Sirios Resources (SOI.V) a gold exploration company developing a portfolio of high-potential gold properties, announced today it has completed an in-depth evaluation for the lithium potential on its numerous properties located in Eeyou Istchee James Bay Quebec. Sirios currently holds 1,447 claims in the James Bay region, totaling nearly 750 km2, which gives the company a very favorable position in relation to the lithium potential of the region.
Before we delve into the big news. I want readers to know that Sirios already has 1.4 million ounces of gold indicated and 0.5 million ounces inferred at its Cheechoo project. Now, you have the added bonus of lithium potential as four of Sirios’ projects have been identified ad very promising for hosting lithium.
Here are highlights from the press release:
- Mineral prospects favorable to the presence of lithium mineralization have been identified on the Cheechoo property.
- The Pontax property is located less than one kilometre from and directly along the extension of the Stria Lithium and Cygnus Gold lithium-bearing pegmatite swarm, which is currently the subject of a major drilling program.
- Significant geochemical lithium anomalies have been identified on the Maskwa property.
- The Li-52 property is a recently staked Sirios project, primarily targeting lithium based on highlighted lithium-rich lake-bottom sediment anomalies.
At Cheechoo, several lithium-rich spodumene bearing boulders near numerous pegmatite outcrops have been identified approximately 3km north of the Cheechoo gold deposit. Sirios has 75 new claims up-ice of the boulders for their lithium exploration potential. A detailed exploration program focusing on the lithium potential will be carried out in the area of the Cheechoo spodumene boulders starting in the summer of 2023.
A major drilling program in the geological corridor where Pontax is located, targeting the lithium rich pegmatites is currently underway by Cygnus Gold on its block of three optioned properties. Sirios’ Pontax property is adjacent to this block of properties and highlights the excellent lithium exploration potential.
The Maskwa property has gold, tungsten and platinum group anomalies. You can add lithium to that group, as Sirios has identified several lithium anomalies.
The Li-52 property is located approximately 20 km south of the Maskwa property. Sirios recently acquired 266 claims developing this property. It has excellent lithium potential as indicated by the presence of several lithium, cesium, rubidium and gallium anomalies.
The stock is currently up over 15% at time of writing with over 3.3 million shares traded on today’s news.
I get excited when I look at the chart setup as it meets much of my criteria for a reversal. The stock has been in a downtrend and then began to find a bottom and range at $0.05. We even have an inverse head and shoulders pattern developing.
Everything is screaming reversal and a new uptrend.
However, we just need the breakout trigger. A close above $0.08 would trigger the breakout and get us into a new uptrend. For those more technically inclined, this break would confirm the FIRST higher low in a new uptrend. Higher lows are the basis and skeleton of an uptrend.
With today’s lithium news, we could have the catalyst which confirms the breakout trigger. We now wait for our level to be taken out.
As I said earlier, this company does have gold ounces indicated and inferred. In my opinion, investor’s really need to consider this resource given where the stock is trading.