Sirios Resources has entered an option agreement with Electric Elements Mining (EEM) for the South and West blocks of its Cheechoo property in Eeyou Istchee James Bay, Quebec, Canada.
The agreement will result in EEM acquiring up to a 100% interest in each of these blocks, with a commitment to invest $500,000 over two years.
EEM will focus on lithium exploration in the South and West blocks.
If the option is exercised, Sirios will retain a 1.5% net smelter return royalty on the southern block and can reclaim 100% of claims with identified gold mineralisation.
To fully acquire interest in the blocks, EEM is required to pay Sirios $100,000 upon signing, conduct at least $50,000 of exploration work on each block, and make a further payment of $150,000 in cash and/or shares per block.
Sirios said it maintains all rights to the main block of the property, which houses the Cheechoo gold deposit.
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By GlobalData
Wholly owned by Sirios, the Cheechoo property is situated near Newmont‘s Eleonore gold mine and has significant gold resources.
The Cheechoo gold property’s most recent resource update revealed indicated resources of 1.4 million ounces (oz) of gold and inferred resources of 500,000oz.
The property is located 200km east of Wemindji and less than 10km from Newmont’s Eleonore gold mine.
Last year, Sirios signed agreements to divest three of its properties in Eeyou Istchee James Bay. These include the sale of its Li-52 and Niska properties to Bullrun Capital as well as the sale of its Maskwa property to Hertz Lithium.
