More strong drilling results outside current resource point to further growth
Executive Summary
- First hole at Cedar Bay returned up to 29.1 g/t AuEq over 0.4 m and a broader interval of 10.6 m @ 4.1 g/t AuEq, extending mineralisation ~200 m beyond the current resource boundary.
- Corner Bay drill hole CB‑25‑137 intersected 3.1 m @ 4.9 % CuEq, also outside the recently released resource, underscoring further growth potential at the flagship deposit.
- The new intersections contribute to a 29 % increase in the overall Chibougamau Mineral Resource (now 6.4 Mt @ 3.0 % CuEq Indicated and 8.5 Mt @ 3.5 % CuEq Inferred).
Key Details
- Cedar Bay – Hole CDR‑25‑11W1
- 10.6 m @ 4.1 g/t AuEq (3.6 g/t Au, 0.3 % Cu, 2.8 g/t Ag)
- Includes 2.9 m @ 6.7 g/t AuEq (6.2 g/t Au, 0.3 % Cu, 6.3 g/t Ag)
- High‑grade core: 0.4 m @ 29.1 g/t AuEq (25.3 g/t Au, 21.5 g/t Ag)
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Intersection lies ~200 m outside the previously released Mineral Resource.
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Corner Bay – Hole CB‑25‑137
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3.1 m @ 4.9 % CuEq (4.5 % Cu, 0.3 g/t Au, 21.7 g/t Ag)
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Resource Context
- Cedar Bay Resource: 67 koz @ 8.1 g/t AuEq (Indicated) and 205 koz @ 7.8 g/t AuEq (Inferred).
- Corner Bay Resource: 137 kt CuEq @ 2.8 % CuEq (Indicated) and 159 kt CuEq @ 3.0 % CuEq (Inferred).
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Overall Chibougamau Project now totals 6.4 Mt @ 3.0 % CuEq (193 kt CuEq Indicated) and 8.5 Mt @ 3.5 % CuEq (295 kt CuEq Inferred) – a 29 % increase versus the prior estimate.
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Exploration Outlook
- Two drill rigs are active at Cedar Bay; additional holes pending results.
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Drilling to recommence at Corner Bay after Cedar Bay program concludes and winter access improves.
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Infrastructure Highlights
- Existing 900 ktpa processing plant, sealed highway, airport, rail link, and 25 kV hydro power—facilitating rapid path to development.
Notable Quotes
“The Chibougamau Project is now clearly on a fast‑growth trajectory… The growth outlook is highlighted by the results from Cedar Bay… We are keeping the drill rigs turning as we continue to drive resource growth and push Chibougamau towards development.” – David Southam, Executive Chairman
Materiality Assessment: Material – Positive (new high‑grade intersections outside existing resources materially enhance project economics and support accelerated development timeline).