Chibougamau Copper-Gold Project, Canada Significant intercepts of gold and copper show Golden Eye emerging as a highly promising new resource prospect Highest grade result to date of 60.8g/t AuEq over 0.4m (51.3g/t Au, 7.2%Cu & 18.0g/t Ag)
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
May 7, 2025 – Toronto, Canada
May 8, 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
Significant intercepts of gold and copper
show Golden Eye emerging as a highly
promising new resource prospect
Highest grade result to date of 60.8g/t AuEq over 0.4m (51.3g/t Au, 7.2%Cu & 18.0g/t Ag)
with mineralisation open; Plus, assays pending from additional holes
HIGHLIGHTS:
• Gold intersected in two zones within one hole; results include:
o 7.4m @ 5.7g/t AuEq (4.6g/t Au, 0.9% Cu & 5.6g/t Ag) from 405.6m, including 3.1m @ 9.6g/t
AuEq (7.4 g/t Au, 1.6% Cu & 10.0g/t Ag) (LDR-25-08)
o 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu and 3.3g/t Ag) from 463.8m, including 0.4m @
60.8g/t AuEq (51.3g/t Au, 7.2%Cu & 18.0g/t Ag) (visible gold) (LDR-25-08)
• First results of the drill program returned 3.3m @ 6.6g/t Au, including 2.3m @ 9.1 g/t Au (LDR-25-05)
(see TSXV/ASX announcement dated 16/17 April 2025)
• 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
• Additional assay results from a number of drill holes at Golden Eye are expected later this month
with visible gold observed in LDR-25-09* (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 -
25-09) in the current quarter.
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Cygnus Metals Limited 2
• 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)
• 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
• 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.3
Cygnus Metals Limited (ASX: CY5; TSXV: CYG ; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce its best gold intercepts drilled to date from the Golden Eye prospect within the Chibougamau
Copper-Gold Project in Quebec.
Recent results have returned two intervals from parallel mineralised zones at Golden Eye, extending gold
mineralisation at depth. The results from the latest assays include:
o 7.4m @ 5.7g/t AuEq (4.6g/t Au, 0.9% Cu & 5.6g/t Ag) from 405.6m (LDR-25-08)
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 and 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) (visible gold)
These results are in addition to previously released results from Golden Eye (see TSXV/ASX announcement
dated 16/17 April 2025) as follows:
o 3.3m @ 6.6g/t Au from just 131.7m (LDR-25-05)
Including 2.3m @ 9.1g/t Au
The recent results highlight not only the potential to establish a high-grade mineral resource at Golden Eye
but also that mineralisation remains open at depth, with the vast majority of all drilling at less than ~400m from
surface. Additional results are expected this quarter from the remaining four holes of the program, with visible
gold also observed in one drill hole (LDR-25-09).
Cygnus Executive Chairman David Southam said : “Golden Eye is clearly emerging as
something special with scope to drive valuable resource growth in the near term.
“Cygnus has intersected high-grade gold mineralisation at Golden Eye, which has an existing
dual ramp access that sits within 150m of the mineralisation and is located just 3km from the
central processing plant. Given the results to date, which support the historical results, Golden
Eye is poised to become a new and additional growth driver for Cygnus at a time of historically
high gold prices.
“And it is just one example of what is hiding in the historic data at the Chibougamau Project’’.
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Cygnus Metals Limited 3
Cygnus intends to use the results from the recently completed drilling alongside the newly compiled historic
drill data totalling 77 holes for 21,371m to complete an initial Mineral Resource Estimate for Golden Eye. The
best 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).
Golden Eye has existing double ramp access within 150m of the mineralisation and sits less than 3km from
the central 900, 000tpa processing facility. This makes it a potentially important part in the pathway to the
development of the project.
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.
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.
Figure 1: Composite Long Section of Golden Eye over 600m of strike with significant gold grade of up to 34.1gt 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
16/17 April 2025 for previously announced drilling results.
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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 and 24/25 March 2025 for previously announced drilling results.
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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.
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. Visual estimates also
potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. 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 in the current quarter.
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 Cygnus’ 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 C for a breakdown of the Mineral Resource Estimate.
2. Refer to Cygnus’ TSXV/ASX announcements dated 15 October 2024 and 24/25 March 2025.
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.
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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 i n
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.
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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
(m)
From (m) To (m) Interval (m) Cu (%) Ag (g/t) Au (g/t) AuEq (g/t)
LDR-25-06 549560 5525483 375 215 -51 474.0 Pending Assays
LDR-25-07 549453 5525313 375 215 -55 261.0 Pending Assays
LDR-25-08 549524 5525441 375 246 -57 516.0 405.6 413.1 7.4 0.9 5.6 4.6 5.7
including 409.0 412.1 3.1 1.6 10.0 7.4 9.6
463.8 466.7 2.9 1.4 3.3 8.3 10.2
including 463.8 465.2 1.4 2.3 5.7 15.8 18.9
including 464.2 464.6 0.4 7.2 18.0 51.3 60.8
LDR-25-09 549445 5525319 375 238 -54 252.0 Pending Assays
LDR-25-10 549489 5525229 375 220 -60 237.0 Pending Assays
APPENDIX B - Summary Logging Details for Mineralised Intersections Observed in LDR-25-09
Hole ID From
(m)
To
(m)
Interval
(m)
Mineral 1 % Mineral 2 % Mineral 3 % Visible Gold (%) Total Sulphide (%)
LDR-25-09 74.3 74.7 0.4 Pyrite 0.1 Chalcopyrite 0.1
0.2
LDR-25-09 152.65 157.1 4.45 Pyrite 2
2
LDR-25-09 158.5 159.15 0.65 Pyrite 2 Chalcopyrite 0.1 Sphalerite 0.1
2.2
LDR-25-09 159.15 159.75 0.6 Chalcopyrite 0.2 Pyrite 0.1 Sphalerite 0.1
0.4
LDR-25-09 168.85 169.45 0.6 Pyrite 2 Chalcopyrite 0.1
2.1
LDR-25-09 169.45 170.5 1.05 Pyrite 10 Chalcopyrite 0.2
10.2
LDR-25-09 174.15 174.85 0.7 Pyrite 5 Chalcopyrite 1
6
LDR-25-09 174.85 175.25 0.4 Chalcopyrite 1.5 Pyrite 0.1
1.6
LDR-25-09 177 177.5 0.5 Chalcopyrite 1 Pyrite 0.1
1.1
LDR-25-09 188.9 189.3 0.4 Chalcopyrite 3 Pyrite 0.1
3.1
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Cygnus Metals Limited 8
Hole ID From
(m)
To
(m)
Interval
(m)
Mineral 1 % Mineral 2 % Mineral 3 % Visible Gold (%) Total Sulphide (%)
LDR-25-09 190.3 190.7 0.4 Chalcopyrite 0.5 Pyrite 0.1
0.6
LDR-25-09 193.5 194.1 0.6 Chalcopyrite 5 Pyrite 0.1
5.1
LDR-25-09 197.5 198 0.5 Chalcopyrite 1
1
LDR-25-09 204 204.4 0.4 Chalcopyrite 0.5
0.5
LDR-25-09 204.4 204.9 0.5 Chalcopyrite 0.2 Pyrite 0.2 Sphalerite 0.1
0.5
LDR-25-09 204.9 205.4 0.5 Pyrite 10 Chalcopyrite 0.1
10.1
LDR-25-09 205.4 205.9 0.5 Pyrite 5 Chalcopyrite 0.1 Sphalerite 0.1
5.2
LDR-25-09 205.9 206.55 0.65 Chalcopyrite 3 Pyrite 1 Sphalerite 0.1
4.1
LDR-25-09 208.55 209 0.45 Chalcopyrite 0.5 Pyrite 0.1
0.6
LDR-25-09 209 209.6 0.6 Chalcopyrite 2 Sphalerite 0.2
2.2
LDR-25-09 209.6 210 0.4 Chalcopyrite 7
7
LDR-25-09 210 210.7 0.7 Chalcopyrite 20 Pyrite 20
0.1 40
LDR-25-09 210.7 211.5 0.8 Pyrite 25 Chalcopyrite 2 Stibnite 1
28
LDR-25-09 211.5 212 0.5 Pyrite 2 Chalcopyrite 0.1 Sphalerite 0.1
2.2
LDR-25-09 212 212.9 0.9 Pyrite 4 Chalcopyrite 2 Sphalerite 0.1
6.1
LDR-25-09 214 215 1 Chalcopyrite 0.5 Pyrite 0.2
0.7
LDR-25-09 215 215.8 0.8 Pyrite 4 Chalcopyrite 0.1
4.1
LDR-25-09 220.6 221.3 0.7 Chalcopyrite 1 Pyrite 0.1
1.1
LDR-25-09 222.75 223.3 0.55 Chalcopyrite 3 Pyrite 0.1
3.1
LDR-25-09 226.5 227.1 0.6 Pyrite 2 Chalcopyrite 1
3
LDR-25-09 227.1 228 0.9 Pyrite 20 Chalcopyrite 0.5
20.5
LDR-25-09 228 228.5 0.5 Pyrite 20 Chalcopyrite 8
28
LDR-25-09 228.5 229 0.5 Pyrite 5 Chalcopyrite 0.1
5.1
No visible gold was identified in holes LDR-25-06, LDR-25-07 and LDR-25-10.