Sirios Resources signed an Option Agreement for the South and West blocks of its Cheechoo Property

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[{"type":"text","content":" MONTREAL, March 18, 2024 (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 south and west blocks of its Cheechoo property (Figure 1) located in Eeyou Istchee James Bay in Quebec, with Electric Elements Mining Corp. (\"EEM\"). EEM is new private lithium company jointly created by Osisko Development Corp. and Osisko Mining Inc. Pursuant to the agreement, Sirios granted EEM the option to acquire up to a 100% interest in each of the south and west blocks of its Cheechoo property in return for an investment of $0.5 million, over a period of two years, as described below. EEM will explore both blocks for lithium and if the option is exercised, Sirios will retain a 1.5% NSR (\"Net Smelter Return\") royalty on the southern block. In addition, if the option is exercised, Sirios will be able to recover, at no cost, 100% of the claims on which gold mineralization in bedrock reaching a minimum metal factor of 10 g/t per metre has been identified. To obtain a 100% interest in the two blocks or, at its option, in one or the other of the two blocks, EEM must, over a period not exceeding two years: Pay an amount of $100,000 to Sirios upon signature; Carry out a minimum of $50,000 in exploration work on each of the two blocks; Pay an amount of $150,000 in cash and/or shares, with a minimum of 50% in cash, per block at the request of Sirios. Sirios will retain 100% of the exploration and exploitation rights for all mineral substances in the main block of the property, where the Cheechoo gold deposit is located. Figure 1: The Cheechoo gold property About the Cheechoo property The Cheechoo gold property, 100% owned by Sirios, is located in Eeyou Istchee James Bay in Quebec, 200 km east of Wemindji and less than 10 km from Newmont’s Eleonore gold mine. The property’s latest resource update delineated, for an open pit model, indicated resources of 1.4 million ounces of gold contained in 46.3 million tonnes at an average grade of 0.94 g/t Au, as well as inferred resources of 500,000 ounces of gold contained in 21.1 million tonnes at a grade of 0.73 g/t Au (ref.: 12/06/2022 Press Release). About Sirios Sirios Resources is a Canadian mining exploration company focused on developing its portfoli...

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