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MONTREAL, Aug. 02, 2022 (GLOBE NEWSWIRE) — The management of Sirios Resources Inc. (TSX-V: SOI) is pleased to announce the repurchase of a significant portion of the royalty on the Aquilon property which had been granted during the strategic investment made by a private investor last January (ref. press releases of 01/17/2022 and 01/27/2022).
In accordance with last January’s agreement, Sirios recently paid the sum of $200,000 to buy back three-quarters of the 1% Net Smelter Return (“NSR”) royalty, which has therefore been reduced to 0.25%. Sirios had previously obtained a deadline extension for exercising the buyback before July 31, 2022 instead of June 30, in return for an amount of $25,000. In addition, the investor owning this royalty participated in the financing completed last week (ref. press release of 07/28/2022) in order to maintain their share ownership of approximately 9% in Sirios.
Dominique Doucet, President and CEO of Sirios, commented: “We consider the royalty buyback we have just completed to be excellent news given the potential of our high-grade Aquilon gold property. Work was already carried out last June on the property and we intend to continue to move forward in the coming months to relaunch and develop the Aquilon project.”
About the Aquilon Property
The Aquilon gold property is 100% owned by Sirios and consists of 140 claims covering an area of 68 km2. It is located in Eeyou Istchee James Bay, Quebec, 10 km south of the Laforge-1 hydroelectric power station and is easily accessible by all-season roads. To date, 32 gold showings have been discovered on the property. Some drill intercepts on the Aquilon project are among the highest grades obtained in Quebec, including 12,906.5 g/t Au over 0.20 m (Lingo showing), 3,527.4 g/t Au over 0.40 m (Moman showing) and 133.67 g/t Au over 0.82 m (Fleur-de-Lys showing) (ref. press releases of 26/06/2008 and 19/01/2011).
The scientific and technical content of this press release has been reviewed and approved by Roger Moar, P.Geo., qualified person under National Instrument 43-101.
Pioneer in the discovery of significant gold deposits in the Eeyou Istchee James Bay region of Québec, Canada. Sirios Resources Inc. focuses its work mainly on its Cheechoo gold discovery, while actively exploring the high auriferous potential of its other properties.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of applicable Canadian securities laws based on expectations, estimates and projections as of the date of this press release. Forward-looking statements involve risks, uncertainties and other factors that could cause actual events, results, performance, expectations and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from those indicated in such forward-looking statements include, but are not limited to: capital and operating costs that differ materially from estimates; the tentative nature of metallurgical test results; delays or failures in obtaining required governmental, environmental or other approvals; uncertainties related to the availability and cost of necessary financing in the future changes in financial markets; inflation; fluctuations in metal prices; delays in project development; other risks relating to the mineral exploration and development industry; and risks disclosed in public filings of the Company on SEDAR at www. sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements contained in this news release are reasonable, readers should not place undue reliance on this information, which speaks only as of the date of this news release, and there can be no assurance that such events will occur or occur within the time periods presented. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.