Cygnus eyes two new mineralised gold prospects for resource growth

Core Insights - Cygnus Metals Limited is advancing its exploration strategy focused on resource growth at the Chibougamau Copper-Gold Project in Quebec, with significant high-grade gold drilling targets identified [2][4][10] Group 1: Project Overview - The Chibougamau Project has a current resource of 6.4 million tonnes (Mt) at 3.0% CuEq for 193,000 tonnes (kt) CuEq (Measured & Indicated) and 8.5 Mt at 3.5% CuEq for 295 kt CuEq (Inferred) [4][10] - The project benefits from established infrastructure, including a processing facility with a capacity of 900,000 tonnes per annum (tpa), a local mining town, and regional rail infrastructure [11] Group 2: Drilling Targets - Two high-priority drill targets have been identified: the Gwillim Project and the Joe Mann Project, both known for significant high-grade gold mineralization [4][5] - The Gwillim Project has returned intersections such as 7.6m at 38.1g/t Au, 15.2m at 9.4g/t Au, and 16.4m at 8.3g/t Au, indicating strong potential for resource growth [5][6][10] - The Joe Mann Project has an Inferred Resource of 0.7 Mt at 6.0g/t Au for 143,000 ounces (koz) Au, with high-grade intersections including 0.7m at 480.2g/t Au [8][13] Group 3: Upcoming Activities - Drilling at the Golden Eye deposit is set to resume later this month to test extensions below the current resource, which includes an Indicated Resource of 0.5 Mt at 5.6g/t AuEq for 91 koz AuEq and an Inferred Resource of 1.2 Mt at 4.6g/t AuEq for 182 koz AuEq [10][11] - Assays are pending from follow-up drilling at Cedar Bay, which previously returned 28.9m at 2.5g/t AuEq [10] Group 4: Strategic Importance - The identified targets align with the company's strategy for resource growth by 2026, emphasizing high-grade mineralization and the potential for significant extensions [2][4] - The proximity of the Joe Mann Project to recent acquisitions in the area, such as IAMGOLD's acquisition of Northern Superior Resources for C$267.4 million, highlights the strategic importance of the region [9]