Categories: Precious Metals
Topics: Gold Stocks

Sirios Resources (TSX-V: SOI)(OTCQB: SIREF) CEO Jean-Félix Lepage on Advancing the 3Moz Cheechoo Gold Project Toward Resource Growth, PEA Milestones, and District-Scale Expansion in Quebec’s James Bay Region

 

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the CEO of Sirios Resources (TSX-V: SOI)(OTCQB: SIREF) — Mr. Jean-Felix Lepage. How are you, JF? Busy, I know, you've been on the road, so thank you for making time. How have you been?

Jean-Félix Lepage: I've been really great. It's good to talk to you again. We've been hitting the road to tell the story as many times as we can.

Gerardo Del Real: Well, listen, let's get right into it. I couldn't be happier as a shareholder to see the news here yesterday about your fully funded 2026 exploration program. 

We chatted off the record a few weeks back. We talked about how enthusiastically the financing was received. That financing is now behind you, and you were able to raise a substantial amount of funds. 

I understand that you were oversubscribed, and obviously that speaks to the quality of the team and the deposit. So let’s start there. How was that financing received?

Jean-Félix Lepage: Really well. We were oversubscribed, as you said. I think people see the good path that we have in front of us and what we can do with that financing. 

We have been talking about our plans, and people can read between the lines, but I think that the release was to make sure we put that clear plan in front of everyone and show what we will be doing with that C$25 million.

Gerardo Del Real: Well, let's talk about what you'll be doing with that C$25 million. But before we get to that, let's talk about the Cheechoo gold project and why it's so special.  

You and I met in person at VRIC (Vancouver Resource Investment Conference), and we've been in touch frequently. I love the enthusiasm that you have for the project. You know it very well. Can you speak to why you're so enthusiastic to get going with the drill bit here now that you're cashed up?

Jean-Félix Lepage: Sure. Just to wrap up what the project is — it's an advanced exploration, resource-stage project. So we do have around 1.2 million ounces Au in Indicated, another 1.8 million ounces Au in Inferred, for a total of around 3 million ounces. 

I'm a mining engineer by trade so when I think about a property, I really think about it as a mining project. And I think 3 million ounces is the critical mass you need. So that's the first thing.

The second is the grade. We have an open-pit grade of over 1 gram per tonne. In today's world, 1 g/t Au is really a decent grade. Yet it's also the combination of that grade with the strip ratio of the resource. And that strip ratio is below 3:1. That combination is really unique and a good starting point for the project.

On top of that — and this will be our plan with that C$25 million — is to continue drilling and really find how big it can be. And that plan starts with a modeled exploration target that was outlined in the resource statement. 

In the same NI 43-101 report, you have a model that was defined showing over 30 to 50 million tonnes at around 1.2 to 1.5 grams per tonne. Those are the next ounces we want to add to the project. We will be putting in at least 15,000 meters into that first target.

Gerardo Del Real: Let's talk about the target. You talk about 3 million ounces. That exploration target is pretty well defined. It's not an exploration target that is far off or very conceptual in nature. You understand the exploration target very well. Can you explain to me the confidence level going into that?

Jean-Félix Lepage: Exactly. It's not blue-sky exploration. That's something that is defined by drilling intercepts. It's basically the same process as doing a resource. So you start with the drilling results. You constrain that inside a conceptual pit or a conceptual slope, and that basically generates zones that you can call exploration targets. 

It's not a resource yet because there's not enough drilling to call it a resource, but it is supported by results. That's what I really like about it. We're not drilling just anywhere, and those targets are basically either inside of the actual resource pit or just beside it. We’re really close to the actual resource pit that we have.

Gerardo Del Real: You have the initial 15,000 meters that will go on the modeled exploration target. I believe there's a second phase of at least 10,000 meters of exploration and follow-up drilling following the first quarter of 2027.

I think the rest of 2026 is going to take you to a much higher valuation. And I think that once people understand the continuity of that exploration target and the predictability of the geometry of it, it's going to be apparent to anybody that knows the space what you're onto here. Talk to me about what the plans are for Phase-2.

Jean-Félix Lepage: Yes, and you are correct. There is a Phase-2 slated for later in 2026 or early 2027 for follow-up. We have a budget in the background for that Phase-2.

Phase-1 is not only that 15,000 meters — it’s 25,000 meters. There are 15,000 meters going into that modeled exploration target, and there are also two more targets we want to test this summer. I encourage anyone to go and view the maps. 

One of those targets is a zone called Metasediments. And those metasediments are basically another geology; it's another rock type just inside or nearby the resource pit. It's in a new geology where we have seen some grade in it, and we need to follow up. 

The other target is a higher-grade zone called Eclipse, which, again, is inside the same zone and really close to the pit. It’s higher grade; 3.0+ g/t intercepts in that zone. There will be more drilling coming into Eclipse to better understand it.

We're looking to start Phase-1 drilling (25,000 meters) in June, with Phase-2 coming later this year or early next year for another 10,000 meters, for a total of 35,000 meters.

Gerardo Del Real: When do you anticipate being able to take all of the data and incorporate that into an updated resource estimate?

Jean-Félix Lepage: So that's the difference between Phase-1 and Phase-2. Phase-1 is to update the resource statement. So everything we do in Phase-1 is to expand that resource. Our plan is to deliver that updated resource before the end of this year. 

Gerardo Del Real: Excellent. My understanding is that you'll follow that up by using some of that information to complete a PEA in the first half of 2027, correct?

Jean-Félix Lepage: That's exactly our plan. There's more to explore than those initial targets. My vision is that the PEA we’ll complete in the first half of 2027 will sort of define Phase-1 of the project. Then, on the back of that PEA, we’ll be able to launch the permitting process and drill even more. So it's really the starting point for the mining project. 

I'm really excited about the PEA. In fact, we'll be working towards that in 2026 with the selection of the team with some trade-offs that we'll start working on. That way, when the resource is updated, we'll be ready to jump into the PEA.

Gerardo Del Real: I couldn't be more excited about the drilling at Cheechoo. I also am really excited, frankly, about some of the other projects in the portfolio. 

I don't want to highlight them in this conversation because I don't want to steal the thunder from the exploration and the drilling that’ll be happening at Cheechoo. But I absolutely would love to have you back on so we can talk about some of the other projects in the portfolio as we get a little bit closer to defining exploration work programs on those if that’s alright with you?

Jean-Félix Lepage: Yes, and I'm aligned with you. I'm also excited about Cheechoo. I really want to see activities going there first. But yes, we do have a really exciting portfolio of exploration properties, and we can talk about those later.

Gerardo Del Real: Exciting times. Happy shareholder here. JF, thank you so much for your time. I appreciate it.

Jean-Félix Lepage: Thank you, Gerardo. Talk soon.

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