Cygnus Metals Drills 105.5g/t AuEq Highlight at Golden Eye Deposit

Golden Eye Delivers Eye-Catching High-Grade Drilling Results

Cygnus Metals (ASX:CY5) has hit a rich vein of success at its Golden Eye deposit, part of the Chibougamau Copper-Gold Project in Quebec, Canada. Recent infill drilling has yielded spectacular assays, including a blistering 1-metre intercept grading 105.5g/t gold equivalent (AuEq). This exceptional grade was part of a broader 5.9-metre interval averaging 28.8g/t AuEq, confirming the deposit’s high-grade continuity and underpinning plans to upgrade the Indicated Resource category.

Alongside the gold, copper grades peaked at 11.9% over 0.8 metres, with silver hitting 142g/t in the same interval, highlighting the polymetallic nature of the mineralisation. Other notable intersections include 11.5 metres at 4.3g/t AuEq and 6.7 metres at 5.9g/t AuEq, reinforcing the deposit’s robust grade profile.

Resource Growth Potential and Ongoing Exploration

The current Golden Eye Mineral Resource stands at 0.5 million tonnes at 5.6g/t AuEq for 91,000 ounces in the Indicated category, and 1.2 million tonnes at 4.6g/t AuEq for 182,000 ounces Inferred. These latest drilling results will feed into an upcoming resource update, expected to increase the Indicated portion and potentially add ounces to the overall inventory.

With about 5,632 metres drilled from an engineered ice pad, assay results are still pending for several holes, suggesting further news could be forthcoming. Meanwhile, exploration continues across other targets within the project, including a near-complete Induced Polarisation (IP) survey at the Joe Mann property, which aims to generate new drill-ready targets in this prolific gold district.

This drilling success follows Cygnus’ recent capital raise, which secured A$25 million to accelerate resource expansion and technical studies across the Chibougamau portfolio. The company currently operates three rigs drilling at Golden Eye and other targets, maintaining momentum in its resource growth strategy.

Strategic Location and Infrastructure Advantage

Chibougamau’s infrastructure remains a key asset for Cygnus, featuring a 900,000 tonnes per annum processing facility, a local mining town, sealed highways, rail infrastructure, and reliable hydro power. Notably, this processing plant is the only base metal facility within a 250-kilometre radius, offering a significant logistical advantage for advancing development.

Golden Eye lies within a well-explored district with a rich history of mining and exploration dating back to the 1950s. The deposit is hosted in a northwest-trending deformation corridor characterised by gold-bearing quartz-chlorite veins with associated copper and silver mineralisation.

Cygnus’ approach capitalises on low-risk brownfield exploration, leveraging extensive compilation work to unlock value in this historic mining region. The company plans to test additional targets such as Joe Mann, Copper Rand, and Gwillim, expanding its footprint in the area.

These developments build on Cygnus’ previous announcements, including its $25m capital raise which underpins ongoing drilling and technical work designed to push the Chibougamau Project closer to production readiness.