Sirios Resources Bolsters Cheechoo Gold Project with Flow-Through Private Placement

Sirios Resources Inc. (TSX-V: SOI) has successfully closed the third and final tranche of its flow-through private placement, raising an additional $42,000. This brings the total gross proceeds to $1,853,000, which will be primarily used to advance the Cheechoo gold project in the Eeyou Istchee Baie-James region of Quebec. The project, located less than 15 km from Newmont's Éléonore gold mine, has significant exploration potential with an untapped gold deposit and excellent expansion and development prospects for both open-pit and underground mining.

The Cheechoo property, 100% owned by Sirios, contains an untapped gold deposit with excellent expansion and development potential. The deposit is hosted in a folded tonalite intrusion surrounded by metasedimentary rocks similar to those hosting the Éléonore mine. The property has a low strip ratio of 2.3:1, indicating favorable mining conditions. The deposit contains multiple gold-enriched zones encased in a lower-grade halo, with the near-surface Eclipse zone exhibiting remarkable high-grade continuity across numerous drill holes.

Sirios' strategic allocation of funds from the private placement will support exploration and development activities at the Cheechoo gold project. The company plans to use these proceeds for "frais d’exploration au Canada" (Canadian exploration expenses), which are eligible for tax deductions under Canadian tax laws. This allocation allows Sirios to accelerate exploration activities, potentially leading to the discovery of new resources and enhancing the project's value.

The Cheechoo gold deposit has the potential for both large-volume open-pit extraction and high-grade underground mining. A management review of data completed in mid-2024 identified multiple promising targets for delineating high-grade zones that may lead to underground mining. The Eclipse zone, in particular, exhibits remarkable high-grade continuity across numerous drill holes, with visible gold observed at multiple depths in the first drill hole of the Fall 2024 program.

The strategic allocation of funds from the private placement directly supports the advancement of the Cheechoo gold project. By focusing on exploration, Sirios aims to increase the project's resource base, which could lead to improved economics and increased shareholder value in the long run. The company's commitment to advancing the Cheechoo gold project, combined with the positive exploration results and the strategic allocation of funds, positions Sirios Resources as a promising player in the gold exploration and development sector.