Cygnus will increase extremely potential, under-explored floor place by 50%

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Chibougamau Copper-Gold Undertaking, Canada

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Two diamond drill rigs about to reach on website as a part of technique to develop the useful resource and check brownfield exploration targets

HIGHLIGHTS:

• Cygnus has secured further floor subsequent to its Chibougamau Copper-Gold Undertaking, growing its whole land holding to 282km²

• The newly staked areas add to a extremely potential land place which has seen restricted trendy exploration up to now 20 years
• Chibougamau Copper-Gold Undertaking has a Measured and Indicated Mineral Useful resource of three.6Mt at 3.0% CuEq and an Inferred Mineral Useful resource of seven.2Mt at 3.8% CuEq¹
• The Chibougamau district is a world-class mineral terrane with robust potential for extra discovery; Historic manufacturing totals greater than 945,000t of copper and three.5Moz of gold throughout 16 former producing mines²
• Two diamond drill rigs are set to start out this week, concentrating on each useful resource development and precedence brownfield exploration targets, underpinning robust information movement
• Drilling outcomes are anticipated imminently from a focused exploration program accomplished previous to Cygnus’ merger with Doré Copper Mining Corp. (see ASX launch dated 2 January 2025)
• The Chibougamau Copper-Gold Undertaking features a 900,000tpa processing facility – the one milling infrastructure inside a 250km radius
• The district additionally has glorious infrastructure with an area mining city, a contemporary mining workforce coaching centre, sealed freeway, airport, regional rail infrastructure and 25kV hydro energy to the processing website

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Cygnus Government Chairman, David Southam stated: “Our fast technique is to create worth by means of exploration at Chibougamau and we’re losing no time executing this facet of our plan.

“Increasing our floor place will increase the upside on the undertaking and displays our robust perception within the immense exploration and useful resource development potential.

“All of this newly staked land is adjoining to the high-grade Chibougamau mining camp which has an unimaginable manufacturing report relationship again over 65 years, producing nearly 1 million tonnes of copper and three.5 million ounces of gold”.  

TORONTO, Jan. 08, 2025 (GLOBE NEWSWIRE) — Cygnus Metals Restricted (ASX: CY5; TSXV: CYG) (“Cygnus” or the “Firm”) is happy to announce that it has expanded its land holding by 50 per cent on the Chibougamau Copper-Gold Undertaking in Quebec, Canada and is about to start out drilling.

Cygnus not too long ago accomplished its transformative merger with Doré Copper Mining Company, creating a brand new main participant within the vital minerals sector with a strategic give attention to high-grade copper and lithium belongings in Quebec, Canada. A key motivation behind the merger was to advance the Chibougamau Copper-Gold Undertaking which has established high-grade mineral assets of:

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Measured and Indicated Mineral Sources of three.6Mt at 3.0% CuEq and Inferred Mineral Sources of seven.2Mt at 3.8% CuEq (confer with Appendix A)¹

The multi-pronged worth creation technique has a powerful give attention to useful resource development and brownfield exploration with important potential for extra discovery within the area. A part of that technique was to bolster the bottom place and supply further exploration alternative in a world-class mineral terrane that has traditionally produced practically 1Mt of copper and three.5Moz of gold over a 65 yr historical past.² This massive and well-endowed mineral system is pushed by the central Chibougamau Pluton with the not too long ago acquired floor including extra of this extremely potential geology to the mixed undertaking.

The brand new claims have been acquired at minimal price to Cygnus, being newly staked and open floor instantly surrounding the prevailing undertaking, and are principally within the anorthosite band that surrounds the Chibougamau Pluton, which generally host mineral deposits within the Chibougamau mining camp. In whole, 174 claims have been staked for 97km² taking the mixed Chibougamau Copper-Gold Undertaking to 282km². This offers a superb platform to drive development by means of exploration in a extremely potential district.

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According to the Firm’s useful resource development technique, drilling is about to start out with two diamond drill rigs. This preliminary program will give attention to useful resource development alternatives surrounding a number of the present deposits aiming to construct upon the prevailing high-grade assets. The Firm seems ahead to a excessive quantity of reports movement throughout 2025 with ongoing drilling updates and outcomes.

Determine 1: Newly staked floor over the extremely potential Chibougamau Pluton and surrounding anorthositic host rock.

In regards to the Chibougamau Copper-Gold Undertaking

The Undertaking is situated in central Quebec, Canada roughly 480km due north of Montreal. The province of Quebec has been recognised as a prime ten international mining funding jurisdiction within the 2023 Fraser Institute Annual Survey of Mining Corporations. The Undertaking has glorious infrastructure with an area mining city, sealed freeway, airport, regional rail infrastructure and entry to hydro energy through put in powerlines.

The Undertaking is centred on the Chibougamau Pluton with historic manufacturing within the Chibougamau mining district of 53.5Mt @ 3.4% CuEq² from periodic mining between the early 1900s and 2008. Over this lengthy mining historical past, the district has produced practically 1Mt of copper and three.5Moz of gold from 16 former producing mines.²

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The Undertaking has high-grade assets together with Measured and Indicated Mineral Sources of three.6Mt at 3.0% CuEq and Inferred Mineral Sources of seven.2Mt at 3.8% CuEq with important potential to develop (confer with Appendix A).¹

The Firm has a transparent technique to:

• Develop the present useful resource by means of brownfield exploration and funding in drilling, trendy geophysics and different exploration actions
• Advance the undertaking in the direction of growth by means of examine work and utilising present infrastructure

The Firm sees substantial alternative to create shareholder worth by a longtime high-grade useful resource with alternative for development, glorious infrastructure, 900ktpa processing facility and clear pathway to manufacturing, all inside a top quality endowed mineral terrane that has seen minimal trendy exploration.

Determine 2: Location of the Chibougamau Undertaking relative to different main deposits and processing amenities.³

This announcement has been authorised for launch by the Board of Administrators of Cygnus.

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About Cygnus Metals

Cygnus Metals Restricted (ASX: CY5, TSXV: CYG) is a diversified vital minerals exploration and growth firm with initiatives in Quebec, Canada and Western Australia. The Firm is devoted to advancing its Chibougamau Copper-Gold Undertaking in Quebec with an aggressive exploration program to drive useful resource development and develop a hub-and-spoke operation mannequin with its centralised processing facility. As well as, Cygnus has high quality lithium belongings with important exploration upside within the world-class James Bay district in Quebec, and REE and base metallic initiatives in Western Australia. The Cygnus crew has a confirmed observe report of turning exploration success into manufacturing enterprises and creating shareholder worth.

Ahead Wanting Statements

This doc comprises “forward-looking info” and “forward-looking statements” that are primarily based on the assumptions, estimates, evaluation and opinions of administration made in gentle of its expertise and its notion of developments, present circumstances and anticipated developments, in addition to different components that administration of Cygnus believes to be related and affordable within the circumstances on the date that such statements are made, however which can show to be incorrect. Ahead-looking statements embody statements which might be predictive in nature, depend on or confer with future occasions or circumstances, or embody phrases comparable to ‘expects’, ‘anticipates’, ‘plans’, ‘believes’, ‘estimates’, ‘seeks’, ‘intends’, ‘targets’, ‘initiatives’, ‘forecasts’, or unfavorable variations thereof and different related expressions, or future or conditional verbs comparable to ‘might’, ‘will’, ‘ought to’, ‘would’ and ‘may’. Though Cygnus and its administration imagine that the assumptions and expectations represented by such info are affordable, there will be no assurance that the forward-looking info will show to be correct. Ahead-looking info entails recognized and unknown dangers, uncertainties, and different components which can trigger the precise outcomes, efficiency or achievements of Cygnus to be materially completely different from any anticipated future outcomes, efficiency or achievements expressed or implied by such forward-looking info. Such components embody, amongst others, the precise outcomes of present or future exploration, modifications in undertaking parameters as plans proceed to be evaluated, modifications in legal guidelines, laws and practices, the geopolitical, financial, allowing and authorized local weather that Cygnus operates in, in addition to these components disclosed in Cygnus’ publicly filed paperwork. No illustration or guarantee is made as to the accuracy, completeness or reliability of the knowledge, and readers shouldn’t place undue reliance on forward-looking info or depend on this doc as a suggestion or forecast by Cygnus. Cygnus doesn’t undertake to replace any forward-looking info, besides in accordance with relevant securities legal guidelines.

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Finish Notes

1. The Mineral Useful resource estimate on the Chibougamau Undertaking is a overseas estimate ready in accordance with CIM Requirements. A reliable particular person has not performed enough work to categorise the overseas estimate as a mineral useful resource in accordance with the JORC Code, and it’s unsure whether or not additional analysis and exploration will lead to an estimate reportable below the JORC Code. Seek advice from Appendix A for a breakdwon of the Mineral Useful resource Estimate and a abstract of the assumptions.
2. Sources for historic manufacturing figures: Financial Geology, v. 107, pp. 963–989 – Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization within the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada by François Leclerc et al. (Lac Dore/Chibougamau mining camp).
3. For regional assets in Quebec: (a) at Monster Lake and Nelligan, confer with IAMGOLD Companies’ information launch dated 15 February 2024; (b) at Windfall, confer with Osisko Mining’s NI 43-101 Technical Report filed with SEDAR on 10 January 2023; (c) at Canadian Malartic, confer with Agnico Eagle’s 2023 Annual Data Type; (d) at Opemiska, confer with XXIX’s information launch dated 8 January 2024; (e) at Roger, confer with the SOQUEM and Enforcer Gold Corp’s NI 43-101 Technical Report dated 9 October 2018; and (f) at Chevrier, confer with Northern Superior Sources’s NI 43-101 Technical Report filed with SEDAR on 7 October 2022.

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Certified Individuals and Compliance Statements

The scientific and technical info on this information launch has been reviewed and accredited by Ms Laurence Huss, the Quebec In-Nation Supervisor of Cygnus, a “certified particular person” as outlined in Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Tasks.

The Firm first introduced the overseas estimate of mineralisation for the Chibougamau Undertaking on 15 October 2024. The Firm confirms that the supporting info included within the announcement of 15 October 2024 continues to use and has not materially modified. Cygnus confirms that it isn’t conscious of any new info or knowledge that materially impacts the knowledge included within the authentic announcement and that every one materials assumptions and technical parameters underpinning the estimates within the authentic announcement proceed to use and haven’t materially modified. Cygnus confirms that its isn’t in possession of any new info or knowledge that materially impacts on the reliability of the estimates or Cygnus’ capability to confirm the overseas estimates as mineral assets in accordance with the JORC Code. The Firm confirms that the shape and context during which the Competent Individuals’ findings are offered haven’t been materially modified from the unique market announcement.

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Neither TSX Enterprise Trade nor its Regulation Providers Supplier (as that time period is outlined in insurance policies of the TSX Enterprise Trade) accepts accountability for the adequacy or accuracy of this launch.

APPENDIX A – Chibougamau Copper-Gold Undertaking – International Estimate Disclosures as at 30 March 2022

Notes:

1. Cygnus Metals Ltd cautions that Mineral Sources for the Chibougamau Copper Undertaking, incorporating Nook Bay, Devlin, Cedar Bay and Joe Mann, are reported in accordance with the necessities making use of to overseas estimates within the ASX Itemizing Guidelines and, as such, will not be reported in accordance with the JORC Code (2012 Version). A Competent Individual has not but accomplished enough work to categorise the assets as Mineral Sources that fulfill the rules supplied within the JORC Code (2012 Version). It’s unsure that following analysis and/or additional exploration work that the Mineral Sources will be capable to be reported as Mineral Sources in accordance with the JORC Code (2012 Version).
2. All assets have been ready in accordance with CIM Requirements. Please confer with Cygnus’ announcement on 15 October 2024 for extra technical info regarding the overseas estimate.
3. The Mineral Useful resource estimates embody Inferred Mineral Sources which might be thought-about too speculative geologically to have financial concerns utilized to them that will allow them to be categorised as Mineral Reserves. There’s additionally no certainty that Inferred Mineral Sources will likely be transformed to Measured and Indicated classes by means of additional drilling, or into Mineral Reserves as soon as financial concerns are utilized.
4. Numbers might not reconcile exactly as a result of rounding.
5. Mineral assets have been reported at a cut-off grades of two.6 g/t Au at Joe Mann, 1.3% Cu at Nook Bay, 2.9 g/t Au at Cedar Bay and 1.2% Cu at Devlin. Mineral Sources at Joe Mann are estimated utilizing a long-term gold value of US$1,800/oz Au, and a metallurgical gold restoration of 83%. Mineral Sources at Nook Bay and Devlin are estimated utilizing a long-term copper value of US$3.75 per pound, and a metallurgical copper restoration of 95%. Mineral Sources at Cedar Bay are estimated utilizing a long-term gold value of US$1,400/oz Au, and a metallurgical gold restoration of 90%.
6. Steel equivalents for the overseas estimate have been calculated at a copper value of US$8,300/t, gold value of US$2,000/oz, silver value of US$25/oz and zinc value of $2,500/t. Copper equal was calculated primarily based on the method CuEq (%) = Cu(%) + (Au (g/t) x 0.77472) + (Ag (g/t) x 0.00968) + (Zn (%) x 0.3012). Metallurgical restoration components haven’t been utilized at the moment to copper equivalents calculation as a result of variance of geology inside the camp and lack of obtainable knowledge. It’s the Firm’s view that every one components within the copper equal calculations have an inexpensive potential to be recovered and offered.

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¹ The Mineral Useful resource estimate on the Chibougamau Undertaking is a overseas estimate ready in accordance with CIM Requirements. A reliable particular person has not performed enough work to categorise the overseas estimate as a mineral useful resource in accordance with the JORC Code, and it’s unsure whether or not additional analysis and exploration will lead to an estimate reportable below the JORC Code.

Photographs accompanying this announcement can be found at

https://www.globenewswire.com/NewsRoom/AttachmentNg/c232825e-b414-4476-bfbb-922828189faa

https://www.globenewswire.com/NewsRoom/AttachmentNg/8c5a2c23-3e19-429c-9a31-064227e84b29

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