Strong drilling targets identified next to high-grade gold-copper mine
Press Release
August 12, 2025
HIGHLIGHTS:
⦁ Cygnus has identified numerous drilling targets near the historic high-grade Cedar Bay mine, which produced 400Koz Au and 61Kt Cu at an average of 4% CuEq,2 within the Chibougamau Project
⦁ Targets identified through ongoing review of historical data and drill logs using Cygnus’ innovative custom-built AI solution
⦁ This highly successful approach has already delivered significant gold and copper results at Golden Eye, which will be included in the imminent resource update
⦁ Cedar Bay closed in 1990 when the price of copper was just US$1,150/t (US$0.52/lb) and gold was US$380/oz, and is located less than 3km from Cygnus’ central processing plant
⦁ Cygnus aims to significantly increase the remaining unmined high-grade resource at Cedar Bay, which currently stands at 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred1
⦁ Mineralisation is open in numerous directions, with high-grade intersections outside of the current resource, including:3
⦁ 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9)
⦁ 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6)
⦁ At Corner Bay, final infill results have been received and will feed into next month’s resource update; These include:
⦁ 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123)
o 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)
1 The estimate of mineralisation at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards and is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce new promising targets next to an historic high-grade mine within its Chibougamau Copper-Gold Project in Quebec.
Cedar Bay sits within the Company’s northern Chibougamau copper-gold Camp, which boasts the vast majority of the historic production in the region, with a number of historic mines and a production record of nearly 1Mt of copper and 3.5Moz of gold.2
The Cedar Bay mine, which closed in 1990, was historically one of the highest grade deposits in the camp producing 400Koz Au and 61Kt Cu at an average grade of 4.0% CuEq.2 Various factors contributed to its premature closure, including low metal prices and a shift in focus of the operating company at the time.
Importantly, a high-grade unmined resource remains at Cedar Bay comprised of 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred Resources.1 This resource is open in numerous directions, providing Cygnus with potential to significantly grow the resource through systematic exploration drilling. Drill intersections outside of the current resource include:3
o 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9)
o 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6)
Cygnus is seeing tangible success through its historic data compilation strategy. This low-cost approach involves processing over 100,000 scanned documents, including drill logs, some of which have not been looked at in over 35 years and never before in modern 3D software. Success has already been demonstrated in recent drilling at Golden Eye, which is due to be included in the September quarter resource update, and is highlighting significant potential to expand the current resources at Cedar Bay.
Given the potential of the new targets, an additional drill rig will target both mineralisation along strike and down dip of the known lodes, utilising the recently compiled data and improved geological understanding of the deposit. This will be the first time this data has been compiled and utilised in targeting in over 35 years.
In addition, final results have been received from infill drilling at Corner Bay in time for the resource update due next month. Results include significant intersections of:
o 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123)
o 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)
Cygnus is continuing its dual track strategy of resource growth and conversion with continued exploration drilling and an imminent resource update due later this quarter. In the background, the team continues to process historic data and generate additional drill targets surrounding the known high-grade copper-gold mineralisation. This is a low-risk approach which is playing a significant role in unlocking this historic district.
The Chibougamau area has well-established infrastructure giving the Project a significant head start as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250km radius which includes a number of other advanced copper and gold projects.
IBF4
