Business
Sirios Resources buys back a portion of a royalty on its Aquilon gold property
MONTREAL, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The management of Sirios Resources Inc. (TSX-V: SOI) is pleased to announce the repurchase of a significant portion
About this update from Sirios Resources, Inc.
[{"type":"text","content":" MONTREAL, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The management of Sirios Resources Inc. (TSX-V: SOI) is pleased to announce the repurchase of a significant portion of the royalty on the Aquilon property which had been granted during the strategic investment made by a private investor last January (ref. press releases of 01/17/2022 and 01/27/2022). In accordance with last January's agreement, Sirios recently paid the sum of $200,000 to buy back three-quarters of the 1% Net Smelter Return (“NSR”) royalty, which has therefore been reduced to 0.25%. Sirios had previously obtained a deadline extension for exercising the buyback before July 31, 2022 instead of June 30, in return for an amount of $25,000. In addition, the investor owning this royalty participated in the financing completed last week (ref. press release of 07/28/2022) in order to maintain their share ownership of approximately 9% in Sirios. Dominique Doucet, President and CEO of Sirios, commented: “We consider the royalty buyback we have just completed to be excellent news given the potential of our high-grade Aquilon gold property. Work was already carried out last June on the property and we intend to continue to move forward in the coming months to relaunch and develop the Aquilon project.” About the Aquilon Property The Aquilon gold property is 100% owned by Sirios and consists of 140 claims covering an area of 68 km2. It is located in Eeyou Istchee James Bay, Quebec, 10 km south of the Laforge-1 hydroelectric power station and is easily accessible by all-season roads. To date, 32 gold showings have been discovered on the property. Some drill intercepts on the Aquilon project are among the highest grades obtained in Quebec, including 12,906.5 g/t Au over 0.20 m (Lingo showing), 3,527.4 g/t Au over 0.40 m (Moman showing) and 133.67 g/t Au over 0.82 m (Fleur-de-Lys showing) (ref. press releases of 26/06/2008 and 19/01/2011). The scientific and technical content of this press release has been reviewed and approved by Roger Moar, P.Geo., qualified person under National Instrument 43-101. About Sirios Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Québec, Canada. Sirios Resources Inc. focuses its work mainly on its Cheechoo gold discovery, while actively exploring the high auriferous potential of its other properties. Cautiona...