Cygnus Metals Limited (ASX: CY5) Discovers High-Grade Copper at Chibougamau Project
Drilling Success
Cygnus Metals Limited (ASX: CY5) announced a successful drilling intersection at its Chibougamau Copper-Gold Project in Canada. The first drill hole returned impressive assays of up to 9.1% copper, revealing a new potential lode approximately 250 metres from the main Corner Bay deposit.
The initial intersection measured 7.3 metres at 4.2% copper, 0.3 grams per tonne (g/t) gold, and 16.6 g/t silver, which included a 2.5-metre section at 9.1% copper, 0.5 g/t gold, and 31.4 g/t silver. This promising finding indicates strong potential for further resource expansion in the area.
Electromagnetic Findings
Additional downhole electromagnetic (EM) testing identified a significant off-hole conductor measuring 530 metres by 460 metres, which remains untested by drilling. Cygnus is optimistic that this will lead to more discoveries, as there are indications of multiple sub-parallel lodes akin to other prominent deposits in the region.
Executive Insight
David Southam, Executive Chairman of Cygnus, expressed enthusiasm about the results, stating, “We are delighted to hit the ground running with an excellent intersection from a previously undrilled area which is only 250m away from the main Corner Bay Deposit. This result supports our view that there is much more to find at Chibougamau, both near the existing deposits and in the wider region.” He added that the downhole geophysics is proving to be a significant tool for the project’s success.
Future Outlook
Drilling continues at the site with two diamond drill rigs in operation, focusing on resource growth around the existing deposits. Cygnus anticipates a high volume of news flow as the exploration campaign progresses throughout 2025. The company remains committed to leveraging its existing infrastructure to advance towards production and aims to deliver additional shareholder value.
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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