Chibougamau Copper-Gold Project, Canada More high-grade assays pave way for resource at Golden Eye Results such as 12.7g/t AuEq over 3.3m confirm multiple parallel zones and show Golden Eye is emerging as a significant new plank of the production hub strategy
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
June 9, 2025 – Toronto, Canada
June 10, 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
More high-grade assays pave way
for resource at Golden Eye
Results such as 12.7g/t AuEq over 3.3m confirm multiple parallel zones and show
Golden Eye is emerging as a significant new plank of the production hub strategy
HIGHLIGHTS:
• Latest results from Golden Eye confirm multiple parallel zones with significant miner alisation;
Results include:
o 4.3m @ 9.8g/t AuEq (7.5g/t Au, 1.6% Cu & 23.9g/t Ag) (LDR-25-10)
o 3.3m @ 12.7g/t AuEq (8.4g/t Au, 3.1% Cu & 30.2g/t Ag) (LDR-25-09)
▪ Including 1.9m @ 21.1g/t AuEq (14.2g/t Au, 4.9% Cu & 47.5g/t Ag)
o 2.5m @ 7.3g/t AuEq (5.9g/t Au, 0.9% Cu & 14.9g/t Ag) (LDR-25-10)
o 3.3m @ 3.8g/t AuEq (3.2g/t Au, 0.4% Cu & 3.5g/t Ag) (LDR-25-09)
• Cygnus intends to use the new results and the compiled historic drill data , totalling 77 holes for
21,371m, to complete an initial Mineral Resource for Golden Eye
• Significant intersections from historic drilling2 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)
• Golden Eye has never been mined and was last drilled in the early 1990s when gold was less than
US$350/oz. The entire drilling target sits outside the current Mineral Resource1
• Importantly Golden Eye remains open at depth with 2.9m @ 10.2g/t AuEq in deepest hole from
recent campaign3
• The Golden Eye prospect sits 3km from Cygnus’ central processing plant and has existing dual
ramp access within 150m of the mineralisation
• Gold was a significant part of the historic production within the Chibougamau District, with over
3.5Moz of gold produced alongside 945,000t of copper.4
Cygnus Executive Chairman David Southam said: “These latest high-grade results set us up to
commence the initial Resource at Golden Eye. With its location just 3km from the processing
plant, Golden Eye stands to add significant value to the economics of the project. Chibougamau
is a pure copper -gold project with silver credits and is perfectly placed to drive value in this
market. We are excited to be working on resource upgrades and additional study work which
will demonstrate the quality of the asset we have in a mining - friendly jurisdiction with key
infrastructure already in place".
–
Cygnus Metals Limited 2
Cygnus Metals Limited (ASX: CY5; TSXV: CYG ; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce further high-grade assays from the Golden Eye prospect within the Chibougamau Copper -Gold
Project in Quebec.
Recent results from two diamond holes have revealed the presence of multiple parallel mineralised zones with
gold-copper-silver mineralisation. The results from the latest assays include:
o 3.3m @ 3.8g/t AuEq from 174.2m (3.2g/t Au, 0.4% Cu & 3.5g/t Ag) (LDR-25-09);
o 3.3m @ 12.7g/t AuEq from 209.6m (8.4g/t Au, 3.1% Cu & 30.2g/t Ag) (LDR-25-09);
▪ Including 1.9m @ 21.1g/t AuEq (14.2g/t Au, 4.9% Cu & 47.5g/t Ag);
o 2.5m @ 7.3g/t AuEq from 226.5m (5.9g/t Au, 0.9% Cu & 14.9g/t Ag) (LDR-25-09);
o 2.7m @ 3.5g/t AuEq from 147.7m (1.5g/t Au, 1.3% Cu & 23.0g/t Ag) (LDR-25-10); and
o 4.3m @ 9.8g/t AuEq from 157.8m (7.5g/t Au, 1.6% Cu & 23.9g/t Ag) (LDR-25-10);
▪ Including 2.0m @ 18.8g/t AuEq (14.6g/t Au, 2.8% Cu & 43.5g/t Ag).
These results are in addition to previously released results2,3 from Golden Eye:
o 3.3m @ 6.6g/t Au from 131.7m (LDR-25-05);
▪ Including 2.3m @ 9.1g/t Au;
o 7.4m @ 5.7g/t AuEq (4.6g/t Au, 0.9% Cu & 5.6g/t Ag) from 405.6m (LDR-25-08); and
▪ Including 3.1m @ 9.6g/t AuEq (7.4 g/t Au, 1.6% Cu & 10.0g/t Ag);
o 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu & 3.3g/t Ag) from 463.8m (LDR-25-08);
▪ Including 0.4m @ 60.8g/t AuEq (51.3g/t Au, 7.2% Cu & 18.0g/t Au).
With the drill ing at Golden Eye completed and the majority of assays returned (assays are pending for one
hole), the focus has shifted towards establishing a n initial resource for Golden Eye. This will include the six
holes for 1,954m completed this year as well as the compiled historic data which includes 77 holes for 21,371m.
Significant historic drill intercepts2 dating back to the 1990s returned:
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).
Defining a new resource at Golden Eye, with its existing double ramp access as well as being located within
3km of the 100% -owned 900,000tpa central processing facility , is a significant head start down the
development pathway of the project. With this infrastructure already in place alongside the near surface high-
grade mineralisation with significant gold as well as copper and silver, there is significant scope to enhance
future mining studies. Importantly, Golden Eye remains open at depth and has only been drilled to 400m below
surface with deepest drilling from the current campaign returning 2.9m @ 10.2g/t AuEq from 463.8m in LDR-
25-08. Exploration drilling is being planned at depth to extend mineralisation and further enhance the pending
resource.
Cygnus will continue to focus on resource growth and build upon the current high-grade copper-gold resources
through low-risk brownfield exploration across the camp . This work includes ongoing compilation of historic
data, with Golden Eye an excellent example of the value generated through this work which is helping to unlock
this historic district.
–
Cygnus Metals Limited 3
Figure 1: Composite Long Section of Golden Eye over 600m of strike with significant gold grade of up to 34.1g/t AuEq
over 5.9m. Mineralisation is still open at depth with 2.9m @ 10.2g/t AuEq intersected in LDR-25-08. Refer to Appendix A
of this release for newly released drill intercepts and TSXV/ASX releases dated 15 October 2024, 24/25 March 2025 and
7/8 May 2025 for previously announced drilling results.
–
Cygnus Metals Limited 4
Figure 2: Composite Long Section through the Chibougamau North Camp illustrating Golden Eye with intersections of up to 5.9m @ 34.1g/t AuEq. Refer to TSXV/ASX releases dated
15 October 2024, 24/25 March 2025 and 7/8 May 2025 for previously announced drilling results.
–
Cygnus Metals Limited 5
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.
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.
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. 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 B for a breakdown of the Foreign Mineral Resource
Estimate.
2. Refer to Cygnus’ TSXV/ASX announcements dated 15 October 2024 and 24/25 March 2025.
3. Refer to Cygnus’ TSXV/ASX announcement dated 7/8 May 2025.
4. 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 6
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 included in the original announcement and that all material assumptions and technical
parameters underpinning the estimates in the original announcement continue to appl y 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 Persons’ 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 B 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 release. 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 silve r 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 7
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 From (m) To (m) Interval (m) Au (g/t) Cu (%) Ag (g/t) AuEq (g/t)
LDR-25-06 549560 5525483 375 215 -51 474 365.5 367.2 1.7 5.1 0.4 2.4 5.6
LDR-25-07 549453 5525313 375 215 -55 261 Pending Assays
LDR-25-09 549449 5525323 376 238 -54 252 174.2 177.5 3.3 3.2 0.4 3.5 3.8
& 209.6 212.9 3.3 8.4 3.1 30.2 12.7
Including 209.6 211.5 1.9 14.2 4.9 47.5 21.1
& 226.5 229.0 2.5 5.9 0.9 14.6 7.3
LDR-25-10 549493 5525230 376 220 -60 237 147.7 150.4 2.7 1.5 1.3 23.0 3.5
& 157.8 162.0 4.3 7.5 1.6 23.9 9.8
Including 157.8 159.8 2.0 14.6 2.8 43.5 18.8
APPENDIX B – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022
Deposit Category Tonnes (k) Cu Grade (%) Au Grade (g/t) Cu Metal (kt) Au Metal (koz) CuEq Grade (%)
Corner Bay (2022)
Indicated 2,700 2.7 0.3 71 22 2.9
Inferred 5,900 3.4 0.3 201 51 3.6
Devlin (2022)
Measured 120 2.7 0.3 3 1 2.9
Indicated 660 2.1 0.2 14 4 2.3
Measured & Indicated 780 2.2 0.2 17 5 2.4
Inferred 480 1.8 0.2 9 3 2.0
Joe Mann (2022) Inferred 610 0.2 6.8 1 133 5.5
Cedar Bay (2018)
Indicated 130 1.6 9.4 2 39 8.9
Inferred 230 2.1 8.3 5 61 8.5
Total
Measured & Indicated 3,600 2.5 0.6 90 66 3.0
Inferred 7,200 3.0 1.1 216 248 3.8
–
Cygnus Metals Limited 8
APPENDIX C – 2012 JORC Table 1
Section 1 Sampling Techniques and Data
Criteria JORC Code explanation Commentary
Sampling
techniques
Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.
• All drilling conducted by Cygnus Metals at the Chibougamau Project was completed under
the supervision of a registered professional geologist as a Qualified Person (QP) who is
responsible and accountable for the planning, execution, and supervision of all exploration
activity as well as the implementation of quality assurance programs and reporting.
• All Cygnus drilling reported is NQ size (47.8 mm diameter).
Include reference to measures taken to ensure sample
representativity and the appropriate calibration of any
measurement tools or systems used.
• All sample collection, core logging, and specific gravity determinations were completed by
Cygnus Metals under the supervision of a professionally qualified registered geologist.
• NQ core was marked for splitting during logging and is sawn using a diamond core saw
with a mounted jig to assure the core is cut lengthwise into equal halves.
• Half of the cut core is placed in clean individual plastic bags with the appropriate sample
tag.
• In some instances where visible gold was observed – an additional quarter core sample is
taken to verify the gold deportment across two samples.
• QA/QC is done in house by Cygnus Metals geologists with oversight from the Senior
Geologist. The check samples (blanks and standards – 4% of total samples with another
2% of core duplicates taken on half split core) that were inserted into the sample batches
are verified against their certified values and are deemed a pass if they are within 3
standard deviations of the certified value. The duplicates are evaluated against each other
to determine mineralization distribution (nugget). If there are large discrepancies in the
check samples, then the entire batch is requested to be re-assayed. The samples are then
placed in bags for shipment to the offsite laboratory’s facility.
• The remaining half of the core is retained and incorporated into Cygnus’s secure, core
library located on the property.