Cygnus Metals Uncovers New Promising Targets at Historic Chibougamau Copper-Gold Project

Strategic Insights -

Cygnus Metals Ltd has made a significant announcement regarding the discovery of new promising targets next to an historic high-grade mine within its Chibougamau Copper-Gold Project in Quebec. The Cedar Bay mine, which closed in 1990, produced 400Koz Au and 61Kt Cu at an average grade of 4.0% CuEq and has a remaining unmined resource of 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred Resources. The company's low-cost data compilation strategy has yielded tangible results, with recent drilling at Golden Eye demonstrating significant potential to expand the current resources.

Key Takeaways:

  • The Chibougamau Copper-Gold Project boasts a vast majority of the historic production in the region, with a production record of nearly 1Mt of copper and 3.5Moz of gold.
  • The Cedar Bay mine was historically one of the highest-grade deposits in the camp, with an average grade of 4.0% CuEq.
  • A high-grade unmined resource remains at Cedar Bay, comprised of 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred Resources.
  • The resource is open in numerous directions, providing Cygnus with potential to significantly grow the resource through systematic exploration drilling.
  • The company's data compilation strategy has yielded significant results, with recent drilling at Golden Eye demonstrating potential to expand the current resources.
  • An additional drill rig will target both mineralisation along strike and down dip of the known lodes, utilising the recently compiled data and improved geological understanding of the deposit.

Statistics:

  • 400Koz Au and 61Kt Cu produced historically at the Cedar Bay mine.
  • 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred Resources remaining at Cedar Bay.
  • Production record of nearly 1Mt of copper and 3.5Moz of gold in the Chibougamau Copper-Gold Project.
  • Over 100,000 scanned documents processed through Cygnus' data compilation strategy.
  • Recent drilling at Golden Eye demonstrating potential to expand the current resources by systematics exploration drilling.

Sources:

  • Cygnus Metals Ltd (CY5; TSXV: CYG; OTCQB: CYGGF)
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