Cygnus Metals Unveils 78% Resource Boost at Chibougamau with Golden Eye Debut

Resource Growth and New Discoveries

Cygnus Metals Limited has announced a significant expansion of its mineral resource base at the Chibougamau Copper-Gold Project in Quebec, Canada. The company reported a 78% increase in Measured and Indicated (M&I) resources, now totaling 6.4 million tonnes at 3.0% copper equivalent (CuEq), which translates to 193,000 tonnes of CuEq. This update notably includes the inaugural Mineral Resource Estimate (MRE) for the Golden Eye deposit, a new high-grade discovery that adds substantial value to the project’s portfolio.

The Golden Eye deposit alone contributes an Indicated resource of 91,000 ounces at 5.6 grams per tonne gold equivalent (AuEq) and an Inferred resource of 182,000 ounces at 4.6 g/t AuEq, underscoring its potential as a key growth driver. Alongside Golden Eye, the MRE update encompasses the existing Corner Bay, Cedar Bay, Devlin, and Joe Mann deposits, all within a 60-kilometer radius of Cygnus’ 100%-owned processing facility.

Strategic Infrastructure and Metallurgical Strength

The Chibougamau Project benefits from well-established infrastructure, including a 900,000 tonnes per annum processing plant, sealed highways, an airport, regional rail access, and reliable hydroelectric power. This infrastructure advantage positions the project favorably for near-term development compared to many peers in the copper-gold space.

Metallurgical test work has demonstrated excellent recoveries, with copper recoveries reaching up to 98.2% and producing a high-quality copper concentrate of up to 29.6%. These results suggest strong processing economics and product marketability, critical factors for advancing the project towards production.

Advancing Economic Studies Amid Rising Commodity Prices

The resource growth provides a robust foundation for Cygnus to update its Scoping Study and Preliminary Economic Assessment (PEA), originally completed by Doré Copper in 2022. The updated study will incorporate the expanded resource base, current commodity prices; which have risen sharply since the last assessment; and revised cost inputs, including treatment and refining charges. The company aims to complete this study by the first quarter of 2026, offering investors a clearer picture of the project’s economic potential.

Cygnus’ Executive Chairman, David Southam, highlighted the significance of the resource upgrade, particularly in a strong gold price environment exceeding US$3,500 per ounce. He emphasized the project’s scale, jurisdictional attractiveness, and clear pathway to production and cash flow, positioning Cygnus as a notable player in the copper-gold sector.

Ongoing Exploration and AI-Driven Targeting

Exploration remains a core focus, with two diamond drill rigs actively operating and an in-house AI-driven system compiling historic drill logs and maps to identify new targets. This innovative approach has already proven successful in delineating the Golden Eye resource and is currently guiding drilling at Cedar Bay and other prospective areas within the camp.

With a cash position of A$23 million as of June 2025, Cygnus is well-funded to continue its aggressive exploration and study programs. The company’s strategy aims to unlock further resource growth while de-risking existing resources through infill drilling, thereby enhancing confidence ahead of more detailed economic evaluations.

Looking Ahead

The Chibougamau Copper-Gold Project’s expanded resource base, combined with strong infrastructure and metallurgy, sets the stage for Cygnus Metals to advance towards development milestones. The upcoming updated economic study will be a critical catalyst, potentially reshaping market perceptions of the project’s value and viability.