Cygnus Metals (ASX: CY5) has announced promising drill results from its Chibougamau Copper-Gold Project in Quebec, Canada, signaling potential growth and upgrades to the existing mineral resource. Recent infill drilling at the Corner Bay deposit has shown excellent continuity and grade, with significant intersections including 7.3m @ 3.1% CuEq, including 3.3m @ 5.6% CuEq. These results reconcile positively with the block model and improve an area of lower grade, potentially leading to an updated resource classification.
Exploration drilling at the new Colline target, located within 4km of the Chibougamau Processing Facility, has also yielded encouraging results. The first results include 8.6m @ 2.3% CuEq from 95m, including higher-grade intervals of 2.6m @ 4.4% CuEq and 2.2m @ 3.7% CuEq. Colline was identified through a review of historic drill logs, some dating back to the 1950s, and has never been mined. These results confirm mineralization to a depth of 250m below surface, remaining open, and highlighting near-surface resource growth potential.
Cygnus’ Executive Chairman, David Southam, stated that the results demonstrate the potential to grow the high-grade copper-gold portfolio. The company is employing two diamond drill rigs and downhole electromagnetics (DHEM) to define follow-up targets. The ongoing drilling program focuses on resource growth, conversion opportunities, and brownfield exploration, aiming to build upon the existing mineral resources. Infill drilling at Corner Bay targets both resource conversion and growth, while exploration drilling at Colline aims to confirm and extend historic mineralization. The company anticipates a steady flow of news throughout 2025 as drilling progresses and results are received.
