Cygnus Metals (TSXV: CYG; US-OTCQB: CYGGF) announced a MRE update for the Chibougamau copper-gold project in Quebec. The mineral resource update shows significant growth with initial resource from Golden Eye, an increase in M&I provides foundation for advancing economic studies, and it provides substantial scope for further resource growth with ongoing drilling.
The updated MRE reports measured and indicated resources of 6.4 Mt at 3.0% copper equivalent (2.3% copper, 0.8 g/t gold, 76 g/t silver, equivalent to 193 kt copper equivalent (149 kt copper, 167 koz gold, and 1.6 Moz silver) or 4.3 g/t gold equivalent for 884 koz gold equivalent.
The updated MRE reports Inferred resources of 8.5 Mt at 3.5% copper equivalent (2.1% copper, 1.7 g/t gold, 7.9 g/t silver), equivalent to 295 kt copper equivalent (182 kt copper, 454 koz gold, and 2.2 Moz silver) or 4.8 g/t gold equivalent for 1.3 Moz gold equivalent.
Overall, this results in a significant increase in the total resource base for the Chibougamau Hub and Spoke project.
Cygnus Executive Chairman David Southam said: “Within just nine months of acquiring the Chibougamau Project, we have been able to deliver a significant resource upgrade with substantial scope for further growth. Importantly, it comes at a time of rising demand for copper projects in attractive jurisdictions with real scale and a clear pathway to production and cashflow. With this increased resource base, and the ongoing growth outlook, Cygnus is now clearly in that league,”
He added: “Being able to deliver a brand-new resource at Golden Eye in such a short space of time speaks volumes. It should not be lost that our total gold resources have increased substantially in a gold price environment in excess of US$3,500/oz. Given the potentially significant benefits of the increased resource on a production profile and the sharp rises in our commodity prices since the previous studies done three years ago, the attractions of the Chibougamau project are now very clear to us.”
The MRE update for the Chibougamau project includes the Corner Bay, Cedar Bay, Joe Mann, and Devlin deposits and the new Golden Eye deposit, all located within a 60 km radius from Cygnus’ 100%-owned existing processing facility. The increase in the MRE is the result of drilling programs completed by Doré Copper in 2022 & 2024 at Corner Bay and Cygnus in 2025 at Corner Bay and Golden Eye. In the nine months since Cygnus acquired Doré Copper on 1 January 2025, Cygnus has completed 17,183 m of drilling.
A major part of the increased MRE is due to a successful exploration drilling campaign at Golden Eye which was a focus of early target generation and exploration work by the Cygnus exploration team. The initial resource at Golden Eye includes indicated mineral resources of 91 koz at 5.6 g/t gold equivalent and inferred mineral resources of 182 koz at 4.6 g/t gold equivalent. The company sees further opportunity to grow this resource, which remains open at depth below 400 m and in multiple directions.
The increase in the global MRE in a short timeframe proves that significant growth opportunities exist at the Chibougamau project. Diamond drill rigs are continuing to turn while the company continues to execute its in-house AI driven solution for the compilation of historic drill logs and maps, some of which have never been viewed in modern 3D software. This background work has successfully assisted Cygnus in targeting Golden Eye and resulted in the delivery of an initial MRE, as well as identifying new drill targets at Cedar Bay (currently being drilled), and will be fundamental to generating additional drill targets within the camp.
With the MRE update resulting in a 78% increase in the measured and indicated mineral resources, the company also sees significant value in continuing to advance the project with an updated scoping study / PEA (Doré Copper had previously completed a PEA in 2022 as there is significant opportunity to enhance the economics of the project by using an updated MRE with updated costs, particularly treatment and refining charges), the inclusion of silver, exchange rates and metal prices to reflect the current commodity price environment. This updated study has commenced and is currently scheduled for completion in Q1 CY2026.
Significant exploration potential is centred around the high-grade Chibougamau mineral system, which has a production history of 945,000 t of copper and 3.5 Moz of gold. This endowment, combined with a fractured ownership history and premature mine closure, provides Cygnus with the first opportunity to conduct modern systematic exploration in over 20 years.
More information is posted on www.CygnusMetals.com.
