Cygnus Gold (ASX:CY5) shares soar on MD appointment

• Cygnus Gold (CY5) appoints former Mincor Resources (MCR) CEO David Southam as its new Managing Director
• Mr Southam will join the company as a Non-Executive Director for an initial period, before taking the top job as MD from mid-February
• It follows the appointment of lithium geologists Gareth Reynolds and Mark Calderwood as CY5 gears up for a maiden drilling program at the Pontax lithium project in Canada
• Mr Southam says he is excited to be joining Cygnus at such an early juncture in its lithium journey and looks forward to leading the company through its next stages of growth
• Cygnus shares are up 40 per cent and trading at 35 cents at 2:50 pm AEST

Cygnus Gold (CY5) has appointed former Mincor Resources (MCR) CEO David Southam as its new Managing Director.

Mr Southam will make the move away from nickel to lithium from November 1, joining Cygnus as a Non-Executive Director for an initial period, before taking the top job as MD from mid-February on a part-time basis with transition arrangements to move to full-time.

Joining him at the company are newly appointed lithium geologists Gareth Reynolds and Mark Calderwood.

The appointments are part of CY5’s “rapid growth” strategy of putting together a team of industry professionals as it gears up for a maiden drilling program at the Pontax lithium project in James Bay, Canada.

Earlier this year, Cygnus entered an exclusive option to earn up to 70 per cent of the project which hosts mineralisation outlined over a 620-metre strike length.

Mr Southam said he is excited to be joining Cygnus at such an early juncture in its lithium journey and looks forward to leading the company through its next stages of growth.

“Michael Naylor and the team deserve recognition for assembling an enviable tenement package in a magnificent jurisdiction, which when compared to Western Australia, is just as prospective but substantially under explored,” he said.

The new MD will receive a fixed total remuneration package of $600,000 including super.

Cygnus shares were up 40 per cent and trading at 35 cents at 2:50 pm AEST.