- Sirios Resources (SOI) has signed a $14.8 million property option agreement with Sumitomo Metal Mining Canada Ltd.
- Under the agreement, Sumitomo has the option to acquire up to an 80 per cent interest, following an investment totalling $14.8M on the Aquilon gold property in Quebec
- The Aquilon gold property is 100 per cent owned by Sirios and consists of 140 mineral claims
- President, CEO and director Dominique Doucet met with Daniella to discuss the news
- Sirios Resources is a pioneer in the discovery of significant gold deposits in the James Bay region of Quebec
- Sirios Resources Inc. (SOI) opened trading at C$0.055
Sirios Resources (SOI) has signed a $14.8 million property option agreement with Sumitomo Metal Mining Canada Ltd. Under the agreement, Sumitomo has the option to acquire up to an 80 per cent interest, following an investment totalling $14.8M on the Aquilon gold property in Quebec.
Dominique Doucet, chief executive officer of Sirios, met with Daniella Atkinson to discuss the agreement.
“We are honoured and very pleased to start working with Sumitomo to kick off a rigorous and systematic exploration program on the Aquilon property. We believe this property is very prospective and remains underexplored, considering the variety of favourable geological contexts in which numerous high-grade gold showings have been discovered. We rank Aquilon as a high-priority project for Sirios. We look forward to advancing the project with our partner having the financial and technical capacities to develop the numerous discoveries into an important mining project.”
Sumitomo can earn an initial 51 per cent interest in the project by paying Sirios $200,000 at signing and incurring a total of $4.6 million in mineral exploration expenditures within the next three years. Sirios will be the operator during this earn-in period, entitled to a 10 per cent management fee. A commitment of $ 1.6 million will be spent on the property during this earn-in period.
Sumitomo can earn an additional 29 per cent interest in the project by incurring an additional $10 million in mineral exploration expenditures on or before the sixth anniversary of the option agreement.
Following the earn-in of an 80 per cent interest, Sumitomo and Sirios will form a joint venture in respect of the project. If a joint venture participant’s interest is diluted to below 10 per cent, it will convert its joint venture interest to a net smelter return royalty of 2 per cent.
The Aquilon gold property, located in Eeyou Istchee James Bay, Quebec, is 100 per cent owned by Sirios and consists of 140 mineral claims covering an area of 68 km2
Sirios Resources Inc. is a pioneer in the discovery of significant gold deposits in Eeyou Istchee James Bay, Quebec, focusing primarily on its Cheechoo gold discovery while actively exploring the gold potential of its other properties.
Sirios Resources Inc. (SOI) opened trading at C$0.055.