Dios Exploration Inc. reports signing an agreement with Sirios Resources Inc. on DIOS‘ Solo gold property, allowing Sirios to earn an interest in this Solo claim block south of Opinaca Fault and river, south-east of its K2 property, which is adjacent to Azimut’s Elmer gold discovery property, James Bay Eeyou Istchee, Quebec.
The Solo claim block covers a fold hinge in younger Wabamisk formation, where former claim holders located gold-in-soil anomalies, and corresponding geophysical (Induced Polarization) anomalies in a topography without bedrock exposures. These never drill targets can only be properly tested by drilling. Sirios will survey Solo with an upcoming airborne magnetic survey.
Sirios can obtain a 51% interest in Solo over a three-year period, for $125,000 payments and exploration work totalling $600,000. Once 51% interest is obtained, Sirios will have the option to pursue exploration in a joint venture with DIOS on a 51/49 basis or to increase its interest to 90% for $150,000 payments over an additional three-year period, and completing 20,000 metres of drilling (a minimum of 3,000 metres of drilling per each additional year). Dios could choose to convert its 10% interest into a 2% Net Smelter Return (NSR) royalty, half of it being buyable for $1M by Sirios which also will keep a first right of refusal for the other half.
DIOS’ wholly-owned K2 property is underlain by the same older geological formation as Azimut’s Elmer property, both north of Opinaca Fault, a northeast-southwest major regional structure. Work completed by DIOS on K2 uncovered ATTILA gold-copper-silver prospect, really in direct strike south-west of Azimut Patwon gold discovery. There are also similarities in some host rocks (felsic intrusive) and alterations.
The Attila gold-copper showing is hosted in a fractured rhyodacite dome overlying the Kali quartz-diorite/tonalite Porphyry to the south, 7 km east of WI-Target. It consists of a chalcopyrite-rich stringer/ stockwork zone extending over 75 m long and about 5-15 m wide yielding up to 8.08 g/t gold, 97 g/t Ag, 2.43% Cu & 0.17% Zn. The Attila Zone averaged grades of 1.07 g/t Au, 38.8 g/t Ag, 1.25% Cu & 0.01% Bi from 13 grab-samples in 2017. Some 100 m north, a several-meter parallel horizon (Attila-North) extending over 50 m long with narrow quartz-carbonate-pyrite veins returned five samples greater than 1.0 g/t Au (up to 3.64 g/t Au & 26.7 g/t Ag). It should be test drilled at depth.
This press release has been reviewed by Marie-José Girard, Geo M.Sc., President of DIOS, Qualified Person following National Instrument 43-101.
A photo accompanying this announcement is available at
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