Chibougamau Copper-Gold Project, Canada

HIGHLIGHTS:

• Results from Copper Rand come from step out drilling surrounding the historic mine which produced 14.9Mt at 3.9% CuEq for 268kt Cu and 1.3Moz Au¹
• Copper Rand sits within the Chibougamau North Camp which also hosts the Cedar Bay and Golden Eye deposits. All three deposits are within 3km and surround the 900ktpa Central Processing Facility
• Drilling intersected mineralisation 200m along strike from the historic mine, with results of:
  • 20.3m at 4.2g/t AuEq from 399.1m (0.6g/t Au, 2.5% Cu & 14.2g/t Ag) (CR-26-01W1)
    • Including 3.4m at 14.2g/t AuEq (2.0g/t Au, 8.5% Cu & 47.1g/t Ag)
  • 5.1m at 5.3g/t AuEq from 328.7m (3.6g/t Au, 1.2% Cu & 8.6g/t Ag) (CR-26-04)
• Cedar Bay and Golden Eye deposits already host a combined resource of 158koz at 6.7g/t AuEq (Indicated) and 387koz at 6.3g/t AuEq (Inferred)² and there is significant potential for Copper Rand to add to the resources
• At Gwillim, all nine holes drilled hit gold mineralisation, returning highlight intersections of:
  • 13.5m at 8.0g/t Au from 19.5m (GWL-26-05)
  • 3.1m at 20.8g/t Au from 212.7m (GWL-26-01)
    • Including 0.4m at 108.0g/t Au
  • 9.4m @ 4.5g/t Au from 154.6m (GWL-26-03)
  • 8.6m @ 3.5g/t Au from 301.0m (GWL-26-02)
• In light of these results, Cygnus has moved the drill rig from Corner Bay back to Gwillim for a short program before moving to Copper Rand
• Gwillim is a 50:50 joint venture with Alamos Gold, which is co-funding the maiden drill program.

Cygnus Metals Limited (ASX: CY5) (TSX-V: CYG) (OTCQB: CYGGF) is pleased to announce exploration results from new resource prospects at Copper Rand and Gwillim within its Chibougamau Copper-Gold Project in Quebec.

A recent drilling program of five holes totalling 3,830m at Copper Rand has been targeting shallow, along-strike extensions to the historic mine and stepping out 200m along the prospective structure, which remains open. Significant results from the first exploration holes included (Figure 1):

• 20.3m at 4.2g/t AuEq from 399.1m (0.6g/t Au, 2.5% Cu & 14.2g/t Ag) (CR-26-01W1);
  • Including 3.4m at 14.2g/t AuEq (2.0g/t Au, 8.5% Cu & 47.1g/t Ag); and
• 5.1m at 5.3g/t AuEq from 328.7m (3.6g/t Au, 1.2% Cu & 8.6g/t Ag) (CR-26-04).

These results highlight the potential surrounding the historic mine, which was one of the largest mines of Chibougamau, producing a standalone 14.9Mt @ 3.9% CuEq for 268kt Cu and 1.3Moz Au.¹ The mine closed in 2008 during the global financial crisis when gold and copper prices were significantly lower than the current environment. Recent exploration drilling is the culmination of compilation work to bring fractured historic drill data and underground development up to modern standards and allow effective exploration targeting.

There is no current Mineral Resource for this deposit, which remains open in a number of directions with unmined intersections. Recent drilling has focussed on near-surface strike extensions, which remain open down plunge. There is also potential at depth below the mined areas for down plunge extensions as seen with these historic unmined intersections³ (Figure 2):

• 13.7m at 13.0g/t AuEq (11.0g/t Au, 1.4% Cu & 7.7g/t Ag) (36R251)
• 13.3m at 13.9g/t AuEq (11.6g/t Au, 1.6% Cu & 6.9g/t Ag) (36R284)
• 15.5m at 7.3g/t AuEq (0.8g/t Au, 4.7% Cu & 10.8g/t Ag) (36R234)
• 8.5m at 18.0g/t AuEq (12.1g/t Au, 4.3% Cu & 8.9g/t Ag) (36R294)

Copper Rand sits within the North Camp, which also hosts the Cedar Bay and Golden Eye deposits, for a combined resource of 158koz at 6.7g/t AuEq (Indicated) and 387koz at 6.3g/t AuEq (Inferred).² All three deposits are located within 3km and surround the central Chibougamau Processing Facility with optionality for shared infrastructure and co-development of these deposits.

Figure 1: Copper Rand, Cedar Bay and Golden Eye all located within 3km of the Proccessing Facilty.^1,2

 Figure 2: Copper Rand is open at depth and along strike with significant intersections outside of mined areas.^1,3

Gwillim Exploration

Gwillim is located 14km from the central Chibougamau Processing Facility and was identified as a gold prospect earlier in the year due to historic high-grade shallow intersections.

Recent drilling has aimed to confirm these historic intersections and expand the mineralised footprint by drilling down plunge towards the east. During the program, nine holes were drilled for 2,708m. Results have been received for all holes, all successfully intersecting shallow gold mineralisation. Highlights include (Figure 3):

• 13.5m at 8.0g/t Au from 19.5m (GWL-26-05);
• 3.1m at 20.8g/t Au from 212.7m (GWL-26-01);
  • Including 0.4m at 108.0g/t Au;
• 9.4m @ 4.5g/t Au from 154.6m (GWL-26-03); and
• 8.6m @ 3.5g/t Au from 301.0m (GWL-26-02).

This drilling has helped delineate and expand the mineralisation whilst providing a deeper understanding of the geology in the area. Results to date have highlighted a correlation between the high-grade mineralisation and pyrrhotite rich structures with the potential to utilise DHEM as a vector during follow up drilling.

The recent drilling results will be used in conjunction with the historic drilling data to potentially form the basis of an initial Inferred Mineral Resource as well as to vector follow up exploration. Some significant historic results⁴ include:

• 7.6m at 38.1g/t Au from 314.9m (87-KOD-18);
• 15.2m at 9.4g/t Au from 155.1m (87-KOD-1); and
• 16.4m at 8.3g/t Au from 168.3m (87-KOD-10).

Figure 3: Gwillim composite long section with results from historic and recent drilling, including 2.2m @ 28.8g/t Au.² Mineralisation remains open down dip.

About Cygnus Metals

Cygnus Metals Limited 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.