- Sirios Resources Inc. (“Sirios”, “SOI”, “company”) announced a maiden resource estimate of 1.6 million ounce (“Moz”) at 0.69 gpt gold on its flagship asset, named the Cheechoo gold property, located 10 – 15 km from Newmont Goldcorp’s (TSX: NEM) Éléonore gold mine. NEM is also Sirios’ largest investor, and holds 17.7% of the total outstanding shares.
- We were pleased with the resource estimate as our preliminary estimate, at the time of our initiating report on SOI in March 2019, was 1.3 Moz at 0.60 gpt gold.
- Two additional positive aspects of the resource are – 1) a low strip ratio of 1.1:1, and 2) attractive gold recovery rates of 85% to 88% through gravity recovery. In September 2019, the company announced that metallurgical tests indicate potential for further improvement in recovery to up to 97%, from a combination of gravity separation and cyanidation leaching on the gravity tailings.
- The company recently raised $3.33 million (including $1.85 million from flow-through). NEM invested another $1.08 million.
- 2020 plans include a 5,000 m diamond drilling program, additional metallurgical tests, and continuation of impact studies. Management expects to commence a Preliminary Economic Assessment (“PEA”) in 2021.
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