03:01 PM EDT, 09/14/2017 (MT Newswires) -- Sirios Resources (SOI.V) said Thursday before market open that the 2017 fall diamond drilling program on the Cheechoo gold property has started and it also provided an update on the completion of numerous summer fieldwork carried out, and still ongoing. Sirios noted the property is adjacent to Goldcorp's (G.TO, GG) Eleonore at Eeyou Istchee James Bay, Quebec.
The news sent the company's shares up to an intra-day high of $0.34 in the morning and although the stock was trading at $0.32 on last look, this still represented a 6.7% increase from the previous close.
According to Sirios, an "intensive" summer fieldwork program has been carried out in Cheechoo, with detailed prospecting over more than 10 square kilometers on high potential targets and the digging of trenches with channel sampling and mapping, among other activities. Over 700 rock channel samples are being assayed, with around 1,000 new samples from the main stripping area to be sent soon to the laboratory.
The summer program, which is still ongoing, is part of a broader 2017-2018 exploration program with a budget of $5.7 million. The exploration program also includes the execution of an 8,000-meter fall diamond drilling program that will test targets identified by Sirios near surface and at depth, and the company said the program starts today. The fall program will then be followed by a winter program for an additional 10,000 meters of diamond drilling.