Cygnus Metals Limited (ASX: CY5) (TSX-V: CYG) is pleased to announce that it has made an outstanding start to its exploration campaign at the Chibougamau Copper-Gold Project in Quebec, Canada, with the first hole returning assays of up to 2.5m @ 9.1% Copper.

Prior to the merger of Cygnus and Doré Copper Mining Corp. closing, both teams executed a targeted exploration program to test the immediate areas around the Corner Bay deposit, looking for both additional structures and extensions to the current resource.

The first drillhole from this program has returned an intersection of 7.3m @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag, including 2.5m @ 9.1% Cu, 0.5g/t Au & 31.4g/t Ag from a potential new lode ~250m east of the existing resource in the footwall of the Corner Bay deposit. Follow up downhole electromagnetics has since defined a significant off hole electromagnetic anomaly (530m x 460m) to the north and down dip of the intersection that has yet to be tested by drilling.

HIGHLIGHTS:

• The outstanding intersection of 3m at 4.2%Cu reveals a potential new lode ~250m from the main deposit; Follow-up downhole EM identifies a large off-hole conductor; Two diamond drill rigs currently on site

• High-grade result of 7.3m @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag from 317.8m
  • Including 2.5m @ 9.1% Cu, 0.5g/t Au & 31.4g/t Ag
• The result reveals a potential new lode ~250m from Corner Bay, which is the primary deposit at the Chibougamau Project; Corner Bay has Indicated Mineral Resources of 2.7Mt at 2.7% Cu & 0.3g/t Au and Inferred Mineral Resources of 5.9Mt at 3.4% Cu & 0.3g/t Au¹
• The recent intersection is associated with a significant off hole electromagnetic anomaly (530m x 460m) which has not yet been drilled
• The result highlights the potential for multiple sub-parallel lodes at Corner Bay analogous to other well-known deposits in the region; two diamond rigs are on site across both Corner Bay and other drilling targets with further results anticipated this half
• The Chibougamau district is a world class mineral terrane with high potential for additional discovery, having historically produced over 945,000t of copper and 3.5Moz of gold²
• The Project has excellent infrastructure with a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site

¹ The Mineral Resource Estimate at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code.

Image 1: High grade drill core from CB-24-100 intersecting 7.3m @ @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag. 
Image showing core between 321.9m and 322.6m.

Figure 1: Long section of the Corner Bay deposit with potential new lode in the footwall of the main deposit. Large 530mx460m untested EM plate along with further untested EM plates to the south.

About the Drilling and Geophysical Results 

The first hole of the program (CB-24-100) targeting the footwall of the Corner Bay deposit has intersected a potential new sub parallel lode with a high-grade drill result of 7.3m @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag from 317.8m, which includes 2.5m @ 9.1% Cu, 0.5g/t Au & 31.4g/t Ag.

The result highlights the potential for multiple sub-parallel lodes at the Corner Bay deposit analogous to other well-known deposits in the region. This new structure sits 250m to the east of the Main Lode at Corner Bay in an area with very little drilling. This presents an exciting target for follow up drilling and an opportunity to add to the existing resources at Corner Bay.

In addition, follow up electromagnetics (‘EM’) completed on the recent drilling has defined a large (530m x 460m) conductive plate offset to the north and down dip of drillhole CB-24-100. EM is known to correspond well with the mineralisation style at the Chibougamau mining camp, being primarily composed of chalcopyrite with minor amounts of pyrite and pyrrhotite. Historically, airborne EM has been used to make some of the discoveries in the region, although ground and downhole EM has been underutilised in more recent times. The large EM plate provides a priority target for follow up exploration along this structure.

Figure 2: Plan view of the Corner Bay deposit with potential new lode to the east of the Main Lode at Corner Bay. Also illustrating other untested EM plates.

Ongoing Drilling

In line with the Company’s resource growth strategy, drilling is underway with two diamond drill rigs. This initial program will focus on resource growth opportunities surrounding some of the existing deposits aiming to build upon the existing high-grade resources. The Company looks forward to a high volume of news flow during 2025 with ongoing drilling updates and results.

About the Corner Bay Deposit

Cygnus’ flagship Corner Bay deposit within the Chibougamau Project is located 17km (straight line) south of the Chibougamau processing facility. The deposit was discovered in the 1980s and has never been mined although ramp access was established to 115m for the purpose of initial bulk sampling test work.

The deposit is the primary resource in the combined Project resources, making up 79% of the total resource with Indicated Mineral Resources of 2.7Mt @ 2.7% Cu & 0.3g/t Au and Inferred Mineral Resources of 5.9Mt @ 3.4% Cu and 0.3g/t Au.¹

Mineralisation extends from surface and has been defined over 1,000m of strike and to a depth of 1,350m with mineralisation remaining open in all directions. The mineralisation is structurally controlled and hosted as a north-south striking quartz-carbonate vein with semi massive chalcopyrite and minor pyrite mineralisation. The main lode has been crosscut and offset by a large diabase dyke with an upper and lower portion of the lode positioned either side of the dyke.

The Corner Bay deposit sits on the southern flank of the Chibougamau pluton and has seen minimal exploration compared to the north. The northern flank is host to 16 mined deposits and has contributed a significant portion of the regions historic production ~945,000t of copper and 3.5Moz of gold.² Corner Bay in the south shares comparable lithological and structural characteristics to the northern deposits, however, as the northern mines developed, multiple sub-parallel lodes were subsequently discovered within the same structural corridor. Due to the relatively early stage of defining the Corner Bay deposit, potential parallel lodes and resource extension have not yet been properly explored and the latest intersection highlights the potential for additional sub-parallel lodes within the immediate vicinity of the current resources.

About the Chibougamau Copper-Gold Project

The Chibougamau copper-gold project is located in central Quebec, Canada approximately 480km due north of Montreal. The province of Quebec has been recognised as a top ten global mining investment jurisdiction in the 2023 Fraser Institute Annual Survey of Mining Companies. The project has excellent infrastructure with a local mining town, sealed highway, airport, regional rail infrastructure and access to hydro power via installed powerlines.

The Chibougamau Project is centred on the Chibougamau pluton with a district wide historic production of 53.5Mt @ 1.8% Cu and 2.1g/t Au² with periodic mining between the early 1900s and 2008. Over this long mining history, the district has produced over 945,000t of copper and 3.5Moz of gold from 16 former producing mines.²

The Chibougamau Project has high-grade resources including a Measured and Indicated Mineral Resources of 3.6Mt at 2.5% Cu & 0.6g/t Au and Inferred Mineral Resources of 7.2Mt at 3.0% Cu & 1.1g/t Au with significant potential to grow.¹

The Company has a clear strategy to:

• Rapidly grow the resource through brownfield exploration and investment in drilling; and
• Advance the project towards development through study work and utilising existing infrastructure.

The Company sees a huge opportunity to create shareholder value by an established high-grade resource with opportunity for growth, excellent infrastructure, 900ktpa processing facility and clear pathway to production, all within a quality endowed mineral terrane that has seen minimal modern exploration.

Figure 3: Location of the Chibougamau Project relative to other major deposits and processing facilities.³

This announcement has been authorised for release by the Board of Directors of Cygnus.

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5) (TSX-V: CYG) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.