Cygnus Metals Unveils High-Grade Gold-Copper Hits at Chibougamau

Step-Out Drilling Revives Copper Rand Potential

Cygnus Metals Limited (ASX:CY5) has breathed new life into the Copper Rand prospect within its Chibougamau Copper-Gold Project in Quebec, Canada, with step-out drilling returning robust gold-copper-silver intersections. The highlight from the maiden program includes a 20.3-metre intercept grading 4.2 grams per tonne gold equivalent (AuEq) from 399.1 metres, featuring a high-grade core of 3.4 metres at 14.2g/t AuEq. Another hole yielded 5.1 metres at 5.3g/t AuEq.

These intersections extend mineralisation some 200 metres along strike from the historic Copper Rand mine, which previously produced 14.9 million tonnes at 3.9% copper equivalent (CuEq), delivering 268,000 tonnes of copper and 1.3 million ounces of gold before closing in 2008 amid the global financial crisis. The new drilling targets near-surface strike extensions and remains open along strike and at depth, with historic unmined intersections suggesting further upside.

Gwillim Delivers Consistent Gold Mineralisation

At Gwillim, a 50:50 joint venture with Alamos Gold, all nine holes in the maiden drill program intersected gold mineralisation, underscoring the prospect's promise. Notable results include 13.5 metres at 8.0g/t gold from just 19.5 metres downhole, and a high-grade 3.1-metre interval at 20.8g/t gold from 212.7 metres, which contains a blistering 0.4 metres at 108.0g/t gold.

The drilling has expanded the known mineralised footprint and enhanced geological understanding, revealing a correlation between high-grade gold and pyrrhotite-rich structures. This relationship offers a potential vector for future exploration using downhole electromagnetic (DHEM) surveys. Historic high-grade intersections at Gwillim, such as 7.6 metres at 38.1g/t gold, further bolster the prospect’s credentials.

Strategic Hub-and-Spoke Model Leverages Processing Facility

Copper Rand sits within the Chibougamau North Camp alongside the Cedar Bay and Golden Eye deposits, all within a 3-kilometre radius of Cygnus’s 900,000 tonnes per annum Central Processing Facility. Cedar Bay and Golden Eye together host a combined indicated and inferred resource exceeding 545,000 ounces of gold equivalent, providing a solid foundation for a hub-and-spoke development model.

Cygnus’s recent drilling and historical data compilation aim to expand this resource base, with Copper Rand offering a fresh growth avenue and Gwillim poised to contribute a maiden inferred resource. The company has already redeployed its drill rig from Corner Bay back to Gwillim for a short program before resuming work at Copper Rand, signalling a focused approach to resource delineation.

Exploration Quality and Next Steps

The drilling was conducted using industry-standard diamond core methods, with excellent sample recovery and rigorous QA/QC protocols overseen by qualified professionals. Metal equivalent calculations incorporate conservative assumptions for copper, gold, and silver prices and metallurgical recoveries based on historical processing data.

While no new formal Mineral Resource Estimates have been announced for Copper Rand or Gwillim yet, these results provide compelling evidence to justify further drilling and resource modelling. Cygnus’s partnership with Alamos Gold at Gwillim also mitigates exploration risk and accelerates the program.