Issue link: http://resourceworld.uberflip.com/i/712968
a u g u s t / s e p t e m b e r 2 0 1 6 www.resourceworld.com 21 QuébEC Sirios Resources intersects high-grade gold at Cheechoo Sirios Resources Inc. [SOI-TSXV] is focused on the James Bay region of northern Québec, with several projects that include Aquilon, Pontax and its flagship Cheechoo gold project, which comprises 145 claims and is adjacent to Goldcorp's Éléonore gold mine in Eeyou Istchee. It is located around 320 km north of Matagami, with Sirios' first discovery work at Cheechoo starting in 2010 and first drilling in 2012. The company held 45% of the property, with Golden Valley Mines Ltd. [GSS- TXSV] having the remaining 55%. But on May 11 Sirios announced it would issue 1,250,000 common shares to Golden Valley at a price of $0.40 per share for a total value of $500,000. That sum represents the last obligation Sirios needs to fulfil in order to acquire 100% ownership of Cheechoo, with the company having also completed necessary fieldwork agreed under a 2012 agreement. Sirios has delineated a large, low-grade – between 0.3 g/t and 0.8 g/t gold – miner- alized envelope at Cheechoo. This extends for more than 1 km in strike length at a width of 300-450 m wide and down to more than 340 m in depth. Recent drill- ing at the project this year has delivered encouraging results, with the latest batch of assay returns released on June 8. Highlights included hole CH-16-35, which intersected 37.2 g/t gold from 75.4- 79.5 m; CH-16-35-41, which achieved 31.8 g/t gold from 137-143 m; and hole CH-16-53 that returned 13 g/t gold from 27.5-30.2 m and included 29.1 g/t gold from 29-30.2 m. The news follows the March 29 announcement of hole CH-16- 52's returns, which included 8.22 g/t gold from 120-140.3 m and 30.53 g/t gold from 133.2-137.6 m. Sirios president, Dominique Doucet, noted the results would allow the com- pany to demonstrate further continuities of gold. They would also assist Sirios with focusing on priority targets with promise, such as zone "52" – in which CH-16-52 was drilled – or the new north-west sec- tor, where holes #47 and #48 were drilled more than 1.5 km from the main sector. The company announced completion of two non-brokered private placements on April 22 for aggregate gross proceeds of $5.5 million. This comprised $3.5 million raised by issuing 17.5 million units at $0.20 per unit and $2 million raised by issuing 6,666,667 flow-through shares at $0.30. Goldcorp Inc. [G-TSX; GG-NYSE] exer- cised its right to acquire up to 19.9% of Sirios' share capital on a partially diluted basis by acquiring 6,745,220 units for almost $1.35 million. "We are very pleased to have solid support from numerous corporate investors and our current insti- tutional and corporate shareholders, who subscribed for almost 80% of today's placements," Doucet said at that time. The funds accrued will be invested in further delineation work at Cheechoo. n