Sirios Resources Inc V.SOI

May 26th update

[prospector24]

Had a good talk with the president tonight – lasted about an hour.  It was a very informative update.

 

Upinor – DOS set to drill 3 or 4 holes on the property in June.  SOI needs to fund ½ the program, estimated at about $400,000.

 

Opinica North (uranium) – DOS may elect to move the drill over to this property when done at Upinor (also in June) and drill 1 or 2 holes.  DOS pays the full cost (about $150,000).

 

Pontax – DOS is drilling for diamonds, which won’t have much effect on SOI.  SOI will be spending a bit of cash to put together a geochem report and make recommendations for a $1.5M drill program, which will not take place until 2009.

 

Tilly – SOI to spend roughly $1.5M this year on the property, which they consider to be a high priority.  A 3,000-5,000 meter drill program to commence in August.

 

Escale – SOI will re-visit the project and consider a work budget for 2009, which will likely be in the order of $1M and include drilling.

 

Kukamees – SOI is downsizing the property from about 1,500 claims to about 250 claims.  They feel they are keeping the best claims based on a number of factors.  The smaller property will be in the eastern portion of the current block, which they feel is the source for the high gold geochem, and has been transported by glacial action.

 

Cheechoo/Sharks – GZZ is the operator and has done a first pass drill program on the properties.  GZZ is awaiting news from Eleonore South and will likely respond accordingly on the results from drilling by Eastmain (which is due within the next 2 weeks).

 

Upinor, Pontax and Tilly are the companies’ current top projects.  I think they like what they see at Upinor and are anxious to drill.

 

SOI has $2M in the coffers, and will use that money up on Upinor and Tilly.  There is no budget for Kukamees this year.  They will not arrange a financing at current share levels, but rather focus on the two main projects this year.  Of course, if Eastmain produces good results at Eleonore South, or Upinor or Tilly drilling turn up good news and the share price gets over 50 cents, they will consider putting more money in the treasury at those prices.

 

Summary

JUNE – Eleonore South (neighbour) results

JUNE/JULY – Upinor & Opinica North drilling

AUGUST – Tilly drilling

 

Looks like a busy summer with lots of results pending.