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- Cygnus Gold (CY5) has begun a 20,000-metre drill program at its Lake Grace and Yandina joint venture projects
- This program follows the recently completed aircore drilling program at Bencubbin North
- Joint venture partner Gold Road intends to take over the management of the projects
- Cygnus’ share price is in the grey today, with shares last trading for 5.5 cents apiece
Cygnus Gold (CY5) has commenced a 20,000-metre drill program at the Lake Grace and Yandina joint venture (JV) Projects.
This program follows the recently completed aircore (AC) drilling program at the Bencubbin North Project.
The 2600 metre program at Bencubbin North was designed to test high priority nickel and base metals targets.
The final batch of samples have now been delivered to the laboratory in Perth and results are expected next month.
Now that the program has finished, the drill rig has moved to the Lake Grace and Yandina JV Projects in which Cygnus is exploring in partnership with Gold Road.
20,000 metres of AC drilling will be conducted, targeting extensions of the Hammerhead Prospect and gold mineralisation associated with the Yandina Shear Zone.
Drilling at the Hammerhead Prospect in 2019 intersected widespread anomalous gold with results of 3 metres at 0.35g/t gold from 52 metres, and 6 metres at 0.28g/t gold from 56 metres.
Gold intersected to date at Hammerhead, a prospective rock package that stretches over 20 kilometres, is also associated with widespread anomalous arsenic, copper and molybdenum deposits. These are considered to be important pathfinder elements for gold mineralisation.
Gold Road have also told Cygnus of its intentions to take over management of the JV projects from April 1 to correspond with the completion of this drill program.
Cygnus’ Managing Director James Merrillees said the company is looking forward to continuing its strong start to 2020 with non-stop drilling planned through to the end of April.
“We’re eagerly anticipating results from the aircore drilling at Bencubbin North to better understand the geology and guide deeper drilling for base metals and nickel on the project,” James commented.
“We’re also excited to have commenced this large, 20,000 metre drilling program at Hammerhead with our partners Gold Road,” he added.
Cygnus’ share price is in the grey today, with shares last trading for 5.5 cents at 2:00 pm AEDT.
