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Sirios seeks $2.1M top-up for Cheechoo drilling

Microcap Sirios Resources is raising another C$2.1 million at 15c to advance exploration at Cheechoo, near Newmont’s Eleonore gold mine in Quebec’s Eeyou Istchee James Bay area.

Staff reporter

Cheechoo, less than 10km from Eleonore, has an estimated 93 million tonnes at 0.65gpt for 1.96 million ounces of inferred openpit resource.

Last winter's 5,237m drilling campaign was said to have added 355,000oz, or 22% more gold, to its previous resource estimate.

"With relatively little drilling and at a low cost, we have significantly increased the size of the mineral resource on the property, demonstrating that the project improves every time work is carried out," CEO Dominique Doucet has said.

"The Cheechoo project has additional favorable characteristics including, among others, excellent gold recovery, a very low stripping ratio (1.1), proximity to existing infrastructure, as well as excellent exploration potential. We are very confident that future work will continue to increase the value of the project."