- Sirios Resources (OTCQB: SIREF) has announced a significant increase in gold resources at its Cheechoo Gold Project in Quebec.
- The updated mineral resource estimate includes 1.3 million ounces at 1.12 g/t Au in Indicated Resources and 1.7 million ounces at 1.23 g/t Au in Inferred Resources.
- The project exhibits a 19% increase in open-pit indicated grade and a 38% increase in open-pit inferred grade compared to the 2022 estimate.
Sirios Resources (OTCQB: SIREF) reported a notable update to its Mineral Resource Estimate (MRE) for the Cheechoo Gold Project, located in Eeyou Istchee James Bay, Quebec. The project, wholly owned by Sirios, now includes an estimated 1.3 million ounces of gold at a grade of 1.12 g/t in Indicated Resources, and 1.7 million ounces at 1.23 g/t in Inferred Resources. The update marks an addition of 446,000 ounces in underground resources graded at 3.09 g/t Au.
This revised MRE reflects a significant enhancement over the previous 2022 estimate, showcasing a 19% boost in the open-pit indicated grade, rising from 0.94 g/t Au to 1.12 g/t Au, and a 38% increase in the open-pit inferred grade, from 0.73 g/t Au to 1.01 g/t Au. The project maintains an advantageous strip ratio of 2.9:1, indicating efficient mining prospects with lower waste removal requirements.
The updated estimate is based on an extensive drilling campaign consisting of 345 drill holes totaling 82,717 meters, with 8,660 meters added since the previous estimate in 2022. Situated less than 15 kilometers from Dhilmar Ltd.'s Éléonore gold mine, the Cheechoo Gold Project is strategically positioned to leverage existing mining infrastructure.
The potential for further exploration is robust, with a Conceptual Exploration Target ranging from 31 to 40 million tonnes grading between 1.27 to 1.45 g/t Au, encompassing both open-pit and underground components. This exploration target is integrated into the project's litho-structural model to facilitate future development and resource expansion.
