SIRIOS RESOURCES announces that a detailed helicopter-borne magnetometric survey will begin in the following days in order to prepare for the drilling program of winter 2014 on the Cheechoo gold property adjacent to the Eleonore gold mine property in James Bay, Quebec.
The survey aims to generate drilling targets that could increase the area and the grade of the gold zones discovered in 2012, and 2013. The relevant drill holes up to now have only covered an area of 0.15 square kilometres in a high potential sector of more than 2 square kilometres.
The geophysics contract has been granted to Geo Data Solutions GDS inc. of Laval. The detailed survey, with spacing of 50 metres between flight-lines, will be completed before the end of the month. It will allow detection of structural geological features related to the tonalite that forms a large, low-grade gold envelop. The last drill holes on Cheechoo revealed the minimum area of this gold envelop to be around 250 x 525 metres with a depth reaching up to 200 metres vertically (Press release of January 13, 2014). The magnetometric survey will improve the quality of the next drilling targets in the continuity of this envelop that remains open in depth and in every direction except for its south-east portion.
The Cheechoo gold project is located at less than 10 km of the Eleonore gold mine of the producer Goldcorp whose production is planned to begin at the end of 2014. This world-class gold deposit contains 3.15 million ounces of measured and indicated gold resources at an average grade of 11.92 grams per tonne, and 6.25 million ounces of inferred gold resources at an average grade of 12.93 grams per tonne (Source: Goldcorp press release February 17, 2010). Recall that Sirios signed an agreement last summer with GoldenValley involving the Cheechoo and Sharks gold properties ("Cheechoo gold project") that, upon completion of certain obligations and counterparties, will increase its current interest from 45% to 100% (Press release December 9, 2013). Sirios is the operator of the project.
This press release was prepared by Dominique Doucet, P. Eng., President of Sirios, Qualified Person pursuant to National Instrument 43-101