DIOS signs an agreement with Sirios on Solo project
February 11 2020 - 9:00AM
Dios Exploration Inc. reports signing an agreement
with Sirios Resources Inc. on
DIOS' Solo gold
property, allowing Sirios to earn an interest in this Solo claim
block south of Opinaca Fault and river, south-east of its K2
property, which is adjacent to Azimut's Elmer gold discovery
property, James Bay Eeyou Istchee, Quebec.
The Solo claim block covers a fold hinge in
younger Wabamisk formation, where former claim holders located
gold-in-soil anomalies, and corresponding geophysical (Induced
Polarization) anomalies in a topography without bedrock exposures.
These never drill targets can only be properly tested by drilling.
Sirios will survey Solo with an upcoming airborne magnetic
survey.
Sirios can obtain a 51% interest in Solo over a
three-year period, for $125,000 payments and exploration work
totalling $600,000. Once 51% interest is obtained, Sirios will have
the option to pursue exploration in a joint venture with DIOS on a
51/49 basis or to increase its interest to 90% for $150,000
payments over an additional three-year period, and completing
20,000 metres of drilling (a minimum of 3,000 metres of drilling
per each additional year). Dios could choose to convert its
10% interest into a 2% Net Smelter Return (NSR) royalty, half of it
being buyable for $1M by Sirios which also will keep a first right
of refusal for the other half.
DIOS’ wholly-owned K2 property
is underlain by the same older geological formation as Azimut’s
Elmer property, both north of Opinaca Fault, a northeast-southwest
major regional structure. Work completed by DIOS
on K2 uncovered ATTILA gold-copper-silver prospect, really in
direct strike south-west of Azimut Patwon gold discovery.
There are also similarities in some host rocks (felsic
intrusive) and alterations.
The Attila gold-copper showing is hosted in a
fractured rhyodacite dome overlying the Kali
quartz-diorite/tonalite Porphyry to the south, 7 km east of
WI-Target. It consists of a chalcopyrite-rich stringer/ stockwork
zone extending over 75 m long and about 5-15 m wide yielding up to
8.08 g/t gold, 97 g/t Ag, 2.43% Cu & 0.17% Zn. The Attila Zone
averaged grades of 1.07 g/t Au, 38.8 g/t Ag, 1.25% Cu & 0.01%
Bi from 13 grab-samples in 2017. Some 100 m north, a several-meter
parallel horizon (Attila-North) extending over 50 m long with
narrow quartz-carbonate-pyrite veins returned five samples greater
than 1.0 g/t Au (up to 3.64 g/t Au & 26.7 g/t Ag). It should be
test drilled at depth.
This press release has been reviewed by
Marie-José Girard, Geo M.Sc., President of DIOS, Qualified Person
following National Instrument 43-101.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Contact information : |
|
Marie-José Girard, President, Geo M.Sc. |
|
mjgirard@diosexplo.com |
|
Tel.: (514) 923-9123 |
Website: www.diosexplo.com |
A photo accompanying this announcement is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a37e1435-9a43-47c6-9890-ebe4cddff91f
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