Cygnus’ first drill hole returns up to 9.1% Cu outside Resource

2 weeks ago 3

Author of the article:

GlobeNewswire

Published Jan 22, 2025  •  27 infinitesimal read

 Long conception  of the Corner Bay deposit with imaginable   caller   lode successful  the footwall of the main   deposit. Large 530mx460m untested EM sheet  on  with further untested EM plates to the south.Figure 1: Long conception of the Corner Bay deposit with imaginable caller lode successful the footwall of the main deposit. Large 530mx460m untested EM sheet on with further untested EM plates to the south. GNW

The outstanding intersection of 7.3m astatine 4.2% Cu reveals a imaginable caller lode ~250m from the main deposit; Follow-up downhole EM identifies a ample off-hole conductor; Two diamond drill rigs presently connected site

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HIGHLIGHTS:

  • High-grade effect of 7.3m @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag from 317.8m
    • Including 2.5m @ 9.1% Cu, 0.5g/t Au & 31.4g/t Ag
  • The effect reveals a imaginable caller lode ~250m from Corner Bay, which is the superior deposit astatine the Chibougamau Project; Corner Bay has Indicated Mineral Resources of 2.7Mt astatine 2.7% Cu & 0.3g/t Au and Inferred Mineral Resources of 5.9Mt astatine 3.4% Cu & 0.3g/t Au1
  • The caller intersection is associated with a important disconnected spread electromagnetic anomaly (530m x 460m) which has not yet been drilled
  • The effect highlights the imaginable for aggregate sub-parallel lodes astatine Corner Bay analogous to different well-known deposits successful the region; 2 diamond rigs are connected tract crossed some Corner Bay and different drilling targets with further results anticipated this half
  • The Chibougamau territory is simply a satellite people mineral terrane with precocious imaginable for further discovery, having historically produced implicit 945,000t of copper and 3.5Moz of gold2
  • The Project has fantabulous infrastructure with a 900,000tpa processing facility, section mining town, sealed highway, airport, determination obstruction infrastructure and 25kV hydro powerfulness to the processing site

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Cygnus Executive Chairman, David Southam said: “We are delighted to deed the crushed moving with an fantabulous intersection from a antecedently undrilled country which is lone 250m distant from main Corner Bay Deposit.

“This effect supports our presumption that determination is overmuch much to find astatine Chibougamau, some adjacent the existing deposits and successful the wider region, and is accordant with our strategy to make shareholder worth by increasing the resource.

“The downhole geophysics is already proving to beryllium a cardinal instrumentality for the task and volition assistance america unlock different under-explored areas of the project”.

1 The Mineral Resource Estimate astatine the Chibougamau Project is simply a overseas estimation prepared successful accordance with CIM Standards. A competent idiosyncratic has not done capable enactment to classify the overseas estimation arsenic a mineral assets successful accordance with the JORC Code, and it is uncertain whether further valuation and exploration volition effect successful an estimation reportable nether the JORC Code.

TORONTO and PERTH, Australia, Jan. 22, 2025 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX: CY5; TSXV: CYG) (“Cygnus” oregon the “Company”) is pleased to denote that it has made an outstanding commencement to its exploration run astatine the Chibougamau Copper-Gold Project successful Quebec, Canada, with the archetypal spread returning assays of up to 2.5m @
9.1% Copper.

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Prior to the merger of Cygnus and Doré Copper Mining Corp. closing, some teams executed a targeted exploration programme to trial the contiguous areas astir the Corner Bay deposit, looking for some further structures and extensions to the existent resource.

The archetypal drillhole from this programme has returned an intersection of 7.3m @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag, including
2.5m @ 9.1% Cu, 0.5g/t Au & 31.4g/t Ag from a imaginable caller lode ~250m eastbound of the existing assets successful the footwall of the Corner Bay deposit. Follow up downhole electromagnetics has since defined a important disconnected spread electromagnetic anomaly (530m x 460m) to the northbound and down dip of the intersection that has yet to beryllium tested by drilling.

Picture1_Core 24-100

Image 1: High people drill halfway from CB-24-100 intersecting 7.3m @ @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag.
Image showing halfway betwixt 321.9m and 322.6m.

Figure 1_Long Section

Figure 1: Long conception of the Corner Bay deposit with imaginable caller lode successful the footwall of the main deposit. Large 530mx460m untested EM sheet on with further untested EM plates to the south.

About the Drilling and Geophysical Results

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The archetypal spread of the programme (CB-24-100) targeting the footwall of the Corner Bay deposit has intersected a imaginable caller sub parallel lode with a high-grade drill effect of 7.3m @ 4.2% Cu, 0.3g/t Au & 16.6g/t Ag from 317.8m, which includes 2.5m @ 9.1% Cu, 0.5g/t Au & 31.4g/t Ag.

The effect highlights the imaginable for aggregate sub-parallel lodes astatine the Corner Bay deposit analogous to different well-known deposits successful the region. This caller operation sits 250m to the eastbound of the Main Lode astatine Corner Bay successful an country with precise small drilling. This presents an breathtaking people for travel up drilling and an accidental to adhd to the existing resources astatine Corner Bay.

In addition, travel up electromagnetics (‘EM’) completed connected the caller drilling has defined a ample (530m x 460m) conductive sheet offset to the northbound and down dip of drillhole CB-24-100. EM is known to correspond good with the mineralisation benignant astatine the Chibougamau mining camp, being chiefly composed of chalcopyrite with insignificant amounts of pyrite and pyrrhotite. Historically, airborne EM has been utilized to marque immoderate of the discoveries successful the region, though crushed and downhole EM has been underutilised successful much caller times. The ample EM sheet provides a precedence people for travel up exploration on this structure.

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Figure 2_Plan View

Figure 2: Plan presumption of the Corner Bay deposit with imaginable caller lode to the eastbound of the Main Lode astatine Corner Bay. Also illustrating different untested EM plates.

Ongoing Drilling

In enactment with the Company’s assets maturation strategy, drilling is underway with 2 diamond drill rigs. This archetypal programme volition absorption connected assets maturation opportunities surrounding immoderate of the existing deposits aiming to physique upon the existing high-grade resources. The Company looks guardant to a precocious measurement of quality travel during 2025 with ongoing drilling updates and results.

About the Corner Bay Deposit

Cygnus’ flagship Corner Bay deposit wrong the Chibougamau Project is located 17km (straight line) southbound of the Chibougamau processing facility. The deposit was discovered successful the 1980s and has ne'er been mined though ramp entree was established to 115m for the intent of archetypal bulk sampling trial work.

The deposit is the superior assets successful the combined Project resources, making up 79% of the full assets with Indicated Mineral Resources of 2.7Mt @ 2.7% Cu & 0.3g/t Au and Inferred Mineral Resources of 5.9Mt @ 3.4% Cu and 0.3g/t Au.1

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Mineralisation extends from aboveground and has been defined implicit 1,000m of onslaught and to a extent of 1,350m with mineralisation remaining unfastened successful each directions. The mineralisation is structurally controlled and hosted arsenic a north-south striking quartz-carbonate vein with semi monolithic chalcopyrite and insignificant pyrite mineralisation. The main lode has been crosscut and offset by a ample diabase dyke with an precocious and little information of the lode positioned either broadside of the dyke.

The Corner Bay deposit sits connected the confederate flank of the Chibougamau pluton and has seen minimal exploration compared to the north. The bluish flank is big to 16 mined deposits and has contributed a important information of the regions historical accumulation ~945,000t of copper and 3.5Moz of gold.2 Corner Bay successful the southbound shares comparable lithological and structural characteristics to the bluish deposits, however, arsenic the bluish mines developed, aggregate sub-parallel lodes were subsequently discovered wrong the aforesaid structural corridor. Due to the comparatively aboriginal signifier of defining the Corner Bay deposit, imaginable parallel lodes and assets hold person not yet been decently explored and the latest intersection highlights the imaginable for further sub-parallel lodes wrong the contiguous vicinity of the existent resources.

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About the Chibougamau Copper-Gold Project

The Chibougamau copper-gold task (“Chibougamau Project”) is located successful cardinal Quebec, Canada astir 480km owed northbound of Montreal. The state of Quebec has been recognised arsenic a apical 10 planetary mining concern jurisdiction successful the 2023 Fraser Institute Annual Survey of Mining Companies. The task has fantabulous infrastructure with a section mining town, sealed highway, airport, determination obstruction infrastructure and entree to hydro powerfulness via installed powerlines.

The Chibougamau Project is centred connected the Chibougamau pluton with a territory wide historical accumulation of 53.5Mt @ 1.8% Cu and 2.1g/t Au2 with periodic mining betwixt the aboriginal 1900s and 2008. Over this agelong mining history, the territory has produced implicit 945,000t of copper and 3.5Moz of golden from 16 erstwhile producing mines.2

The Chibougamau Project has high-grade resources including a Measured and Indicated Mineral Resources of 3.6Mt astatine 2.5% Cu & 0.6g/t Au and Inferred Mineral Resources of 7.2Mt astatine 3.0% Cu & 1.1g/t Au with important imaginable to grow.1

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The Company has a wide strategy to:

  • Rapidly turn the assets done brownfield exploration and concern successful drilling; and
  • Advance the task towards improvement done survey enactment and utilising existing infrastructure.

The Company sees a immense accidental to make shareholder worth by an established high-grade assets with accidental for growth, fantabulous infrastructure, 900ktpa processing installation and wide pathway to production, each wrong a prime endowed mineral terrane that has seen minimal modern exploration.

Figure 3_Location Map

Figure 3: Location of the Chibougamau Project comparative to different large deposits and processing facilities.3

This announcement has been authorised for merchandise by the Board of Directors of Cygnus.

David Southam
Executive Chair
T: +61 8 6118 1627
E: info@cygnusmetals.com
Ernest Mast
President & Managing Director
T: +1 647 921 0501
E: info@cygnusmetals.com
Media:
Paul Armstrong
Read Corporate
T: +61 8 9388 1474
   

About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is simply a diversified captious minerals exploration and improvement institution with projects successful Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project successful Quebec with an assertive exploration programme to thrust assets maturation and make a hub-and-spoke cognition exemplary with its centralised processing facility. In addition, Cygnus has prime lithium assets with important exploration upside successful the world-class James Bay territory successful Quebec, and REE and basal metallic projects successful Western Australia. The Cygnus squad has a proven way grounds of turning exploration occurrence into accumulation enterprises and creating shareholder value.

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Forward Looking Statements

This papers contains “forward-looking information” and “forward-looking statements” which are based connected the assumptions, estimates, investigation and opinions of absorption made successful airy of its acquisition and its cognition of trends, existent conditions and expected developments, arsenic good arsenic different factors that absorption of Cygnus believes to beryllium applicable and tenable successful the circumstances astatine the day that specified statements are made, but which whitethorn beryllium to beryllium incorrect. Forward-looking statements see statements that are predictive successful nature, beryllium upon oregon notation to aboriginal events oregon conditions, oregon see words specified arsenic ‘expects’, ‘anticipates’, ‘plans’, ‘believes’, ‘estimates’, ‘seeks’, ‘intends’, ‘targets’, ‘projects’, ‘forecasts’, oregon antagonistic versions thereof and different akin expressions, oregon aboriginal oregon conditional verbs specified arsenic ‘may’, ‘will’, ‘should’, ‘would’ and ‘could’. Although Cygnus and its absorption judge that the assumptions and expectations represented by specified accusation are reasonable, determination tin beryllium nary assurance that the forward-looking accusation volition beryllium to beryllium accurate. Forward-looking accusation involves known and chartless risks, uncertainties, and different factors which whitethorn origin the existent results, show oregon achievements of Cygnus to beryllium materially antithetic from immoderate anticipated aboriginal results, show oregon achievements expressed oregon implied by specified forward-looking information. Such factors include, among others, the existent results of existent oregon aboriginal exploration, changes successful task parameters arsenic plans proceed to beryllium evaluated, changes successful laws, regulations and practices, the geopolitical, economic, permitting and ineligible clime that Cygnus operates in, arsenic good arsenic those factors disclosed successful Cygnus’ publically filed documents. No practice oregon warranty is made arsenic to the accuracy, completeness oregon reliability of the information, and readers should not spot undue reliance connected forward-looking accusation oregon trust connected this papers arsenic a proposal oregon forecast by Cygnus. Cygnus does not undertake to update immoderate forward-looking information, but successful accordance with applicable securities laws.

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End Notes

  1. The Mineral Resource estimation astatine the Chibougamau Project is simply a overseas estimation prepared successful accordance with CIM Standards. A competent idiosyncratic has not done capable enactment to classify the overseas estimation arsenic a mineral assets successful accordance with the JORC Code, and it is uncertain whether further valuation and exploration volition effect successful an estimation reportable nether the JORC Code. Refer to Appendix A for a breakdown of the Mineral Resource Estimate.
  2. Sources for historical accumulation figures: Economic Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls connected Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization successful the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp).
  3. For determination Mineral Reserves and Resources successful Quebec listed successful Fig. 3: (a) astatine Monster Lake and Nelligan arsenic of 31 December 2023, notation to IAMGOLD Corporation’s quality merchandise dated 15 February 2024; (b) astatine Windfall, notation to Osisko Mining’s NI 43-101 Technical Report filed with SEDAR connected 10 January 2023; (c) astatine Lamaque Complex arsenic of 30 September 2024, notation to Eldorado Gold’s quality merchandise dated 11 December 2024 (d) astatine Canadian Malartic Complex arsenic of 30 September 2024, notation to Agnico Eagle’s quality merchandise dated 15 February 2024; (e) astatine Opemiska, notation to XXIX’s quality merchandise dated 8 January 2024; (f) astatine Roger, notation to the SOQUEM and Enforcer Gold Corp’s NI 43-101 Technical Report dated 9 October 2018; and (g) astatine Chevrier, notation to Northern Superior Resources’s quality merchandise dated 24 January 2022.

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Qualified Persons and Compliance Statements

The technological and method accusation successful this quality merchandise has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a “qualified person” arsenic defined successful National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed successful this announcement are besides based connected and reasonably correspond accusation and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options successful Cygnus. Mr Beaupre is simply a subordinate of the Ordre des ingenieurs du Quebec (P Eng), a Registered Overseas Professional Organisation arsenic defined successful the ASX Listing Rules, and has capable acquisition which is applicable to the benignant of mineralisation and benignant of deposits nether information and to the enactment which has been undertaken to suffice arsenic a Competent Person arsenic defined successful the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Beaupre consents to the inclusion successful this merchandise of the matters based connected the accusation successful the signifier and discourse successful which they appear.

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The Company archetypal announced the overseas estimation of mineralisation for the Chibougamau Project connected 15 October 2024. The Company confirms that the supporting accusation included successful the archetypal announcement continues to use and has not materially changed. Cygnus confirms that it is not alert of immoderate caller accusation oregon information that materially affects the accusation included successful the archetypal announcement and that each worldly assumptions and method parameters underpinning the estimates successful the archetypal announcement proceed to use and person not materially changed. Cygnus confirms that its is not successful possession of immoderate caller accusation oregon information that materially impacts connected the reliability of the estimates oregon Cygnus’ quality to verify the overseas estimates arsenic mineral resources successful accordance with the JORC Code. The Company confirms that the signifier and discourse successful which the Competent Persons’ findings are presented person not been materially modified from the archetypal marketplace announcement.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that word is defined successful policies of the TSX Venture Exchange) accepts work for the adequacy oregon accuracy of this release.

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APPENDIX A – Significant Intersections

Coordinates fixed successful UTM NAD83 (Zone 18). Intercept lengths whitethorn not adhd up owed to rounding to the due reporting precision. Significant intersections reported supra 0.5% copper oregon 0.5g/t golden implicit widths of greater than 1m containing a maximum of 3m interior waste. The existent width is estimated astatine astir 75% of the downhole width.

Hole IDXYZAziDipDepthFromtoIntervalCu %Au g/tAg g/tMo ppm
CB-24-100555047550980240090-65498.0317.1324.47.34.20.316.6170
     Including321.9324.42.59.10.531.4183


APPENDIX B – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures arsenic astatine 30 March 2022

DepositCategoryTonnes
(k)
Cu Grade
(%)
Au Grade
(g/t)
Cu Metal
(kt)
Au Metal
(koz)
Corner Bay (2022)Indicated2,7002.70.37122
Inferred5,9003.40.320151
Devlin (2022)Measured1202.70.331
Indicated6602.10.2144
Measured & Indicated7802.20.2175
Inferred4801.80.293
Joe Mann (2022)Inferred6100.26.81133
Cedar Bay (2018)Indicated1301.69.4239
Inferred2302.18.3561
TotalMeasured & Indicated3,6002.50.69066
TotalInferred7,2003.01.1216248

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APPENDIX C – 2012 JORC Table 1

Section 1 Sampling Techniques and Data

CriteriaJORC Code explanationCommentary
Sampling techniquesNature and prime of sampling (eg chopped channels, random chips, oregon circumstantial specialised manufacture modular measurement tools due to the minerals nether investigation, specified arsenic down spread gamma sondes, oregon handheld XRF instruments, etc). These examples should not beryllium taken arsenic limiting the wide meaning of sampling.
  • All existent drilling conducted astatine the Chibougamau Project was completed nether the supervision of a registered nonrecreational geologist arsenic a Qualified Person (QP) who is liable and accountable for the planning, execution, and supervision of each exploration enactment arsenic good arsenic the implementation of prime assurance programs and reporting.
  • All drilling reported is NQ2 (47.8 mm diameter)
Include notation to measures taken to guarantee illustration representivity and the due calibration of immoderate measurement tools oregon systems used.
  • All illustration collection, halfway logging, and circumstantial gravity determinations were completed by Cygnus Metals nether the supervision of a professionally qualified registered geologist.
  • NQ halfway was marked for splitting during logging and is sawn utilizing a diamond halfway saw with a mounted jig to guarantee the halfway is chopped lengthwise into adjacent halves.
  • Half of the chopped halfway is placed successful cleanable idiosyncratic integrative bags with the due illustration tag.
  • QA/QC is done successful location by Cygnus Metals geologists with oversight from the Senior Geologist. The cheque samples (blanks and standards – 4% of full samples with different 2% of halfway duplicates taken connected fractional divided core) that were inserted into the illustration batches are verified against their certified values and are deemed a walk if they are wrong 3 modular deviations of the certified value. The duplicates are evaluated against each different to find mineralization organisation (nugget). If determination are ample discrepancies successful the cheque samples, past the full batch is requested to beryllium re-assayed. The samples are past placed successful bags for shipment to the offsite laboratory’s facility.
  • The remaining fractional of the halfway is retained and incorporated into Cygnus’s secure, halfway room located connected the property
Aspects of the determination of mineralisation that are Material to the Public Report.

In cases wherever ‘industry standard’ enactment has been done this would beryllium comparatively elemental (eg ‘reverse circulation drilling was utilized to get 1 m samples from which 3 kg was pulverised to nutrient a 30 g complaint for occurrence assay’). In different cases much mentation whitethorn beryllium required, specified arsenic wherever determination is coarse golden that has inherent sampling problems. Unusual commodities oregon mineralisation types (eg submarine nodules) whitethorn warrant disclosure of elaborate information.

  • Industry modular sampling practices were utilized with illustration lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed astatine the opening of each illustration interval and the tag numbers were recorded successful an MS Excel database.
  • Sampling signifier is considered to beryllium due to the geology and benignant of mineralisation
Drilling techniquesDrill benignant (eg core, reverse circulation, open-hole hammer, rotary aerial blast, auger, Bangka, sonic, etc) and details (eg halfway diameter, triple oregon modular tube, extent of diamond tails, face-sampling spot oregon different type, whether halfway is oriented and if so, by what method, etc).
  • Diamond halfway was drilled utilizing aboveground diamond rigs with manufacture recognised contractors Miikan Drilling. Miikan is simply a associated task betwixt Chibougamau Diamond Drilling Ltd., the First Nations assemblage of Ouje-Bougoumou and the First Nations assemblage of Mistissini some located successful the Eeyou Istchee territory.
  • Drilling was conducted utilizing NQ halfway size
  • Directional surveys person been taken astatine 50m intervals
Drill illustration recoveryMethod of signaling and assessing halfway and spot illustration recoveries and results assessed.

Measures taken to maximise illustration betterment and guarantee typical quality of the samples.

Whether a narration exists betwixt illustration betterment and people and whether illustration bias whitethorn person occurred owed to preferential loss/gain of fine/coarse material.

  • Diamond halfway betterment was measured for each tally and calculated arsenic a percent of the drilled interval.
  • Overall, the halfway recoveries are fantabulous successful the Chibougamau area
LoggingWhether halfway and spot samples person been geologically and geotechnically logged to a level of item to enactment due Mineral Resource estimation, mining studies and metallurgical studies.
  • All halfway was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded successful aggregate tables of the drillhole database
Whether logging is qualitative oregon quantitative successful nature. Core (or costean, channel, etc) photography.
  • Geological logging of halfway is qualitative and descriptive successful nature.
The full magnitude and percent of the applicable intersections logged.
  • 100% of the halfway has been logged
Sub-sampling techniques and illustration preparationIf core, whether chopped oregon sawn and whether quarter, fractional oregon each halfway taken.

If non-core, whether riffled, conduit sampled, rotary split, etc and whether sampled bedewed oregon dry.

For each illustration types, the nature, prime and appropriateness of the illustration mentation technique.

Quality power procedures adopted for each sub-sampling stages to maximise representivity of samples.

Measures taken to guarantee that the sampling is typical of the in-situ worldly collected, including for lawsuit results for tract duplicate/second-half sampling.

Whether illustration sizes are due to the atom size of the worldly being sampled.

  • The NQ2 diameter the halfway was sawn successful fractional pursuing a illustration cutting enactment determined by geologists during logging and submitted for investigation connected nominal 1m intervals oregon defined by geological boundaries determined by the logging geologist
  • Each halfway illustration is assigned a tag with a unsocial identifying number. Sample lengths are typically 1 metre but tin beryllium depending connected portion mineralogy and boundaries.
  • This sampling method is manufacture modular and deemed appropriate.
Quality of assay information and laboratory testsThe nature, prime and appropriateness of the assaying and laboratory procedures utilized and whether the method is considered partial oregon total.
  • Sample (NQ size fractional core) mentation and occurrence assay investigation were done astatine Bureau Veritas Commodities Canada Ltd (“BV”) successful Timmins, Ontario, and ICP-ES multi-elements investigation was done astatine BV successful Vancouver, B.C.
  • Samples were weighed, dried, crushed to 70% passing 2 mm, divided to 250 g, and pulverized to 85% passing 75 µm.
  • Samples are occurrence assayed for golden (Au) (30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including cardinal elements Ag, Cu, Mo).
  • Samples assaying >10.0 g/t Au are re-analysed with a gravimetric decorativeness utilizing a 30 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES investigation utilizing a 0.25 g charge.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters utilized successful determining the investigation including instrumentality marque and model, speechmaking times, calibrations factors applied and their derivation, etc.
  • None used.
Nature of prime power procedures adopted (eg standards, blanks, duplicates, outer laboratory checks) and whether acceptable levels of accuracy (i.e. deficiency of bias) and precision person been established.
  • Laboratory QC procedures impact the usage of interior certified notation worldly arsenic assay standards, on with blanks, duplicates and replicates
Verification of sampling and assayingThe verification of important intersections by either autarkic oregon alternate institution personnel.
  • Verification of sampling was made by Cygnus Metals and different nonrecreational advisor geologists
The usage of twinned holes.
  • No spread is twinned
Documentation of superior data, information introduction procedures, information verification, information retention (physical and electronic) protocols.
  • All logging information was completed, halfway marked up, logging and sampling information was entered straight into the database.
  • The logged information is stored connected the tract server directly.
Discuss immoderate accommodation to assay data.
  • There was nary accommodation to the assay data
Location of
data points
Accuracy and prime of surveys utilized to find drill holes (collar and down-hole surveys), trenches, excavation workings and different locations utilized successful Mineral Resource estimation.
  • The determination of the drillholes and the aiming points for the predisposition of the drillholes were indicated connected the crushed utilizing identified stakes. The stakes marking the determination of the drillholes were acceptable up and located with a Garmin GPS exemplary “GPSmap 62s” (4m accuracy)
  • Surveys are collected utilizing a Reflex EZ-Shot® single-shot physics instrumentality with readings collected astatine intervals of astir each 30 m downhole positive a speechmaking astatine the bottommost of the hole
Specification of the grid strategy used.
  • The grid strategy utilized is UTM NAD83 (Zone 18)
Quality and adequacy of topographic control.
  • A Digital Terrane Model (DTM) has been utilized to accurately crippled the vertical presumption of the holes
Data spacing and distributionData spacing for reporting of Exploration Results.
  • The spacing is considered due for this benignant of exploration
Whether the information spacing and organisation is capable to found the grade of geological and people continuity due for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
  • No assets estimation is made
Whether illustration compositing has been applied.
  • No illustration compositing has been applied
Orientation of information successful narration to geological structureWhether the predisposition of sampling achieves unbiased sampling of imaginable structures and the grade to which this is known, considering the deposit type.
  • Drilling is orientated astir astatine close angles to the presently interpreted onslaught of the known interpreted mineralisation. Reported intersections look adjacent to existent width
If the narration betwixt the drilling predisposition and the predisposition of cardinal mineralised structures is considered to person introduced a sampling bias, this should beryllium assessed and reported if material.
  • No bias is considered to person been introduced by the existing sampling orientation
Sample securityThe measures taken to guarantee illustration security.
  • Core was placed successful woody halfway boxes adjacent to the drill rig by the drilling contractor. The halfway was collected regular by the drilling contractor and delivered to the unafraid halfway logging facility. Access to the halfway logging installation is constricted to Cygnus employees oregon designates
Audits oregon reviewsThe results of immoderate audits oregon reviews of sampling techniques and data.
  • No audits person been undertaken, truthful accusation connected audits oregon reviews is not yet available

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Section 2 Reporting of Exploration Results

(Criteria listed successful the preceding conception besides use to this section.)

CriteriaJORC Code ExplanationCommentary
Mineral tenement and onshore tenure statusType, notation name/number, determination and ownership including agreements oregon worldly issues with 3rd parties specified arsenic associated ventures, partnerships, overriding royalties, autochthonal rubric interests, humanities sites, wilderness oregon nationalist parkland and biology settings.
  • The information reported wrong this announcement is from the Chibougamau Project. The Chibougamau task consists of 3 properties which includes:
    • Copper Rand (1 mining license, 19 mining concession and 147 exploration claims)
    • Corner Bay – Devlin (1 mining license, 111 exploration claims)
    • Joe Mann (2 mining concessions, 74 exploration claims)
  • Copper Rand and Corner Bay – Devlin are held 100% by CBAY minerals Inc, a wholly owned subsidiary of Dore Copper.
  • 767ha of the Joe Mann spot is held by CBAY with the remaining 1965ha held nether enactment statement with Resources Jessie.
  • The properties collectively making up the Project are successful bully lasting based connected the Ministry of Energy and Natural Resources (Ministère de l’Énergie et des Ressources Naturelles) GESTIM assertion absorption strategy of the Government of Québec.
The information of the tenure held astatine the clip of reporting on with immoderate known impediments to obtaining a licence to run successful the area.
  • All tenure is successful bully standing
Exploration done by different partiesAcknowledgment and appraisal of exploration by different parties.
  • The Chibougamau Copper and Gold task comprising Corner Bay, Devlin, Cedar Bay and Joe Mann person seen an extended exploration past dating backmost to the aboriginal 1900s. The PEA (as referred to successful the Company’s announcement of 15 October 2024) provides a elaborate past of the exploration activities undertaken by erstwhile explorers.
  • Corner Bay was archetypal identified arsenic a imaginable successful 1956
    • 1956 – 1972 8 drilling programs totalling 1,463 m and assorted geophysical and electromagnetic (EM) surveys
    • 1973 – 1981 Riocanex and Flanagan McAdam: crushed geophysical surveys and 43 diamond drill holes
    • 1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical trial work
    • 1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with archetypal MRE
    • 1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling
    • 1994 Explorations Cache Inc and Ressources MSV Inc: diamond drilling
    • 2004 – 2006 GéoNova and MSV: 98 diamond drill holes and archetypal Technical Report connected the Corner Bay task reporting a MRE
    • 2007 – 2009 Campbell: diamond drilling and bulk sample
    • 2012 – 2019 CBAY / AmAuCu: diamond drilling and MRE
  • Devlin identified successful 1972 by airborne survey flown by the MERN
    • 1979 – 1981 diamond drilling, geophysical surveys
    • 1981 improvement commenced
  • Joe Mann identified successful 1950 with the commencement of mining activities occurring successful 1956
    • The Joe Mann excavation operated underground during 3 antithetic periods from 1956 to 2007
    • In July 2012, Ressources Jessie acquired the Joe Mann excavation property, but conducted lone aboveground exploration work
  • Cedar Bay was discovered anterior to 1927 by Chibougamau McKenzie Mines Ltd
    • From archetypal find to 2013 assorted aboveground and underground drilling campaigns and geophysical surveys undertaken by assorted companies
GeologyDeposit type, geological mounting and benignant of mineralisation.
  • Corner Bay and Devlin are located astatine the northeastern extremity of the Abitibi subprovince successful the Superior state of the Canadian Shield and are examples of Chibougamau-type copper-gold deposits. The Abitibi subprovince is considered arsenic 1 of the largest and best-preserved greenstone belts successful the satellite and hosts galore golden and basal metallic deposits.
  • The Corner Bay deposit is located connected the confederate flank of the Doré Lake Complex (DLC). It is hosted by a N 15° trending shear portion much oregon little continuous with a beardown 75° to 85° dip towards the west. The big anorthosite stone is sheared and sericitized implicit widths of 2 m to 25 m. The deposit is chopped by a diabase dyke and is constricted to the northbound by a responsibility operation and to the southbound by the LaChib deformation zone.
  • The Corner Bay deposit consists of 3 main mineralized lodes (subparallel Main Lode 1 and Main Lode 2 supra the dyke, and Main Lode beneath the dyke that marque up the bulk of the deposit. The Corner Bay deposit has been traced implicit a onslaught magnitude to implicit 1,100 m to a extent of 1,350 m and remains unfastened astatine depth.
  • The mineralization is characterized by veins and/or lenses of monolithic to semi-massive sulphides associated with a brecciated to locally monolithic quartz-calcite material. The sulphide assemblage is composed of chalcopyrite, pyrite, and pyrrhotite with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins hap successful a wide halo astir the main mineralization zones.
  • Devlin is simply a flat-lying, copper-rich lodes-hosted deposit successful a polygenic igneous breccia that is little than 100 m from the surface. The tabular bodies person been modelled arsenic 4 astir horizontal lodes: a much continuous little portion and 3 smaller lodes comprising the precocious zone. Mineralization is reflected arsenic a fracture portion often composed of 2 oregon much sulphide-quartz lodes and stringers. Thickness of the mineralized zones scope from 0.5 m to 4.4 m. It has been diluted during modelling to bespeak a minimum mining tallness of 1.8 m.
  • The Joe Mann deposit is characterized by east-west striking shear hosted lodes that widen beyond 1,000 m vertically with mineralization identified implicit a 3 km onslaught length. These shear zones signifier portion of the Opawica-Guercheville deformation zone, a large deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation successful the northbound portion of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone astatine the mine, portion the South Zone is recovered successful the rhyolite. These 3 subvertical E-W (N275°/85°) ductile-brittle shear zones are sub-parallel to stratigraphy and to 1 another, with up to 140 m to 170 m of separation betwixt them. These shear zones are hosted wrong a stratigraphic bundle composed of iron-magnesium (Fe-Mg) carbonate and sericite altered gabbro sills, sheared basalts, and intermediate to felsic tuffs intruded by assorted felsic intrusions. The Joe Mann golden mineralization is hosted by decimetre standard quartz-carbonate lodes (Dion and Guha 1988). The lodes are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed successful lens and lodelets parallel to schistosity, and occasionally disposable gold. There are immoderate different minor, mineralized structures, e.g., North and South-South Zones, with constricted vertical and horizontal extensions.
Drill spread InformationA summary of each accusation worldly to the knowing of the exploration results including a tabulation of the pursuing accusation for each Material drill holes:
  • easting and northing of the drill spread collar
  • elevation oregon RL (Reduced Level – elevation supra oversea level successful metres) of the drill spread collar
  • dip and azimuth of the hole
  • down spread magnitude and interception depth
  • hole length.

If the exclusion of this accusation is justified connected the ground that the accusation is not Material and this exclusion does not detract from the knowing of the report, the Competent Person should intelligibly explicate wherefore this is the case.

  • All requisite drillhole accusation is tabulated elsewhere successful this release. Refer Appendix A of the assemblage text
Data aggregation methodsIn reporting Exploration Results, weighting averaging techniques, maximum and/or minimum people truncations (eg cutting of precocious grades) and cut-off grades are usually Material and should beryllium stated.
  • All drill spread intersections are reported supra a little cut-off people of 0.5% copper.
Where aggregate intercepts incorporated abbreviated lengths of high-grade results and longer lengths of low-grade results, the process utilized for specified aggregation should beryllium stated and immoderate emblematic examples of specified aggregations should beryllium shown successful detail.
  • A maximum of 1m interior discarded was allowed
The assumptions utilized for immoderate reporting of metallic equivalent values should beryllium intelligibly stated.
  • No metallic equivalents reported
Relationship betwixt mineralisation widths and intercept lengthsThese relationships are peculiarly important successful the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill spread space is known, its quality should beryllium reported.

If it is not known and lone the down spread lengths are reported, determination should beryllium a wide connection to this effect (eg ‘down spread length, existent width not known’).

  • All intersections reported successful the assemblage of this merchandise are down hole.
  • The bulk of the drill holes successful the database are drilled arsenic adjacent to orthogonal to the level of the mineralized lodes arsenic possible.
  • Only down spread lengths are reported.
DiagramsAppropriate maps and sections (with scales) and tabulations of intercepts should beryllium included for immoderate important find being reported These should include, but not beryllium constricted to a program presumption of drill spread collar locations and due sectional views.
  • Included elsewhere successful this release. Refer figures successful the assemblage text
Balanced reportingWhere broad reporting of each Exploration Results is not practicable, typical reporting of some debased and precocious grades and/or widths should beryllium practiced to debar misleading reporting of Exploration Results.
  • All results greater than 0.5% Cu and 0.5g/t Au person been reported astatine greater than 1m width
Other substantive exploration dataOther exploration data, if meaningful and material, should beryllium reported including (but not constricted to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical trial results; bulk density, groundwater, geotechnical and stone characteristics; imaginable deleterious oregon contaminating substances.
  • Appropriate plans are included successful the assemblage of this release.
Further workThe quality and standard of planned further enactment (eg tests for lateral extensions oregon extent extensions oregon large-scale step-out drilling).

Diagrams intelligibly highlighting the areas of imaginable extensions, including the main geological interpretations and aboriginal drilling areas, provided this accusation is not commercially sensitive.

  • The Company volition beryllium conducting drill investigating of further mineralisation arsenic good arsenic measurement retired drilling of existing lodes to further heighten the resources quoted successful this release. More accusation is presented successful the assemblage of this report.
  • Diagrams successful the main assemblage of this merchandise amusement areas of imaginable assets hold connected existing lodes. The institution continues to place and measure aggregate different people areas wrong the spot bound for further resources.

Photos accompanying this announcement are disposable at: 

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https://www.globenewswire.com/NewsRoom/AttachmentNg/ecb1a5d2-37ba-4270-9bdf-bb9b65091a5d

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