QUEBEC – Vancouver-based Goldcorp has agreed to purchase 7.4 million units of Montreal’s Sirios Resources, the 45% owner and operator of the Cheechoo gold project in the James Bay area, near Goldcorp’s Eleonore gold mine. The investment is worth $962,000.
Each unit, valued at $0.13, consists of one Sirios common share and half a warrant. Each full warrant is exercisable for the purchase of one Sirios share at a price of $0.20 during the 18 months after the private placement closes.
Gold mineralization at Cheechoo is hosted in tonalite that is silicified and albite rich, with moderate to strong parallel quartz veining, according the Sirios’ website. The sulphide content is very low, and scheelite occurs randomly in the tonalite. Most of the gold appears to occur as free coarse grains.
Information about the Cheechoo project will be displayed at the PDAC convention in Toronto next month. Sirios will make presentations on March 8 and 9 at booth 3105B of the Core shack. The company will also be at booth 2910 of the investors Exchange.
Golden Valley Mines owns 55% of the Cheechoo project.