Cygnus Metals (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) announced new promising targets near an historic high-grade mine within its Chibougamau copper-gold project in Quebec.
Cedar Bay lies within the company’s northern Chibougamau copper-gold camp, which has produced the majority of the region’s historic output, including numerous historic mines and a record of nearly one million tons of copper and 3.5 million ounces of gold.
The Cedar Bay mine, which shut down in 1990, was historically one of the camp’s highest-grade deposits, producing 400 Koz of gold and 61 Kt of copper at an average grade of 4.0% copper equivalent. Various factors—such as low metal prices and a shift in the operating company’s focus—contributed to its early closure.
Cygnus Executive Chairman David Southam said: “These latest targets, supported by historical drilling data, are located right next to a high-grade mine, making them compelling. Given their potential to help drive resource growth, we are mobilizing another rig with the aim of drilling the targets ASAP. In the meantime, we are feeding the final results from Corner Bay into our updated resource model, which is set to be released next month. The resource update, combined with a pipeline of targets and multiple rigs turning, ensures we are maximizing our ability to create significant shareholder value,’
Southam added: “Uncovering these new growth targets through our compilation strategy adds further weight to the work we are doing in the background which has already delivered success at Golden Eye in a mere six months of taking ownership. The Chibougamau camp has successfully produced a significant amount of high-grade gold and copper over a long history with multiple mines that have not been geologically or economically examined in over 35 years”.
Importantly, a high-grade unmined resource remains at Cedar Bay, consisting of 130 kt at 8.9% copper equivalent indicated and 230 kt at 8.5% copper equivalent inferred resources. Cygnus has identified numerous open directions for this resource, presenting significant potential to expand through systematic exploration drilling.
Drill intersections outside the current resource include:
- 3.4 m at 16.8% copper equivalent (4.8% copper, 15.2 g/t gold, 23.3 g/t silver) (CB-27-9)
- 2.9 m at 9.6% copper equivalent (8.4% copper, 1.0 g/t gold, 43.0 g/t silver) (CB-27-6)
Cygnus has achieved tangible success through its historic data compilation strategy. This low-cost approach involves processing over 100,000 scanned documents, including drill logs, some of which have not been examined in over 35 years and have not been analyzed with modern 3D software. Recent drilling at Golden Eye demonstrates this strategy’s success, with results expected to be included in the September quarter resource update, highlighting substantial potential to grow Cedar Bay’s resources.
Given the potential of the new targets, Cygnus plans to deploy an additional drill rig to explore both strike and down-dip extensions of the known lodes, leveraging the recently compiled data and enhanced geological understanding. This will mark the first time in over 35 years that this data has been used for targeting.
Furthermore, final results from infill drilling at Corner Bay have been received in time for the resource update scheduled next month. Significant intersections include:
- 3.5 m at 4.9% copper equivalent (4.2% copper, 0.5 g/t gold, 27.3 g/t silver) (CB-25-123)
- 1.8 m at 7.7% copper equivalent (6.3% copper, 0.9 g/t gold, 45.9 g/t silver) (CB-25-125)
Cygnus continues its dual strategy of resource growth and conversion through ongoing exploration drilling and an upcoming resource update later this quarter. Meanwhile, the team keeps processing historic data and generating new drill targets around the high-grade copper-gold mineralization. This low-risk approach plays a key role in unlocking the district’s historic potential.
More information is posted on www.CygnusMetals.com.
