Sirios Resources Inc. (TSXV: SOI) has produced an updated resource estimate for its Cheechoo gold property in Quebec.
The Cheechoo deposit now includes 74% of the gold ounces classified as indicated resources. In addition, the gold grade of these indicated resources shows an increase of 45% over the 2020 resources. This resource update follows the 2021 definition drilling programme totalling 6,836 m on Sirios’ 100%-owned Cheechoo property located in Eeyou Istchee James Bay, Quebec.
The updated resource estimate based on an open pit development model, includes indicated resource of 1.4 million ounces of gold contained in 46.3 million tonnes at an average grade of 0.94 g/t Au, and an inferred resource of 0.5 million ounces of gold contained in 21.1 million tonnes at an average grade of 0.73 g/t Au.
President and CEO, Dominique Doucet, said these excellent results were made possible by the 2021 definition drilling campaign, as well as the recent one kg re-assaying campaign. “This work has allowed us to refine the geological modeling and improve the structural understanding of the high-grade zones,” Mr Doucet said.
The improvement of the 3D model allowed for the revision of several interpolation parameters, including the variography and capping. In addition, a more advanced review of the metallurgical tests allowed the application of optimized recovery rates by grade range. Finally, the increase in the cut-off grade also contributed to the increase in the average grade of the mineral resource.
Mr Doucet said together, these elements demonstrate the excellent characteristics of the Cheechoo deposit, which has seen a significant increase in average grade while retaining a considerable number of defined ounces of gold.
“The progress made by Sirios over the past two years has improved the understanding of the Cheechoo deposit and resulted in an updated resource estimate, which includes the presence of indicated resources for the first time.
“We are very pleased with this updated gold resource estimate on Cheechoo. The improvement in the Cheechoo deposit is extraordinary, both in terms of the conversion of inferred resources to indicated resources, which represents over 74% of the gold ounces, and in the impressive increase in the average gold grade of the deposit, which now is greater than 0.9 g/t Au for the indicated resources.
“Once again, we have demonstrated that the Cheechoo project improves significantly with each new campaign undertaken on the property. Despite the recent increase in operating costs in the mining industry, the estimated gold resource on Cheechoo remains substantial, demonstrating the strength of our project.
“Moreover, exploration continues in the area of the conceptual pit, with the goal of increasing the resources. As shown by recent trenching results in the metasediments to the east of the deposit, the discovery potential across the property remains excellent.”
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