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- Infill drilling at Golden Eye “reconciles well” with Cygnus’ block model and confirms continuity of mineralisation at Chibougamau.
- Company to incorporate latest assays into revised estimate.
- “Hub-and-spoke” operations in Canada keep paying off, Cygnus has said.
Infill drilling at Golden Eye has returned high-grade gold, copper, and silver assay results, Cygnus Metals (ASX:CY5) has flagged today, which “reconciles well” against the explorer’s block model and goes some way to confirming continuity of gold mineralisation at the Chibougamau copper-gold project in Quebec.
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Cygnus reported several standout intersections from the four new drill holes it’s been running in Quebec, including 5.9 metres at 28.8 grams per tonne gold (including one metre at 105.5g/t AuEq) and 11.5 metres at 4.3 grams per tonne gold equivalent (including 0.8 metres at 31.2g/t AuEq with 11.9% copper).
The Western Australian explorer has also confirmed mineralisation continuity to a 50-metre spacing, which executive chairman David Southam says is some of the best recorded at the unmined, near-surface deposit.
“These results are some of the best intervals recorded at the Golden Eye deposit, which is unmined, near-surface and has existing infrastructure in place,” Mr Southam declared in an update for Cygnus shareholders today.
“Assay results reported for gold, silver, and copper confirm the high-grade nature of the deposit and continuity, with the perfect blend of commodities.”
The company now intends to incorporate these latest assays into a revised Mineral Resource Estimate, which will be aimed at growing the Indicated category. The Golden Eye Mineral Resource currently stands at an Indicated 0.5Mt at 5.6g/t AuEq (91koz AuEq) and an Inferred 1.2Mt at 4.6g/t AuEq (182koz AuEq).
That will be helped by management’s focus on a “hub-and-spoke” model, which utilises the centralised processing facility to develop nearby assets.
While drilling at Golden Eye is basically all wrapped up, with 5,632 metres completed from engineered ice pads, Cygnus also wants to keep exploring the surrounding area within its broader portfolio for some time yet.
To that end, Cygnus has been working on a detailed Induced Polarisation survey at the Joe Mann property to generate new targets. HotCopper understands that is nearing completion; two additional rigs are to remain active over the next quarter, targeting the Joe Mann, Copper Rand, and Gwillim areas.
CY5 is selling at 14cps on Thursday morning.
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