The Cheechoo-Éléonore Trend project is located in the Eeyou Istchee James Bay region, Québec. Under the terms of a joint venture agreement Sphinx and Sirios Resources Inc. (“Sirios”) have agreed to:
- form a 50-50% joint venture with to explore 551 claims (286 km2) by this consortium along the northwest extension of the Cheechoo-Éléonore trend;
- spend a minimum of $ 500,000 by each party over the next five years;
- create a management committee to design and oversee the exploration program on the project;
- have Sirios act as operator of the project; and
- provide that if of a party’s interest dilutes to 10% or less, its interest shall be converted to a 2% net smelter return royalty (the “Royalty”). At any time, the non-diluted party may purchase half of the Royalty-holder’s rights to all future Royalty payments for an immediate payment of $1,000,000.
Sphinx and Sirios join their robust and complimentary technical expertise to carry out an exploration program which aims to identify gold deposits along this promising and underexplored corridor. This trend comprises Sirios’ Cheechoo gold discovery (see Sirios’ press releases of March 29, June 8 and August 10, 2016) and the Éléonore mine, a world-class gold operation owned by Goldcorp Inc. The Project’s southeastern extremity is situated about 24 km northwest of the Éléonore mine and road access is available within 14 km of this location. On the basis of the same high degree of metamorphism and similar gold-arsenical paragenesis, Sphinx considers that the geological setting of the project is of a similar character to the Cheechoo discovery and the Éléonore mine.
Sphinx and Sirios have designed a till sampling survey along the trend to identify gold anomalies and investigate in these anomalies in the field. A map showing the location of the project and proposed till sampling program may be consulted by clicking here.