A Junior Exploring For Gold In Quebec
The province of Quebec has a long history of mining and exploration. Some of the biggest names in mining either got a start in Quebec or at least had some involvement within the province. The city of Val-d'Or got it's start when gold was discovered in the area in 1923. In fact the name of the town is French for "Valley of Gold." The ore is usually found in volcanic rocks that were deposited on the sea floor over 2.7 billion years ago. They are referred to as volcanic-hosted massive sulphide deposits or VMS.
Travel north of Val-d'Or and you get to the Matagami area. It's still further north into the James Bay lowlands where you will find gold exploration happening and you will also find
Sirios Resources SOI at work on their claims. Sirios Resources Inc. goal is to discover world-class gold deposits in the James Bay region of Quebec in eastern Canada. Sirios' efforts have led to the discovery of numerous gold and silver showings, some at very high grades, as well as occurences of other metals. Sirios owns several high potential projects such as Cheechoo, Aquilon and Pontax. The company's flagship project is the Cheechoo gold project which comprises 145 claims covering approximately 75 km2 adjacent to the property of the Eleonore gold mine of Goldcorp.
The Cheechoo gold property consists of 145 claims covering 75 km2 in two adjacent blocks to the gold mine Eleonore owned by Goldcorp. The discovery began in 2010 with prospecting that generated numerous rock grab samples grading from 0.1 to 2.6 g/t Au. The property was drilled for the first time in 2012. The ensuing drilling programs have lead to the delineation of a large low grade (between 0.3g/t and 0.8g/t) gold mineralized envelope which extends now for more than a kilometer in strike length by 300 to 450 meters wide and down to more than 340 meters of vertical depth. Some of the results to date are:
- 7.24g/t Au over 7.9m
- 6.9g/t Au over 6.5m
- 2.79 g/t Au over 22.5m
- 2.00g/t Au over 20.8m
- 0.5g/t over 238.4m
- 15.25 g/t Au over 2.0m
At present Sirios owns 45% of the property, while Golden Valley Mines Ltd holds 55%. In June 2012, Sirios signed an agreement with Golden Valley that allowed Sirios to increase its initial interest from 40% to 100%.
The company also owns a 100% property called the Kukames gold property which totals 242 claims covering approximately 130 sq km. This property is located approximately 25 km southeast of the Eleonore gold deposit owned by Goldcorp. Gold showings showed grades such as 2.44 g/t Au; 1.65 g/t Ag.
The company also has a group of claims called the Pontax property. It consists of 497 claims covering close to 250 sq km. The project's purpose is to test the potential for diamond and metals in a previously unexplored region. In 2006, Sirios discovered a silver-zinc mineralized zone that assayed several kilograms of silver per tonne at some places. Drilling and channel sampling results include: Channel sampling and drilling results include:
- 821 g/t Ag, 1.31 g/t Au over 4.4 m. incl. 3,343 g/t Ag
- 5.4 g/t Au; 2.3 % Pb and 0.6 % Zn over 1.04 m
The company has about 67 million shares O/S and had approx. $790,000 working capital as of Sept. 2015. Trading range for the 52 weeks is 7 cent low and 13 cent high. One of the reasons why I am looking at this stock is because it was one of John Kaisers bottome fish picks for 2016. You can see the video on this page.
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