05:59:41 EDT Sun 28 Apr 2024
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Sirios Resources options Cheechoo blocks to Electric

2024-03-18 12:15 ET - News Release

Mr. Dominique Doucet reports

SIRIOS SIGNED AN OPTION AGREEMENT FOR THE SOUTH AND WEST BLOCKS OF ITS CHEECHOO PROPERTY

Sirios Resources Inc. has signed an option agreement on the south and west blocks of its Cheechoo property, located in Eeyou Istchee James Bay in Quebec, with Electric Elements Mining Corp. (EEM). EEM is new private lithium company jointly created by Osisko Development Corp. and Osisko Mining Inc. Pursuant to the agreement, Sirios granted EEM the option to acquire up to a 100-per-cent interest in each of the south and west blocks of its Cheechoo property in return for an investment of $500,000, over a period of two years, as described below.

EEM will explore both blocks for lithium and, if the option is exercised, Sirios will retain a 1.5-per-cent NSR (net smelter return) royalty on the southern block.

In addition, if the option is exercised, Sirios will be able to recover, at no cost, 100 per cent of the claims on which gold mineralization in bedrock reaching a minimum metal factor of 10 grams per tonne per metre has been identified.

To obtain a 100-per-cent interest in the two blocks or, at its option, in one or the other of the two blocks, EEM must, over a period not exceeding two years:

  • Pay an amount of $100,000 to Sirios upon signature;
  • Carry out a minimum of $50,000 in exploration work on each of the two blocks;
  • Pay an amount of $150,000 in cash and/or shares, with a minimum of 50 per cent in cash, per block at the request of Sirios.

Sirios will retain 100 per cent of the exploration and exploitation rights for all mineral substances in the main block of the property, where the Cheechoo gold deposit is located.

About Sirios Resources Inc.

Sirios Resources is a Canadian mining exploration company focused on developing its portfolio of high-potential gold properties in the Eeyou Istchee James Bay region of Quebec.

We seek Safe Harbor.

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