Chibougamau Copper-Gold Project, Canada Standout historical intersections highlight the true potential of Chibougamau Camp Ongoing historical data review uncovers results including 47.4m at 7.2% CuEq from previously producing Copper Rand mine, part of Cygnus’ 100%-owned
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
March 24, 2025 – Toronto, Canada
March 25, 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
Standout historical intersections highlight the
true potential of Chibougamau Camp
Ongoing historical data review uncovers results including 47.4m at 7.2% CuEq
from previously producing Copper Rand mine, part of Cygnus’ 100%-owned
282sqkm landholding in the Chibougamau District
HIGHLIGHTS:
• Cygnus is continuing to review drill data from the past -producing Chibougamau Copper -Gold
Project as part of its strategy to unlock this historic mining district
• This ongoing review highlights the true potential of the district with standout mined intersections
from the past-producing Copper Rand Mine including:
o 47.4m @ 7.2% CuEq from 0.0m (1.9% Cu, 6.7g/t Au) (27R104)
o 34.1m @ 9.1% CuEq from 0.0m (2.1% Cu, 9.0g/t Au) (25R41)
o 51.7m @ 5.5% CuEq from 89.3m (3.0% Cu, 3.2g/t Au) (25R56)
o 18.3m @ 12.2% CuEq from 57.0m (5.1% Cu, 9.0g/t Au, 25.1g/t Ag) (22R447)
• The Chibougamau district is a world- class mineral terrane with strong potential for additional
discoveries, having produced over 945,000t of copper and 3.5Moz of gold2
• Cygnus is in 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 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
• The Project already has a high-grade Mineral Resource, comprised of Measured and Indicated
Resources of 3.6Mt at 3% CuEq and Inferred Resources of 7.2Mt at 3.8% CuEq1
• The Project has excellent infrastructure with a 900,000tpa processing facility, local mining town,
sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site
1 The Mineral Resource estimate at the Chibougamau Project is a foreign estimate prepared in accordance with
CIM Standards and is not reported in accordance with the JORC Code. A competent person has not done
sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it
is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be
reported as a mineral resource or ore reserve in accordance with the JORC Code.
Cygnus Executive Chairman David Southam said : “These historical drilling results provide
more evidence of the P roject’s significant growth potential. The combination of these
historical high-grade intersections and modern exploration technology is already generating
drilling targets and demonstrating that there is immense upside to be captured.
“This is the sort of lucrative brownfields exploration which can create significant shareholder
value in a timely and cost-efficient manner”.
–
Cygnus Metals Limited 2
Cygnus Metals Limited (ASX: CY5; TSXV: CYG, OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce exceptional historical copper-gold intersections from the ongoing review of historical data at the
Chibougamau Copper-Gold Project, Quebec.
Significant mined intersections from the past -producing Copper Rand Mine highlight the quality of the ore
bodies and true potential of the district with intersections including 47.4m @ 7.2% CuEq from 0.0m (1.9% Cu
& 6.7g/t Au) and 34.1m @ 9.1% CuEq from 0.0m (2.1% Cu & 9.0g/t Au).
The ongoing compilation work 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 C ompany currently
has two rigs on site focussing on both resource growth and resource conversion drilling.
About Historical Drill Results
A large part of the opportunity within the Chibougamau camp lies in the historical data. The Company is in the
process of compiling and digitising +100,000 scanned hard copy documents (including drill logs) , some of
which have not been looked at in over 30 years and never before in a modern 3D software. This data sits
within a district with a massive production history hav ing produced over 945,000t of copper and 3.5Moz of
gold2 but has had a history of fractured ownership and a lack of consolidation.
Now that the majority of the camp has been consolidated under Cygnus , there is a significant opportunity to
explore on a district-scale pulling all the historic and fractured drill data into one database. The results of this
ongoing review and consolidation have highlighted the exceptional quality of some of the past producing assets
within the district and true potential for exploration.
Copper Rand was one of the most prolific mines in the district having produced 14.9Mt @ 3.9% CuEq for 268kt
Cu and 1.3Moz Au. This mine, which sits within Cygnus’ 100% owned 282kmsq tenure, demonstrated thick
high-grade copper gold intersections including:
o 47.4m @ 7.2% CuEq from 0.0m (1.9% Cu, 6.7g/t Au) (27R104)
o 34.1m @ 9.1% CuEq from 0.0m (2.1% Cu, 9.0g/t Au) (25R41)
o 51.7m @ 5.5% CuEq from 89.3m (3.0% Cu, 3.2g/t Au) (25R56)
o 18.3m @ 12.2% CuEq from 57.0m (5.1% Cu, 9.0g/t Au, 25.1g/t Ag) (22R447)
o 29.1m @ 6.1% CuEq from 6.6m (2.1% Cu, 5.2g/t Au) (27R30)
o 20.4m @ 8.6% CuEq from 0.0m (1.7% Cu, 8.9g/t Au) (36R51)
o 15.9m @ 9.6% CuEq from 0.9m (2.6% Cu, 9.0 g/t Au) (21R134)
o 15.5m @ 9.2% CuEq from 69.2m (3.0% Cu, 7.9 g/t Au,16.9g/t Ag) (22R450)
o 13.3m @ 10.6% CuEq from 123.3m (1.6% Cu, 11.6g/t Au, 6.9g/t Ag) (36R284)
o 13.7m @ 10.0% CuEq from 112.5m (1.4% Cu,11.0g/t Au,7.7g/t Ag) (36R251)
o 19.9m @ 6.5% CuEq from 50.3m (4.6% Cu, 2.4g/t Au) (473R20)
o 19.8m @ 6.3% CuEq from 165.9m (2.8% Cu, 4.6g/t Au) (36R14)
o 13.4m @ 9.2% CuEq from 252.1m (3.3% Cu, 7.4g/t Au, 20.3g/t Ag) (27R429)
o 21.8m @ 5.6% CuEq from 40.2m (1.6% Cu, 5.2g/t Au, 0.1g/t Ag) (38R6)
o 18.9m @ 6.4% CuEq from 389.0m (3.5% Cu, 3.6g/t Au, 9.2g/t Ag) (36R284)
o 8.5m @ 13.7% CuEq from 241.8m (4.3% Cu, 12.1g/t Au, 8.9g/t Ag) (36R294)
o 18.2m @ 6.4% CuEq from 44.5m (3.8% Cu, 3.4g/t Au) (473R8)
o 15.2m @ 7.6% CuEq from 65.5m (1.3% Cu, 8.1g/t Au) (13R509)
o 13.2m @ 8.4% CuEq from 20.0m (7.2% Cu, 1.5g/t Au) (469R6)
o 26.5m @ 4.1% CuEq from 79.9m (1.1% Cu, 3.9g/t Au) (25R20)
o 20.3m @ 5.3% CuEq from 23.9m (1.5% Cu, 5.0g/t Au) (21R181)
o 22.4m @ 4.7% CuEq from 14.2m (1.6% Cu, 3.9g/t Au) (24R143)
o 8.5m @ 11.9% CuEq from 49.5m (7.1% Cu, 6.2g/t Au) (473R28)
o 23.2m @ 4.2% CuEq from 0.0m (2.3% Cu, 2.3g/t Au, 12.6g/t Ag) (34R74)
While the above intersections are from mined portions of the deposit, it highlights the quality of the ore bodies
within the Chibougamau district which has significant brownfield exploration upside with mines which are still
open (Figure 2).
–
Cygnus Metals Limited 3
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 ore bodies.
Figure 1: 18km of prospective strike in the Chibougamau North Camp with quailty ore bodies such as Copper Rand with
standout mined intersections of 47.4m @ 7.2% CuEq - Demonstrating true potential of the district. Refer to Appendix A
for newly released historic drill intercepts.
–
Cygnus Metals Limited 4
Figure 2: Long Section through the Chibougamau North Camp illustrating Copper Rand with standout mined intersections of 47.4m @ 7.2% CuEq Refer to Appendix A for newly
released historic drill intercepts (including those highlighted in dark green box) and ASX release dated 15 October 2024 for previously announced drilling results (in white boxes).
–
Cygnus Metals Limited 5
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.
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 6
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/projects 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, express 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, advisers , 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 release 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 D for a breakdown of the Mineral Resource Estimate.
2. 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.
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. 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 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 , with copper equivalents calculated based on the
formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Metallurgical recovery factors have been applied to
the copper 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 copper equivalent calculations in respect of the foreign estimate and exploration results have a
reasonable potential to be recovered and sold.
–
Cygnus Metals Limited 7
APPENDIX A – Significant Intersections from Historic Drilling in the Chibougamau North Camp
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 5% CuEq per metre (i.e 2.5% CuEq * 2m = 5% CuEq%/m).
Hole ID X Y Z Azi Dip Depth
(m)
From
(m)
To
(m)
Interval
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
Location
27R104 551274 5526433 -427 200 0 54.9 0.0 47.4 47.4 1.9 6.7 0.0 7.2 Copper Rand
21R348 551472 5526493 -244 200 -11 100.6 66.2 69.8 3.7 3.4 109.6 16.1 88.2 Copper Rand
25R41 551273 5526344 -384 20 0 115.5 0.0 34.1 34.1 2.1 9.0 0.0 9.1 Copper Rand
25R56 551226 5526390 -384 20 0 168.3 89.3 141.0 51.7 3.0 3.2 0.0 5.5 Copper Rand
22R447 551461 5526390 -288 360 0 108.8 57.0 75.3 18.3 5.1 9.0 25.1 12.2 Copper Rand
36R177 550823 5526630 -698 90 -28 68.0 23.2 24.5 1.4 0.1 165.7 35.6 128.4 Copper Rand
27R30 551291 5526435 -427 200 0 42.7 6.6 35.7 29.1 2.1 5.2 0.0 6.1 Copper Rand
36R51 550933 5526571 -699 288 55 50.3 0.0 20.4 20.4 1.7 8.9 0.0 8.6 Copper Rand
28R267 552029 5526514 -478 180 0 761.3 640.2 644.5 4.3 0.0 52.4 11.2 40.6 Copper Rand
21R134 551428 5526432 -244 240 0 98.8 0.9 16.8 15.9 2.6 9.0 0.0 9.6 Copper Rand
22R450 551461 5526390 -288 352 -14 91.5 69.2 84.8 15.5 3.0 7.9 16.9 9.2 Copper Rand
36R284 550674 5526148 -699 36 -59 516.8 123.3 136.6 13.3 1.6 11.6 6.9 10.6 Copper Rand
36R251 550674 5526146 -698 48 -47 471.0 112.5 126.2 13.7 1.4 11.0 7.7 10.0 Copper Rand
CB-27-6A 550332 5527110 -425 262 -15 984.8 599.2 614.8 15.5 1.7 8.6 12.3 8.4 Cedar Bay
473R20 550824 5526373 -1052 187 11 77.0 50.3 70.2 19.9 4.6 2.4 0.0 6.5 Copper Rand
S1-87-1 549300 5525202 375 31 -65 346 228.0 235.5 7.5 4.7 16.0 0.0 17.0 Dore
36R14 551115 5526457 -700 296 12 193.6 165.9 185.7 19.8 2.8 4.6 0.0 6.3 Copper Rand
V-78 552349 5528711 378 212 -45 243.8 205.7 231.0 25.3 3.7 1.6 0.0 4.9 Jaculet
27R429 550847 5526778 -427 200 -22 305.5 252.1 265.5 13.4 3.3 7.4 20.3 9.2 Copper Rand
38R6 550896 5526488 -758 277 -23 67.7 40.2 62.0 21.8 1.6 5.2 0.1 5.6 Copper Rand
36R284 550674 5526148 -699 36 -59 516.8 389.0 407.9 18.9 3.5 3.6 9.2 6.4 Copper Rand
473R8 550824 5526374 -1053 207 0 63.6 44.5 62.7 18.2 3.8 3.4 0.0 6.4 Copper Rand
36R294 550674 5526148 -698 36 -66 471.3 241.8 250.3 8.5 4.3 12.1 8.9 13.7 Copper Rand
13R509 551585 5526312 -6 341 -46 98.5 65.5 80.8 15.2 1.3 8.1 0.0 7.6 Copper Rand
469R55 550921 5526353 -1036 230 39 121.7 79.6 84.2 4.6 5.0 25.0 0.0 24.3 Copper Rand
469R6 550855 5526316 -1037 174 -2 90.6 20.0 33.2 13.2 7.2 1.5 0.0 8.4 Copper Rand
–
Cygnus Metals Limited 8
Hole ID X Y Z Azi Dip Depth
(m)
From
(m)
To
(m)
Interval
(m)
Cu
(%)
Au
(g/t)
Ag
(g/t)
CuEq
(%)
Location
25R20 551301 5526329 -384 20 0 117.1 79.9 106.4 26.5 1.1 3.9 0.0 4.1 Copper Rand
21R181 551330 5526409 -243 200 0 81.7 23.9 44.2 20.3 1.5 5.0 0.0 5.3 Copper Rand
24R143 551204 5526420 -337 200 0 45.7 14.2 36.6 22.4 1.6 3.9 0.0 4.7 Copper Rand
17R408 551580 5526329 -148 147 0 152.1 96.5 122.0 25.4 0.0 5.3 1.6 4.1 Copper Rand
473R28 550823 5526375 -1054 222 -12 78.6 49.5 58.0 8.5 7.1 6.2 0.0 11.9 Copper Rand
S3-86-4 549107 5525298 380 35 -70 307.8 297.4 307.8 10.4 3.5 7.3 31.8 9.4 Dore
34R74 550973 5526223 -655 200 0 33.5 0.0 23.2 23.2 2.3 2.3 12.6 4.2 Copper Rand
CDR-20-04B 550148 5527741 378 222 -61 93.0 32.7 38.0 5.3 7.3 13.6 38.4 18.2 Cedar Bay
473R35 550825 5526373 -1052 184 29 76.8 49.2 62.1 12.9 4.9 3.2 0.0 7.4 Copper Rand
37R82 550780 5526477 -749 357 -16 183.8 132.6 151.8 19.2 0.6 5.5 9.6 4.9 Copper Rand
37R60 550839 5526452 -752 20 -33 109.8 87.5 93.6 6.1 2.0 17.1 11.0 15.3 Copper Rand
469R111 550833 5526270 -1035 213 17 147.1 35.0 36.0 1.0 4.1 114.9 0.0 92.9 Copper Rand
37R40 550937 5526343 -759 115 -10 126.2 63.3 73.9 10.7 2.6 7.8 0.4 8.6 Copper Rand
473RB9 550796 5526332 -1057 47 0 9.1 0.0 5.3 5.3 11.7 7.3 0.0 17.3 Copper Rand
36R159 550821 5526752 -698 20 0 294.2 33.4 35.8 2.4 0.1 48.3 6.2 37.5 Copper Rand
24R171 551171 5526418 -337 20 0 279.9 0.0 15.5 15.5 1.5 5.5 0.0 5.8 Copper Rand
34R36 551118 5526275 -655 252 0 166.2 142.4 161.0 18.6 2.3 3.1 10.3 4.8 Copper Rand
19R440 551664 5526233 -189 58 8 184.8 155.2 162.5 7.3 0.5 14.9 8.8 12.0 Copper Rand
469R24 550863 5526340 -1036 235 10 63.3 42.0 62.7 20.7 2.7 1.9 0.0 4.2 Copper Rand
36R46 550933 5526571 -699 288 0 57.0 11.9 27.4 15.5 2.1 4.4 0.0 5.6 Copper Rand
25R17 551337 5526275 -384 200 0 124.1 48.5 75.3 26.8 2.2 1.3 0.0 3.2 Copper Rand
34R46 551001 5526470 -655 264 0 27.4 0.0 26.8 26.8 1.1 2.7 3.4 3.2 Copper Rand
473R33 550824 5526374 -1053 198 -13 89.6 54.9 66.5 11.6 3.8 4.6 0.0 7.3 Copper Rand
24R355 551421 5526484 -336 20 58 40.5 25.2 40.0 14.8 1.1 6.0 0.0 5.7 Copper Rand
469R60 550921 5526353 -1036 227 33 131.1 91.0 102.8 11.7 2.6 6.1 0.0 7.2 Copper Rand
36R234 550808 5526173 -697 146 0 54.6 27.4 43.0 15.5 4.7 0.8 10.8 5.4 Copper Rand
36R12 551115 5526457 -700 280 12 164.6 131.6 156.9 25.3 1.0 3.0 0.0 3.3 Copper Rand
36R307 550674 5526148 -698 43 -65 470.4 232.8 238.1 5.3 4.3 14.4 8.3 15.5 Copper Rand
21R336 551275 5526437 -243 200 -14 29.0 5.9 10.7 4.7 1.2 20.8 13.9 17.3 Copper Rand
34R5 551105 5526430 -655 178 0 135.1 93.9 113.1 19.2 1.5 3.5 7.8 4.2 Copper Rand