Chibougamau Copper-Gold Project, Canada Strong drilling results point to growth and upgrades in copper-gold resource Infill results of up to 5.6% CuEq highlight potential to increase indicated resource while exploration drilling at a new target delivers results such as 8.6m at 2.3% CuEq
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 17, 2025 – Toronto, Canada
March 18, 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada
Strong drilling results point to growth
and upgrades in copper-gold resource
Infill results of up to 5.6% CuEq highlight potential to increase indicated resource
while exploration drilling at a new target delivers results such as 8.6m at 2.3% CuEq
within 100m of surface, demonstrating scope for resource growth
HIGHLIGHTS:
• Cygnus’ strategy to create shareholder value by growing the overall Chibougamau Resources and
upgrading more tonnes to Indicated category is delivering strong results
• Recent infill drilling results at the Corner Bay deposit have reconciled positively with the model .
Significant intersections include:
o 7.3m @ 3.1% CuEq from 492.2m (2.7% Cu, 0.5g/t Au & 9.7g/t Ag) (CB-24-104)
▪ Including 3.3m @ 5.6% CuEq
• Corner Bay, which is the primary deposit at Chibougamau , has Indicated Mineral Resources of
2.7Mt at 2.9% CuEq and Inferred Mineral Resources of 5.9Mt at 3.6% CuEq1
• Corner Bay has also demonstrated resource growth potential with up to 9.7% CuEq intersected in
Cygnus’ first drill hole of 7.3m @ 4.6% CuEq; This hole was outside the Corner Bay resource (see
ASX release 23/01/25)
• At the new Colline target, r ecent exploration drilling intersected shallow mineral isation; First
results include:
o 8.6m @ 2.3% CuEq from 95m (1.9% Cu, 0.3g/t Au & 19.0g/t Ag) (S3-25-002)
▪ Including 2.6m @ 4.4% CuEq and 2.2m @ 3.7% CuEq
• Colline was identified as a priority target through Cygnus’ ongoing review of historic drill logs with
last drilling occurring in 1987; Significant historic drill intersections from Colline, dating back as
far as the 1950s, include:
o 14.9m @ 2.9% CuEq from 157.3m (DQ-35);
o 9.1m @ 3.5% CuEq from 56.4m (S-19);
o 11.1m @ 4.4% CuEq from 109.0m (S-13); and
o 6.1m @ 3.2% CuEq from 95.4m (S3-84-2).
• Colline is completely outside existing mineral resources, sits less than 4km from the Chibougamau
Processing Facility and highlights the potential to grow the high -grade Chibougamau Resource,
comprised of Measured and Indicated Mineral Resources of 3.6Mt at 3.0% CuEq and Inferred
Mineral Resources of 7.2Mt at 3.8% CuEq1
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.
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Cygnus Metals Limited 2
Cygnus Metals Limited (ASX: CY 5; TSXV: CYG, OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased
to announce more strong drill results from both infill and exploration drilling as the Company executes its
resource growth and conversion strategy at the Chibougamau Copper-Gold Project in Quebec, Canada.
Latest results from infill drilling at Corner Bay include intervals of up to 5.6% CuEq and point to an updated
resource classification. This is in addition to resource growth opportunities with up to 9. 7% CuEq intersected
in Cygnus’ first drill hole returned from outside the Corner Bay resource (see ASX release dated 23 January
2025).
Ongoing exploration drilling has also returned significant results from a new target area called Colline , with
high grade results, some of which are less than 100m from surface. Results include up to 8.6m @ 2.3% CuEq
from 95m with higher grade including intervals of 2.6m @ 4.4% CuEq and 2.2m @ 3.7% CuEq . Colline is
located within 4km of the 100% owned central processing facility.
Drilling with two rigs is ongoing while follow up downhole electromagnetics (DHEM) is being utilised to define
follow up targets.
About Infill Drilling Results at Corner Bay
Drilling at Corner Bay is targeting both resource conversion and resource growth opportunities. Recent results
from Corner Bay are from infill drilling that targeted the southern extent of the upper main vein . Significant
results from this drilling include:
• 7.3m @ 3.1% CuEq from 492.2m (2.7% Cu, 0.5g/t Au and 9.7g/t Ag) (CB-24-104);
o Including 3.3m @ 5.6% CuEq
• 3.7m @ 2.7% CuEq from 390.4m (2.5% Cu, 0.2g/t Au and 8.5g/t Ag) (CB-24-105);
o Including 1.8m @ 3.3% CuEq and
• 2.5m @ 3.2% CuEq from 572.5m (3.0% Cu, 0.1g/t Au and 10.9g/t Ag) (CB-24-103)
o Including 1.2m @ 5.0% CuEq
Overall results have reconciled positively against the block model as well as improving an area of lower grade.
These results and ongoing drilling highlight the potential to update the resource classification alongside
increasing the global resource through exploration drilling.
Exploration upside was highlighted with the previously released first hole of the program (CB -24-100)
intersecting a potential new subparallel lode with a high -grade drill result of 7.3m @ 4.6% CuEq (4.2% Cu,
0.3g/t Au & 16.6g/t Ag) from 317.1m, which includes 2.5m @ 9.7% CuEq (9.1% Cu, 0.5g/t Au & 31.4g/t Ag).
Drilling at Corner Bay is ongoing executing this dual track growth strategy.
Cygnus Executive Chairman David Southam said : “This is just our second batch of drilling
results at Chibougamau and the potential to grow is already clear.
“The main Corner Bay deposit is demonstrating excellent continuity and grade as well as
exploration upside, as shown by our earlier drilling results of up to 9. 7% CuEq outside the
resource.
“Exploration has also delivered a new target with excellent results that are near -surface and
within 4km of the 100 per cent-owned central processing facility.
“The latest exploration results stem from the ongoing review of historic data , including drill
logs that have not been looked at in over 30 years and never before in modern 3D software.
“This makes it a highly efficient and effective way to establish new areas of mineralisation in
this substantial mining camp. We look forward to uncovering more areas like Colline as part
of our strategy to grow our high-grade copper-gold portfolio”.
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Cygnus Metals Limited 3
Figure 1: Location of Corner Bay recent drill results and new target ‘Colline’ just 4km from the central Processing Facility
with results of up to 8.6m @ 2.3% CuEq, less than 100m from surface.
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Cygnus Metals Limited 4
About the Exploration Drilling Results at Colline
Colline was identified as a priority target at the Chibougamau Project with near-surface mineralisation identified
during the ongoing review of historic hardcopy drill logs going back as far as the 1950s.2 The last time the area
was drilled was in 1987, when copper prices were substa ntially less than today. Historically significant drill
intersections include (refer Appendix C and ASX release dated 15 October 2024):
• 14.9m @ 2.9% CuEq from 157.3m (DQ-35);
• 9.1m @ 3.5% CuEq from 56.4m (S-19);
• 11.1m @ 4.4% CuEq from 109.0m (S-13); and
• 6.1m @ 3.2% CuEq from 95.4m (S3-84-2).
The Colline area has never been mined and is outside the current Mineral Resources, presenting an
opportunity for potential near -surface resource growth within 4km of the 100%-owned Chibougamau
Processing Facility.
Cygnus recently completed a small, targeted drilling program aiming to confirm and extend at depth the historic
mineralisation while also providing a platform for follow up DHEM. Results received to date from this program
include the following significant intersections:
• 8.6m @ 2.3% CuEq from 95m (1.9% Cu, 0.3g/t Au,& 19.0g/t Ag) (S3-25-002)
o Including 2.6m @ 4.4% CuEq & 2.2m @ 3.7% CuEq
• 7.2m @ 1.5% CuEq from 269.4m (1.3% Cu, 0.2g/t Au & 6.7g/t Ag) (S3-25-005)
o Including 2.0m @ 2.6% CuEq
These results confirm mineralisation to a depth of 250m below surface, remaining open, with assays pending
for the remaining holes of the program. DHEM will now be applied to confirm further potential extensions at
depth and provide follow up drill targets.
Ongoing Drilling
In line with the Company’s growth strategy, drilling is continuing with two diamond drill rigs. This initial program
is focussing on resource growth and conversion opportunities surrounding some of the existing deposits as
well as brownfield exploration opportunities, aiming to build upon the existing high -grade mineral resources.
The Company looks forward to a high volume of news flow during 2025 with ongoing drilli ng updates and
results.
Figure 2: Results from Colline less than 100m from surface, with up to 8.6m @ 2.3% CuEq (refer Appendix B). Refer to Appendix C and ASX release dated 15 October 2024 for
previously announced drilling results.
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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.
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
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 o f 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 releas e 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, cont ractual, tortuous, statutory or otherwise, in
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. Sources for historical drilling at Colline: Diamond Drill Record. GM 00640-B, 1950. 75 pages and 13 plans by Dallaire,
J.R.; Diamond Drill Sampling Record. GM 00971, 1952. 391 pages and 1 plan by Dallaire, J.R.; Journaux de Sondage
au Diamant, Mines Northgate Inc. GM 46635, 1988. 116 pages and 2 plans by Gervais, D., Larouche, V., Blais, A.,
and Larouche, C.
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. 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 D 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 Appendices A, B and C 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 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 result s have a
reasonable potential to be recovered and sold.
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Cygnus Metals Limited 8
APPENDIX A – Significant Intersections from Recent Infill Drilling at Corner Bay
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to appropriate reporting precision . Significant
intersections to date reported above 1% Cu or 0.5g/t Au over widths of greater than 1m. True width estimated to be between 60-75% of downhole intersection.
Hole ID X Y Z Azi Dip Depth (m) From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)
CB-24-103 554721 5509893 398 115 -67 597 494.3 495.9 1.6 1.9 0.4 22.3 2.3 and 572.5 574.9 2.5 3.0 0.1 10.9 3.2 including 573.0 574.2 1.2 4.8 0.1 15.6 5.0
CB-24-104 554722 5509892 398 85 -69 603 492.2 499.5 7.3 2.7 0.5 9.7 3.1 including 493.0 496.3 3.3 4.7 1.0 18.3 5.6
CB-24-105 554726 5509910 398 103 -57 492 390.4 394.0 3.7 2.5 0.2 8.5 2.7 including 390.4 392.1 1.8 3.1 0.2 11.2 3.3
CB-24-106 554726 5509910 398 94 -63 540 412.5 414.4 1.9 0.1 2.0 6.8 2.1 and 421.4 423.0 1.7 2.7 0.3 8.7 3.0
APPENDIX B – Significant Intersections from Recent Exploration Drilling at Colline
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to appropriate reporting precision . Significant
intersections to date reported above 1% Cu or 0.5g/t Au over widths of greater than 1m . Cygnus has completed nine (9) holes totalling 2,896m. True
width estimated to be 80% of downhole intersection.
Hole ID X Y Z Azi Dip Depth (m) From (m) To (m) Interval (m) Cu (%) Au (g/t) Ag (g/t) CuEq (%)
S3-25-001 548851 5524583 368 50 -50 303.0 Pending Results
S3-25-002 548851 5524583 379 20 -50 207.0 95.0 103.6 8.6 1.9 0.3 19.0 2.3
including 95.0 97.2 2.2 3.0 0.6 29.5 3.7
including 101.0 103.6 2.6 3.6 0.7 36.0 4.4
S3-25-003 548710 5524764 387 230 -50 252.0 Pending Results
S3-25-004 548637 5524737 381 240 -50 210.0 Pending Results
S3-25-005 548715 5524554 415 51 -53 354.8 269.4 276.6 7.2 1.3 0.2 6.7 1.5
including 273.6 275.6 2.0 2.4 0.1 12.5 2.6
S3-25-006 548715 5524554 415 50.5 -63 495.0
Pending Results S3-25-007 548736 5524522 400 47 -51.5 381.0
S3-25-008 548736 5524522 400 47 -55 366.0
S3-25-009 549197 5524377 399 50 -50 327.0