
Sirios Resources Inc. (TSX-V: SOI) (OTCQB: SIREF) is pleased to report an updated Mineral Resource Estimate for its 100%-owned Cheechoo Gold Project, located in Eeyou Istchee James Bay, Québec, less than 15 km from Dhilmar Ltd.’s Éléonore gold mine.
Highlights of the 2025 MRE include:
Dominique Doucet, President and CEO of Sirios Resources, commented: “The substantial increase in gold resources at Cheechoo reflects the dedicated efforts of our team since the last mineral resource estimate. The total resources now position the project as a highly compelling opportunity for mining development-just a few kilometers from a producing gold mine. Furthermore, we are especially enthusiastic about the growth potential represented by our consultants’ conceptual Exploration Target, which includes targets for underground resources-an exciting prospect given that drilling to date has largely focused on near-surface zones. With this new MRE in hand, Sirios is now outlining a strategy to fast-track additional resource growth and advance the project toward the development stage.”
Cheechoo Project Mineral Resource Estimate
The updated Mineral Resource Estimate is based on 345 drill holes, totalling 82,717 meters, including 8,660 meters since 2022. This MRE introduces a new underground component and is based on a new geological model that has revealed previously underestimated, higher-grade zones within the deposit. An interactive 3D viewer of the new model is now available at sirios.com/en/cheechoo.
Table 1: Indicated and Inferred Mineral Resources Estimate (MRE)
Pit constrained | 0.3 g/t Au Cut-off grade | Tonnes (t) | Au (g/t) | Au (koz) |
Indicated | 34,993,000 | 1.12 | 1,262 | |
Inferred | 38,222,000 | 1.01 | 1,242 | |
Stope constrained | 1.5 g/t Au Cut-off grade | Tonnes (t) | Au (g/t) | Au (koz) |
Inferred | 4,493,000 | 3.09 | 446 | |
TOTAL | 0.3 & 1.5 g/t Au Cut-off grade | Tonnes (t) | Au (g/t) | Au (koz) |
Total Indicated | 34,993,000 | 1.12 | 1,262 | |
Total Inferred | 42,715,000 | 1.23 | 1,688 |
Figure 1: 2025 MRE Pit Shell and Block Model
Conceptual Exploration Target
A significant Exploration Target-with both open-pit and underground potential-was identified by our consultant PLR Resources during the preparation of the MRE.
Highlights of the Exploration Target:
This conceptual Exploration Target is integrated into the litho-structural model used for the MRE, with the aim of facilitating future targeting and drill hole planning. PLR Resources proposed a 20,000 m drill hole program to provide infill drilling aiming at converting part of the Exploration Target into Inferred Resources, test structural features and potentially increase the size of the Exploration Target.
Disclosure warnings in respect to an exploration target review
Parameters and criteria used for the Mineral Resource Estimate (MRE)
Table 2: General pit and stope parameters used for the Mineral Resource Estimate
PARAMETER | UNIT | OPEN PIT | UNDERGROUND |
Revenue | |||
Gold price | USD/oz | 2,500 | 2,500 |
Exchange rate | CAD/USD | 1.35 | 1.35 |
Operating costs | |||
Mining cost | CAD/t mined | 4 | 75 |
Incremental bench cost | CAD/t mined/10m bench | 0.05 | N/A |
Processing cost | CAD/t milled | 17.5 | 17.5 |
General and administration cost | CAD/t milled | 5.5 | 5.5 |
Mineralized material based costs | CAD/t milled | 23 | 98 |
Mining | |||
Selective mining unit | m | 5 x 5 x 5 | N/A |
Minimum mining width | m | N/A | 2.5 |
Stope height | m | N/A | 25 |
Minimum slope angle – overburden | deg | 25 | N/A |
Minimum slope angle – rock | deg | 50 | N/A |
Cut-off grade | |||
Cut-off grade applied | g/t milled | 0.25 | 1.5 |
Cautionary Statement Regarding Mineral Resources
The mineral resources disclosed in this press release conform to NI43-101 standards and guidelines and were prepared by independent qualified persons. The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling. The National Instrument 43-101 Technical Report, including the mineral resources for the Cheechoo Project contained in this news release, will be delivered and filed on SEDAR by Sirios Resources Inc. within 45 days of the date of this news release.
Qualified persons
The Mineral Resource Estimate and other scientific and technical information in this news release has been prepared and approved by independent qualified persons for purposes of NI 43-101: Pierre Luc Richard, P.Geo., of PLR Resources Inc. with contributions from Alexandre Burelle, P.Eng., of Evomine for cut-off values, open pit optimization solids and underground optimization solids, and Christian Laroche, P.Eng., from Synectiq, for metallurgical parameters.
About the Cheechoo Gold Project
The Cheechoo Gold Project is a flagship asset of Sirios Resources Inc., located in the Eeyou Istchee James Bay territory of Québec, less than 15 km from the Éléonore gold mine. The project is 100% owned by Sirios and is recognized for its significant expansion and development potential, targeting both large-scale open-pit and higher-grade underground mining scenarios. Learn more at sirios.com/en/cheechoo.
About the Éléonore Gold Mine
The Éléonore Mine is an underground gold operation located in the Eeyou Istchee James Bay region of Québec, directly adjacent to Sirios’ Cheechoo Property. Commercial production at Éléonore began in April 2015. In 2024, Dhilmar Ltd. acquired the mine from Newmont Corporation in a $795 million USD transaction and is now the current operator.
About PLR Resources
PLR Resources specializes in mineral resource estimates and project evaluations and offers a wide variety of services, from grassroots exploration planning to feasibility studies and mining operation optimization, serving clients that include juniors, major operators as well as financial experts seeking reliable and realistic advice.
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