Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
MONTREAL, QUEBEC–(Marketwire – Oct. 30, 2012) – SIRIOS RESOURCES INC. (“Sirios“) (TSX VENTURE:SOI) announces that the drilling completed until now on the Cheechoo gold project has intersected the type of rock that is sought, which is a silicified intrusive (tonalite) rock, mineralized with trace amounts of sulfides (arsenopyrite, pyrrhotite). Three drill holes have been completed so far, totaling 428 metres; the fourth hole is currently being drilled. Fieldwork is progressing as planned despite a delay to the drilling program due to weather conditions.
The data interpretation from the induced polarization survey, which was recently completed, generated more than a dozen geophysical targets. These targets are currently being studied alongside of geological observations and geochemical data in order to generate the best drilling targets.
Two main metallogenic models are used for the exploration work on Cheechoo; first, a Reduced Intrusion-Related model, and second, an atypical gold deposit in meta-sedimentary rocks model of the Eleonore type, like the future mine of the same name located at less than 15 km of the area currently being drilled by Sirios. The first model consists of deposits that are high in tonnage with relatively low gold grades, whereas the second model has high gold grades.
As announced last summer, Sirios has signed an agreement with Golden Valley Mines Ltd. (TSX VENTURE:GZZ) for the Sharks and Cheechoo gold properties (“Cheechoo gold project”), allowing Sirios to increase its current interest in the project from 40% to 100% following the completion of certain obligations and compensation (see our June 15, 2012 press release). The project is adjacent to the east of the property on which the Eleonore gold mine is being built by Les Mines Opinaca Ltd., a subsidiary of Goldcorp Inc. This future gold mine has an expected annual production of around 600,000 ounces of gold, over a period of around 15 years beginning in 2014.
This press release was prepared by Dominique Doucet, P. Eng., President of Sirios, Qualified Person pursuant to National Instrument 43-101.
Statements in the release that are “forward-looking statements” are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially. We undertake no duty to update any forward-looking statement to conform the statements to actual results or changes in our expectations.
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.
Frederic Sahyouni
CFO
(514) 510-7961
(514) 510-7964 (FAX)
[email protected]
www.sirios.com
