USD $4,127.96
Goldman Exceptional assays and visible gold support new growth potential at Chibougamau Project
Cygnus Metals Limited (ASX:CY5) has reported significant new drilling results from its Golden Eye prospect at the Chibougamau Copper-Gold Project in Quebec, with multiple high-grade gold and copper intersections supporting the emergence of a promising new resource.
Key intercepts from hole LDR-25-08 included:
- 7.4m @ 5.7g/t AuEq (4.6g/t Au, 0.9% Cu & 5.6g/t Ag) from 405.6m, including
3.1m @ 9.6g/t AuEq (7.4g/t Au, 1.6% Cu & 10.0g/t Ag) - 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu & 3.3g/t Ag) from 463.8m, including
0.4m @ 60.8g/t AuEq (51.3g/t Au, 7.2% Cu & 18.0g/t Ag) with visible gold
Early results from the current drill program also returned:
- 3.3m @ 6.6g/t Au, including 2.3m @ 9.1g/t Au (hole LDR-25-05)
Golden Eye, which has never been mined, was last drilled in the early 1990s and sits entirely outside of the current Mineral Resource. Assays from additional drill holes, including visible gold in LDR-25-09, are pending.
Historic drill intersections from the prospect also highlight significant mineralisation:
- 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag)
- 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag)
- 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag)
- 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu)
- 10.4m @ 12.2g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag)
The Golden Eye target lies just 3km from Cygnus’ central processing facility, with established dual ramp access within 150m of the mineralisation. In total, 77 historic and current drill holes for 21,371m are being compiled to underpin a maiden Mineral Resource.
Gold has been a historically significant metal in the Chibougamau District, with more than 3.5 million ounces of gold and 945,000 tonnes of copper produced.
Cygnus Executive Chairman David Southam said:
Golden Eye is clearly emerging as something special with scope to drive valuable resource growth in the near term.
Cygnus has intersected high-grade gold mineralisation at Golden Eye, which has an existing dual ramp access that sits within 150m of the mineralisation and is located just 3km from the central processing plant. Given the results to date, which support the historical results, Golden Eye is poised to become a new and additional growth driver for Cygnus at a time of historically high gold prices.
And it is just one example of what is hiding in the historic data at the Chibougamau Project.
