November 22, 2002
Sirios Resources has signed an option agreement for 50% ownership of the Garaffa gold property covering 30,000 ha in Para state, Brazil from Amazonia Mineracao Ltda. Garaffa is situated at the southern extension of a major mineralized NNE trending fault zone which links several active artisanal mining operations (garimpos), gold anomalies and occurrences over a strike length of over 40 km. The Garaffa licenses cover half of this strike length. Gold mineralization at Garaffa is associated with a 3 to 7m wide zone of quartz-pyrite veins, vein breccias and veinlets, which have been exposed and mined over a strike length of 200 m, down to a depth of 30 m. Four channel samples across the zone returned gold grades averaging between 6 and 15g/t. As part of the option agreement, Sirios must spend USD1 million over 3 years on the property to gain 50% interest with an option for a further 20% interest by funding exploration to a feasibility study. The President of Sirios, Dominique Doucet P.Eng said after his recent due diligence visit to Brazil that Garaffa was "an exciting property, with high grade gold mineralization and the potential to generate significant resources in the near term".
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