Chibougamau Copper-Gold Project, Canada Cygnus intersects new high-grade gold, plus visible gold* identified in subsequent holes Outstanding results from new and historic drilling at the ‘Golden Eye’ target provide further
Cygnus Metals Limited
Level 2, 8 Richardson Street, West Perth WA 6005
T: +61 8 6118 1627 E: [email protected] W: www.cygnusmetals.com
ASX: CY5 | TSXV: CYG
OTCQB: CYGGF
16 April, 2025 – Toronto, Canada
17 April, 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
Cygnus intersects new high-grade gold, plus
visible gold* identified in subsequent holes
Outstanding results from new and historic drilling at the ‘Golden Eye’ target provide further
evidence of the scope to grow the project’s gold and copper resource
HIGHLIGHTS:
• Drilling at ‘Golden Eye’ has returned shallow high-grade gold up to 9.1g/t Au in first assays with
an intersection of:
o 3.3m @ 6.6g/t Au from just 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)
• Golden Eye was last drilled in the early 1990s when gold was less than US$350 /oz. The entire
drilling target sits outside the current resource
• Significant intersections from historic drilling1 include:
o 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11)
o 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28)
o 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20)
o 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1)
o 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4)
• Subsequent holes drilled by Cygnus extended the known mineralisation down dip , where it
remains open, with coarse visible gold* intersected in LDR-25-08 (awaiting assays - see photo below)
* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory
analyses where concentrations or grades are the factor of principal economic interest . Visual estimates also
potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
The Company expects to receive the laboratory analytical results of the recent core sample (including LDR-
25-08) between late April and early May.
–
Cygnus Metals Limited 2
• Gold was a significant part of the historic production within the Chibougamau District, with over
3.5Moz of gold produced alongside 945,000t of copper3
• The recent drilling campaign at Golden Eye of six holes for 1,954m aimed to confirm historic drilling
results and extend mineralisation at depth. Assay are pending for the remaining five holes
• The Company intends to utilise the recently com piled historic drill data totalling 77 holes for
21,371m to complete an initial Mineral Resource for Golden Eye
• Cygnus is continuing the process of digitising >100,000 documents including drill logs, some of
which have not been looked at in over 30 years and never before in modern 3D software
• This highly cost-effective approach is assisting the team to conduct the first consolidated view of
the geology and generate new drill targets as Cygnus looks to create shareholder value through
resource growth, resource conversion and discovery with two rigs on site
Cygnus Metals Limited (ASX: CY5; TSXV: CYG ; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce high-grade gold assays and visible gold from its first drilling at the new target Golden Eye within
the Chibougamau Copper-Gold Project in Quebec.
Assays of up to 9.1g/t Au alongside visible gold intersected down dip in recent drilling highlight the potential
for additional resources and scope for further growth. Golden Eye was identified as a priority high -grade gold
target which has not been drilled since the early 1990s when gold was less than US$350/oz. The entire target
area sits outside of current resources with significant historic intersections of up to 5.9m @ 34.1g/t AuEq.1
The identification of the Golden Eye target is a result of the ongoing compilation work which is helping to unlock
this historic district as the Company continues to build upon the existing high -grade copper-gold resources
with low-risk brownfield exploration. The Company currently has two rigs on site focussing on both resource
growth and resource conversion drilling.
About Recent Drilling at Golden Eye
Golden Eye was identified as a priority drilling target at the Chibougamau Project with shallow high-grade gold
mineralisation highlighted during the ongoing review of historic hardcopy drill logs, with the most recent drilling
conducted in the early 1990s when gold price was less than US$350/oz. Historic drilling in the area returned
some outstanding gold and copper grades1 of:
o 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11);
o 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28);
o 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20);
o 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1); and
o 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4).
In 1992, a double access ramp was developed to access the mineralisation and to provide a better platform
for drilling; however, low metal prices and a change of ownership shifted the focus to already established
operating mines within the camp.
Cygnus Executive Chairman David Southam said : “Gold is a major part of the production
history in the Chibougamau district. It is more than just a by -product, with production of
3.5Moz at an average grade of 2.1g/t Au . We already have 248,000oz of gold in Inferred
Resources and 66,000oz in Measured and Indicated Resources,2 and there is significant
opportunity to add to these at Golden Eye with early high-grade results and visible gold down
dip.
“Golden Eye is fairly unique at Chibougamau in having a significantly higher proportion of
gold than copper and was identified by the team early as an excellent gold -dominant drill
target. We have a good head start by having the historic drill logs and will utilise this recently
compiled data to assist in an initial Mineral Resource for Golden Eye’’.
–
Cygnus Metals Limited 3
Cygnus recently completed a targeted 6-hole program for 1,954m , which aimed to confirm historic drilling
results and extend mineralisation at depth. First assays from this drilling have confirmed the high-grade tenor
of the shallow mineralisation with an intersection of:
o 3.3m @ 6.6g/t Au from 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)
Recent drilling has also extended mineralisation down dip to a depth of 400m below the surface, which remains
open. Visual mineralisation intersected in drill hole LDR-25-08 highlighted coarse visible gold associated with
chalcopyrite mineralisation over 0.9m from 463.8m downhole (refer Appendix B). Assays are pending for the
five remaining holes of the program and are expected to be received in the current quarter . Once received,
these results are expected to be incorporated into an updated geological model along with drilling completed
by Doré Copper Mining Corp. in 2022/2023 which tested the conceptual structural model of the wider area.
The Chibougamau district has a strong history of gold production as well as copper, having produced 3.5Moz
Au at an average grade of 2.1g/t Au .3 Gold grades vary between different deposits although Golden Eye and
Cedar Bay are the two areas with a significantly higher gold grade than other deposits within the camp.
Cygnus intends to utilise the recently completed drilling data (once all received) alongside the newly compiled
historic drill data totalling 77 holes for 21,371m (both surface and underground drilling) to complete an initial
Mineral Resource Estimate for the Golden Eye target . Golden Eye is an excellent example of the value
generated through ongoing compilation work which is helping to unlock this historic district while the Company
continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration.
Ongoing Work
Cygnus is continuing to compile the data across the camp and deliver additional drill targets as the Company
looks to execute its strategy of value creation through resource growth and conversion drilling. This low-cost,
low-risk approach includes both surface and downhole electromagnetics (“EM”) to generate brownfield targets
around known high quality mineralisation.
–
Cygnus Metals Limited 4
Figure 1: Long Section of Golden Eye over 600m of strike with significant high grade gold up to 34.1gt AuEq over 5.9m.
Mineralisation is still open at depth, with visible gold intersected in LDR-25-08. Refer to Appendix A of this release for
newly released drill intercept and ASX releases dated 15 October 2024 and 25 March 2025 for previously announced
drilling results.
–
Cygnus Metals Limited 5
Figure 2: Long Section through the Chibougamau North Camp illustrating Golden Eye with standout intersections of up to 5.9m @ 34.1g/t AuEq. Refer to ASX releases dated 15
October 2024 and 25 March 2025 for previously announced drilling results.
–
Cygnus Metals Limited 6
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam
Executive Chair
T: +61 8 6118 1627
Ernest Mast
President & Managing Director
T: +1 647 921 0501
Media:
Paul Armstrong
Read Corporate
T: +61 8 9388 1474
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration
and development company with projects in Quebec, Canada and Western Australia. The Company is
dedicated to advancing its Chibougamau Copper -Gold Project in Quebec with an aggressive exploration
program to drive resource growth and develop a hub -and-spoke operation model with its centralised
processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the
world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus
team has a proven track record of turning exploration success into production enterprises and creating
shareholder value.
Cautionary Note – Visual Estimates
In relation to the disclosure of visible mineralisation, the Company cautions that visual estimates of mineral abundance
should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine
the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the
market when laboratory analytical results become available. The reported intersections are down hole lengths and are not
necessarily true width. Descriptions of the mineral amounts seen and logged in the core are qualitative only. Quantitative
assays will be completed by Bureau Veritas, with the results for those intersections discussed in this release expected
between late April and early May.
Forward Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves;
planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate
objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be
relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other
factors, many of which are beyond Cygn us’ control. Cygnus makes no representations and provides no warranties
concerning the accuracy of the projections and disclaims any obligation to update or revise any forward -looking
statements/projections based on new information, future events or otherwise except to the extent required by applicable
laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors,
officers, agents, employees or advisors give any representation or warranty, expr ess or implied, as to the fairness,
accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly,
to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advis ers, nor any other
person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, i n
respect of the accuracy or completeness of the information or for any of the opinions contained in this releas e or for any
errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
1. Refer to Cygnus’ ASX announcements dated 15 October 2024 and 25 March 2025.
2. The Mineral Resource estimate at the Chibougamau Project is a foreign estimate prepared in accordance with CIM
Standards. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in
accordance with the JORC Cod e, and it is uncertain whether further evaluation and exploration will result in an
estimate reportable under the JORC Code. Refer to Appendix C for a breakdown of the Mineral Resource Estimate.
3. Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van
Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-
Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic
Geologists, Inc. Economic Geology, v. 107, pp. 963–989.
–
Cygnus Metals Limited 7
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the
Quebec Exploration Manager of Cygnus, a “qualified person” as defined in National Instrument 43 -101 – Standards of
Disclosure for Mineral Projects. The Exploration Results disclosed in this announcem ent are also based on and fairly
represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr
Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation
as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type
of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined
in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in
which they appear.
The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024.
The Company confirms that the supporting information included in the original announcement continues to apply and has
not materially changed , notwithstanding the clarification announcement released by Cygnus on 28 January 2025
(“Clarification”). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that
materially affects the information include d in the original announcement and that all material assumptions and technical
parameters underpinning the estimates in the original announcement continue to apply and have not materially changed.
Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the
estimates or Cygnus’ ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The
Company confirms that the form and context in which the Competent Per sons’ findings are presented have not been
materially modified from the original market announcement.
The information in this announcement that relates to previously reported Exploration Results at the Company’s projects
has been previously released by Cygnus in ASX Announcements as noted in the text and End Notes. Cygnus is not aware
of any new information or data that materially affects the information in these announcements. The Company confirms that
the form and context in which the Competent Persons’ findings are presented have not been materially modified from the
original market announcements.
Individual grades for the metals included in the metal equivalents calculation for the foreign estimate are in Appendix C of
this release . Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of
US$8,750/t, gold price of US$2,350/oz, with copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au
(g/t) x 0.77258). Individual grades for the metals included in the metal equivalents calculation for the exploration results
are in Appendi x A of this r elease. Metal equivalents for exploration results have been calculated at a copper price of
US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz . Copper equivalents are calculated based on the
formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula
AuEq(g/t) = Au(g/t) +(Cu(%) x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal
equivalents calculations, with copper metallurgical recovery assumed at 95% and precious metal ( gold and silver)
metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the
metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all
elements in the metal equivalents calculations in respect of the foreign estimate and exploration results have a reasonable
potential to be recovered and sold.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
–
Cygnus Metals Limited 8
APPENDIX A – Significant Intersections from Recent Drilling at Golden Eye
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting preci sion. Significant
intersections reported above 2g/t AuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness.
Hole ID X Y Z Azi Dip Depth (m) From (m) To (m) Interval (m) Au (g/t) Cu (%) AuEq (g/t)
LDR-25-05 549448 5525296 375 227 -45 214.2 131.7 135.0 3.3 6.6 0.0 6.6
Including 131.7 134 2.3 9.1 0.0 9.1
LDR-25-06 549560 5525483 375 215 -51 474.0
Pending Assays
LDR-25-07 549453 5525313 375 215 -55 261.0
LDR-25-08 549524 5525441 375 246 -57 516.0
LDR-25-09 549445 5525319 375 238 -54 252.0
LDR-25-10 549489 5525229 375 220 -60 237.0
APPENDIX B - Summary Logging Details for Mineralised Intersections Observed in LDR-25-08
Hole ID From To Interval Mineral 1 % Mineral 2 % Mineral 3 % Visible Gold Total Sulphide (%)
LDR-25-08 89.0 90.0 1.0 Pyrite 2.0
- 2.0
LDR-25-08 166.4 211.1 44.7 Pyrite 0.5
- 0.5
LDR-25-08 211.1 216.0 4.9 Pyrite 0.1
- 0.1
LDR-25-08 216.0 216.6 0.6 Pyrite 1.0
- 1.0
LDR-25-08 216.6 354.8 138.2 Pyrite 0.1
- 0.1
LDR-25-08 360.4 361.3 0.9 Chalcopyrite 0.5 Pyrite 1.0
- 1.5
LDR-25-08 363.9 392.1 28.2 Chalcopyrite 0.3 Pyrite 0.5
- 0.8
LDR-25-08 392.1 397.3 5.3 Pyrite 0.3
- 0.3
LDR-25-08 397.3 405.6 8.3 Chalcopyrite 0.1
- 0.1
LDR-25-08 405.6 406.1 0.5 Chalcopyrite 0.3 Pyrite 30.0
- 30.3
LDR-25-08 406.1 407.9 1.8 Chalcopyrite 0.5 Pyrite 1.5
- 2.0
LDR-25-08 407.9 408.3 0.4 Pyrite 7.0 Chalcopyrite 0.1
- 7.1
LDR-25-08 408.3 409.0 0.7 Pyrite 0.1
- 0.1
LDR-25-08 409.0 409.4 0.4 Pyrite 25.0 Chalcopyrite 25.0
- 50.0