Cygnus reports a 78% increase in M&I resource at its Chibougamau Copper-Gold Project
Executive Summary
- Cygnus Metals announced a substantial upgrade to its Chibougamau Copper‑Gold Project, increasing Measured & Indicated resources by 78% to 6.4 Mt at 3.0 % CuEq (193 kt CuEq) and Inferred resources to 8.5 Mt at 3.5 % CuEq (295 kt CuEq).
- The new Golden Eye deposit adds an initial resource of 91 koz AuEq (Indicated) and 182 koz AuEq (Inferred), highlighting high‑grade potential.
- The company is fully funded ($23 M cash as of 30 Jun 2025) and will commence an updated Scoping Study/PEA, targeted for completion in Q1 CY2026.
Key Details
- Global Resources (JORC‑compliant):
- Measured & Indicated: 6.4 Mt @ 3.0 % CuEq → 149 kt Cu, 167 koz Au, 1.6 Moz Ag (193 kt CuEq).
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Inferred: 8.5 Mt @ 3.5 % CuEq → 182 kt Cu, 454 koz Au, 2.2 Moz Ag (295 kt CuEq).
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Golden Eye Deposit (new):
- Indicated: 91 koz AuEq at 5.6 g/t AuEq.
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Inferred: 182 koz AuEq at 4.6 g/t AuEq.
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Other Deposits Included: Corner Bay, Cedar Bay, Devlin, Joe Mann – all with updated resource figures (see Table 1 in release).
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Drilling Activity:
- Total of 768 holes, 308,314 m drilled for the MRE.
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Since acquisition (1 Jan 2025) Cygnus completed 17,183 m (403 holes at Corner Bay, 101 m at Golden Eye).
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Metallurgical Recoveries Assumed: Cu ≈ 91‑96 %, Au ≈ 73‑87 %, Ag ≈ 80 % (vary by deposit).
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Economic Assumptions Used in CuEq/AuEq Calculations:
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Copper $9,370/t, Gold $2,400/oz, Silver $30/oz, USD/CAD 1.35.
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Infrastructure Highlights: 900 ktpa processing plant, sealed highway, airport, rail link, 25 kV hydro power – the only base‑metal facility within a 250 km radius.
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Funding: Cash balance $23 M as of 30 Jun 2025; sufficient to fund ongoing drilling and study work.
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Next Steps:
- Continue AI‑driven target generation and infill drilling across the camp.
- Updated Scoping Study/Preliminary Economic Assessment (PEA) underway, slated for Q1 CY2026.
Notable Quotes
“Within just nine months of acquiring the Chibougamau Project, we have been able to deliver a significant resource upgrade with substantial scope for further growth.” – David Southam, Executive Chairman, Cygnus Metals.
All technical data are presented in accordance with JORC 2012 and CIM 2014 standards.