Cygnus Metals Limited (ASX: CY5) Expands Land Position at Chibougamau Project
Key Highlights
Cygnus Metals Limited has expanded its land holding at the Chibougamau Copper-Gold Project in Canada by 50%, bringing the total area to 282 square kilometres. This significant increase in ground position adds to an already highly prospective region that has experienced limited exploration over the last two decades.
The Chibougamau Copper-Gold Project currently boasts a Measured and Indicated Mineral Resource of 3.6 million tonnes at 3.0% CuEq, alongside an Inferred Mineral Resource of 7.2 million tonnes at 3.8% CuEq. The area is historically significant, having produced over 945,000 tonnes of copper and 3.5 million ounces of gold from 16 previous mining operations.
Drilling Strategy
Two diamond drill rigs are set to arrive on site shortly, marking the commencement of a targeted drilling program aimed at both resource growth and brownfield exploration targets. Cygnus anticipates strong news flow as results from a recent exploratory programme are expected imminently.
David Southam, Executive Chairman of Cygnus, stated, “Our immediate strategy is to create value through exploration at Chibougamau and we are wasting no time executing this aspect of our plan. Expanding our ground position increases the upside at the project and reflects our strong belief in the immense exploration and resource growth potential.”
Future Outlook
The company aims to leverage existing infrastructure and a processing facility to facilitate future growth and exploration.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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