Cygnus eyes two new mineralised gold prospects for resource growth

Core Viewpoint - Cygnus Metals Limited is focusing on resource growth at its Chibougamau Copper-Gold Project in Quebec, identifying high-priority gold drilling targets with significant potential for high-grade mineralization [2][4][10]. Exploration and Drilling Targets - The company has identified two high-priority drill targets, Gwillim and Joe Mann, both known for substantial high-grade gold mineralization and limited modern exploration [4][6]. - Gwillim Project, a joint venture with Alamos Gold, is located 12 km from the Chibougamau processing facility and has historical production of 39,000 ounces at a grade of 4.8 g/t [5]. - Joe Mann Project, located 46 km south of the processing facility, produced 1.2 million ounces at a grade of 8.3 g/t before its closure in 2007 and has an inferred resource of 0.7 million tonnes at 6.0 g/t [6][10]. Significant Intersections - Recent drilling at Gwillim has returned notable intersections, including: - 7.6 m at 38.1 g/t Au from 314.9 m [7] - 15.2 m at 9.4 g/t Au from 155.1 m [7] - 16.4 m at 8.3 g/t Au from 168.3 m [7] - At Joe Mann, significant intersections include: - 0.7 m at 480.2 g/t Au from 92.3 m [13] - 3.8 m at 20.8 g/t Au from 287.2 m [13] - 8.4 m at 6.3 g/t Au from 175.6 m [13] Resource Estimates - The current resource at the Chibougamau Project is estimated at 6.4 million tonnes at 3.0% CuEq for 193,000 tonnes CuEq (Measured & Indicated) and 8.5 million tonnes at 3.5% CuEq for 295,000 tonnes CuEq (Inferred) [6][10]. - The Golden Eye deposit has an indicated resource of 0.5 million tonnes at 5.6 g/t AuEq for 91,000 ounces AuEq and an inferred resource of 1.2 million tonnes at 4.6 g/t AuEq for 182,000 ounces AuEq [10]. Infrastructure and Strategic Position - The Chibougamau area has well-established infrastructure, including a processing facility with a capacity of 900,000 tonnes per annum, which is the only facility within a 250 km radius [11]. - This infrastructure provides a significant advantage for the development of copper-gold opportunities in the region [11].