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Drill Results

Cygnus eyes two new mineralised gold prospects for resource growth

By The Northwire Desk — AI Analysis Jan 19, 2026 · 18:51 CYG · 0.19 Cygnus Metals Limited
CYG · Price

Executive Summary

  • Cygnus Metals announced two high‑priority gold drilling targets (Gwillim and Joe Mann) with multiple high‑grade intercepts that could significantly expand the Chibougamau Project’s resource base.
  • Intercepts include a spectacular 0.7 m @ 480.2 g/t Au at Joe Mann and several >8 g/t Au intervals at Gwillim, supporting a Q2 drilling campaign pending permit approvals.
  • The company highlighted existing infrastructure (900 ktpa processing plant) and plans to resume drilling at the Golden Eye deposit later this month to extend and upgrade current resources.

Key Details

  • Gwillim Prospect (50% JV with Alamos Gold) – 12 km NW of processing facility:
  • 7.6 m @ 38.1 g/t Au from 314.9 m (Hole 87‑KOD‑18)
  • 15.2 m @ 9.4 g/t Au from 155.1 m (Hole 87‑KOD‑1)

  • 16.4 m @ 8.3 g/t Au from 168.3 m (Hole 87‑KOD‑10)

  • Joe Mann Prospect – historic high‑grade mine, 46 km S of processing facility:

  • 0.7 m @ 480.2 g/t Au from 92.3 m (Hole H‑118)
  • 3.8 m @ 20.8 g/t Au from 287.2 m (Hole H‑214)

  • 8.4 m @ 6.3 g/t Au from 175.6 m (Hole H‑374)

  • Resource Context – Current Chibougamau Project resources:

  • Cu‑Eq: 6.4 Mt @ 3.0 % CuEq (193 kt CuEq, Measured & Indicated) and 8.5 Mt @ 3.5 % CuEq (295 kt CuEq, Inferred).

  • Gold‑Eq at Golden Eye: 0.5 Mt @ 5.6 g/t AuEq (91 koz AuEq, Indicated) and 1.2 Mt @ 4.6 g/t AuEq (182 koz AuEq, Inferred).

  • Upcoming Drilling – Permit applications underway; Q2 field program planned for Gwillim and Joe Mann.

  • Golden Eye Deposit – Drilling to resume later this month to test extensions below current resource and convert additional tonnage to Indicated status.
  • Infrastructure Advantage – 900,000 tpa processing plant, sealed highway, airport, rail access, and 25 kV hydro power; only processing facility within a 250 km radius.

Notable Quotes

“These two new prospects clearly have substantial resource potential… Intersections of up to 480 g/t (over 0.7 m), less than 100 m deep, in a gold price environment of US$4,500/oz… demonstrate why we are so keen to pursue these opportunities.” – David Southam, Executive Chairman, Cygnus Metals

All boilerplate, forward‑looking statements and disclaimer text have been omitted.

Read the original news release →

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