keep the right to buy back 100% of the mining rights on the non-critical minerals, which comprise among other metals, gold, silver and PGE (Platinum Group Elements) and tungsten, by paying back to Hertz its incurred exploration expenditures capped to a maximum of $2M.
Pursuant to the agreement, Hertz can earn 100 percent interest in Maskwa over three years by spending a total of $2.25 million in mineral exploration expenditures, by making a cash payment on or before the first anniversary of $100,000 plus $100,000 in cash or in shares plus $100,000 in cash on closing. In addition, Sirios will receive a payment of $250,000 either in cash or in shares upon the successful confirmation of drilling results indicating a lithium concentration of one percent (1%) Li2O or more over a minimum of twenty-five (25) metres.
About Sirios
Sirios is a Canadian mining exploration company focused on developing its portfolio of high-potential gold and lithium properties in the Eeyou Istchee James Bay region of Quebec.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, expectations and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in such forward-looking statements include, but are not limited to: the exercise of the options by Hertz, uncertainties related to the availability and cost of necessary financing in the future, changes in financial markets; delays in project development; other risks relating to the mineral exploration and development industry; and risks disclosed in public filings of the Company on SEDAR at www. sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this news release are reasonable, readers should not place undue reliance on this information, which speaks only as of the date of this news release, and there can be no assurance that such events will occur or occur within the time periods presented. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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:
Dominique Doucet, P.Eng., President and Chief Executive Officer
450-482-0603
info@sirios.com
Website: www.sirios.com
