Cygnus Metals Limited (ASX:CY5) Secures Conditional Funding for Chibougamau Project
Funding Approval
Cygnus Metals Limited (ASX:CY5; TSXV:CYG) announced that its subsidiary, CBay Minerals Inc., has received conditional approval from the Critical Minerals Infrastructure Fund (CMIF) for up to C$1.3 million. The funding will support pre-construction milestones for the Chibougamau Copper-Gold Project in Quebec, pending final due diligence by Natural Resources Canada and the execution of a contribution agreement. The investment will aid in the feasibility study and environmental and social impact assessment necessary for infrastructure development between the Devlin and Corner Bay deposits and the Chibougamau Processing Facility.
Executive Comments
Cygnus President & Managing Director, Ernest Mast, stated, “This funding approval recognises that our Chibougamau Copper-Gold project is one of the more advanced critical minerals projects in Quebec, Canada. Our projects are near to the town of Chibougamau, however there are ancillary infrastructure requirements, and this additional funding is very helpful for us as we progress towards the feasibility study. Separately, Cygnus is very focussed on growing the resources of our project and pleasingly our exploration program is in full swing.”
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