Cygnus Metals Limited (ASX:CY5) Reports Strong Drilling Results at Chibougamau Project
Drilling Results
Cygnus Metals Limited reported strong drilling outcomes from both infill and exploration activities at the Chibougamau Copper-Gold Project in Quebec, Canada. Recent infill drilling at the Corner Bay deposit included significant intersections such as 7.3m @ 3.1% CuEq, with a notable 3.3m @ 5.6% CuEq. Exploration drilling at the new Colline target yielded results like 8.6m @ 2.3% CuEq, including higher-grade intervals of 2.6m @ 4.4% CuEq and 2.2m @ 3.7% CuEq, demonstrating substantial potential for near-surface resource growth within 4km of the central processing facility.
Resource Growth
The Corner Bay deposit currently holds Indicated Mineral Resources of 2.7Mt at 2.9% CuEq and Inferred Mineral Resources of 5.9Mt at 3.6% CuEq. Recent drilling outside existing resources intersected up to 9.7% CuEq, indicating opportunities to expand the high-grade resource base. Ongoing drilling with two rigs and the application of downhole electromagnetics (DHEM) aims to define further targets and enhance resource classification.
Executive Comments
Executive Chairman David Southam stated, “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.”
Future Drilling
Cygnus Metals continues its growth strategy with ongoing drilling programs focused on resource expansion and conversion. The company anticipates a high volume of news flow in 2025, with continuous updates and results expected from its aggressive exploration efforts.
Motley Fool contributor Lianne Eastty 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.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.