MONTREAL, QUEBEC, CANADA–(Marketwire – May 7, 2008) – SIRIOS RESOURCES INC. (TSX VENTURE:SOI) provides the following summary of results obtained from the 2007 exploration program carried out by partner Golden Valley Mines Ltd. (TSX VENTURE:GZZ) on the CHEECHOO gold project, James Bay, Quebec.
The Phase I Program included the following components :
– Establishment of 4 grids on the Sharks and Cheechoo “B” properties (250 line kilometers;
– 5,496 grid and reconnaissance humus soil samples;
– Detailed grid-mapping and sampling completed over five separate mineralized trends;
– 115.4 meters of channel sampling over showings and / or mineralized corridors; and
– 90.11 line kilometers of induced polarization (IP), 36.2 line kilometers of Horizontal Loop Electromagnetic (HLEM) and 196.1 line kilometers of magnetic surveying.
The Phase II Program consisted of follow-up diamond drilling and prospecting of geophysical and geochemical results. The drill program totalled 2,507 linear metres of NQ core in nineteen (19) holes over the Cheechoo A (12 holes), Sharks (5 holes) and Cheechoo B (2 holes) claim groups. Anomalous values were encountered in some of the drill holes with gold grades varying between 0.1 g/t and 0.3 g/t over less than one meter.
Reconnaissance sampling was attempted over the Cheechoo B Southwest priority target area, but the presence of low-lying, swampy cover precluded the development of normal soil profiles for ideal sampling. Prospecting and mapping was also attempted previously (2006) over the area south and southwest to the property boundary, but the thick overburden cover limited productivity in identifying outcropping “Roberto Zone” gold zone hostrock units and alteration and where Eastmain Resources Inc. are currently drill testing their “JT Target”.
On Cheechoo A, the local source of the four separate and discreet boulder fields defined in 2005 and 2006 remains to be located. Humus soil sampling results highlighted two new priority target areas. One sample of 0.273 g/t gold was recorded close to a drill hole along the “Trap Zone” mineralized corridor. The second priority target area lies along the structure hosting the “Letang” Showing where gold values of 0.345 g/t, 0.122 g/t and 0.115 g/t were recorded.
On Sharks, humus soil sample results outlined an erratic distribution of weakly anomalous gold values over the grid, with the exception of a single high-grade value of 8.4 g/t gold. This sample was collected in the extreme northeast corner of the grid where no previous prospecting or sampling has been completed.
On Cheechoo B, due to technical drilling difficulties encountered by the contractor, drilling had to be cut back to ensure the two priority targets (“Marchand” and “Garrioch” Showings) were tested. One hole testing the extension of the “Marchand” Showing intersected the prospective horizon without any significant assays. Channel sampling results (received after the drill program) over the showing provided a series of three 1.0 m sample intervals grading up to 1.065 g/t, 0.343 g/t and 0.113 g/t Au. Grab sample results derived from this area after mapping and channel were completed graded up to 1.91 g/t Au and 3.76 g/t Au. At the “Garrioch” Showing, one hole gave three assays grading 0.171 g/t / 1.0 m, 0.255 g/t / 1.0 m and 0.103 g/t / 1.0 m. Channel sampling showed two assays of 0.110 g/t Au / 0.7 m.
Please refer to the Golden Valley Press Release for additional details.
Additional detailed check and back-split sampling is currently in progress on selective drill core sections and where anomalous gold values were received, but where the assay intervals are not closed off. All drill core was of NQ-size, and was logged, sampled and split at the Golden Valley’s Cheechoo field camp or Val d’Or office, in intervals ranging from 0.3 metre to 1 metre.
The CHEECHOO gold project includes the Cheechoo (A, B and C blocks) and Sharks SIRIOS’ properties both subject to option – joint ventures agreements with GZZ pursuant to which GZZ, in each case, will earn an initial 60% interest by funding $1,000,000 in exploration over 4-years. Following initial vesting, GZZ may then earn an additional 20% interest by completing a bankable feasibility study within 6 years of vesting. Should SIRIOS then elect to allow GZZ to provide the production financing, GZZ would then acquire a final additional 5% interest.
This press release was prepared by Dominique Doucet, P. Eng., President of SIRIOS, Qualified Person and based on information transmitted by Golden Valley Mines Ltd.
Forward-Looking Statement: This news release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond the Company’s ability to control or predict and are not to be interpreted as guarantees for future performance. These forward-looking statements could cause actual events or results to differ materially from those anticipated in such forward-looking statements. All forward-looking statements speak only as of the date of this news release and the Company does not undertake any obligation to update or publicly release any revisions to such forward-looking statements to reflect events, circumstances, or changes in expectations after the date hereof. Accordingly, readers should not place undue reliance on such forward-looking statements.
For more information:
Dominique Doucet, CEO