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Goldman Cygnus returns high-grade gold-copper assays at Chibougamau as drilling ramps up at the Gwilliim target in Canada
Cygnus Metals Limited (ASX:CY5) has reported final assay results from the Golden Eye deposit at its Chibougamau Copper-Gold Project in Canada, with high-grade intersections expected to support an upgrade of existing Inferred Resources into the higher-confidence Indicated category.
Recent drilling at Golden Eye returned several standout intercepts, including:
- 8.4m at 16.3g/t AuEq (14.4g/t Au, 1.3% Cu & 12.5g/t Ag), including:
- 3m at 39.5g/t AuEq (35.0g/t Au, 3.1% Cu & 30.6g/t Ag)
- 3.6m at 15.7g/t AuEq (12.4g/t Au, 2.2% Cu & 22.3g/t Ag), including:
- 2.5m at 22.3g/t AuEq (17.8g/t Au, 3.0% Cu & 31.1g/t Ag)
- 3.5m at 6.8g/t AuEq (4.9g/t Au, 1.3% Cu & 11.3g/t Ag)
- 6.6m at 6.5g/t AuEq (5.4g/t Au, 0.7% Cu & 5.1g/t Ag)
- 1.9m at 10.9g/t AuEq (8.2g/t Au, 1.8% Cu & 17.3g/t Ag)
The Golden Eye Mineral Resource currently stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq Indicated and 1.2Mt at 4.6g/t AuEq for 182koz AuEq Inferred.
Cygnus said the latest assays align with its strategy to increase the proportion of higher-confidence ounces ahead of a planned resource update.
Meanwhile, drilling has commenced at the Gwilliim gold target, where Cygnus and joint venture partner Alamos Gold are aiming to establish an initial resource. Historical drilling at Gwilliim returned several high-grade intersections, including:
- 7.6m at 38.1g/t Au from 314.9m
- 15.2m at 9.4g/t Au from 155.1m
- 16.4m at 8.3g/t Au from 168.3m
Assays from the Gwilliim program are expected later this quarter. The drilling campaign is being co-funded by Alamos Gold.
Cygnus Executive Chairman David Southam said:
These results are consistent with our strategy to upgrade more of the inferred resource to the more valuable Indicated category.
We have also started our first program with joint venture partner Alamos Gold at the highly promising Gwilliim gold prospect and look forward to providing updates towards the end of this quarter.
