Cygnus Metals

Barry FitzGerald looks at Cygnus' plan to repeat the project acquisition success of its stablemates Bellevue Gold, FireFly Metals and Andean Silver. https://lnkd.in/gCMrBFj3

Cygnus has received firm commitments totalling ~A$3m via a Placement to institutional and sophisticated investors. The Placement was well supported (and therefore required significant scaling) with strong demand from existing and new investors. Read more here: https://lnkd.in/gy8DZ79a #CY5 #placement #capitalraising #shareholders #investors #ASX

Successful geophysics have revealed potential for significant growth in the Pegasus discovery at our Auclair Lithium Project in James Bay, Canada. A gravity survey surrounding drill intersection of 43.7m at 1.15% Li2O suggests that the pegmatite trend extends for 1.7km and remains open in all directions; drilling is set to start this month. Our Executive Chair David Southam said: “The results from this geophysics program are highly encouraging and provide proof of concept with respect to identifying blind pegmatites below shallow glacial cover at Auclair. This exact style of program was one of the successful exploration tools utilised for Winsome’s world-class Adina Deposit, which is now one of the largest in James Bay. “There is clearly strong potential to grow what is already a significant high-grade spodumene discovery at Pegasus and therefore the upcoming drilling has scope to create substantial shareholder value." Read the full ASX announcement here: https://loom.ly/IphmpkU

Initial geophysics work is underway at key targets at our Auclair Lithium Project in James Bay, Canada. Our high-impact exploration program at the project continues to advance. Results from till sampling recently highlighted potential for multiple new spodumene-bearing pegmatites under glacial cover outside of the known discoveries of Auriga, Lyra and Pegasus. Prospecting is utilising a multi-pronged targeting approach of till and outcrop geophysics, magnetics, LiDAR and high resolution orthophotography, in preparation for advancing new targets for drilling in an area which has returned 43.7m at 1.15% Li2O. 📸 Photo credit: Abitibi Geophysics

Cygnus Metals (ASX:CY5) Executive Chairman David Southam: "The combination of the pathfinder elements, the geophysical signatures and the limited drilling results highlights the scope for Auclair to host a major spodumene discovery in James Bay." https://lnkd.in/gK3S2m8D #exploration #mining #miningnews #investment #asx

Till sampling at our Auclair Lithium Project has revealed potential for many more spodumene-bearing pegmatites. Follow-up exploration is starting next week, with the aim of advancing new targets in preparation for drilling; the targets are in the area which previously returned 43.7m at 1.15% Li2O. Our Executive Chair David Southam said: “These strong sampling results reinforce our view that Auclair has huge potential to host numerous spodumene-bearing pegmatites below the cover. “The combination of the pathfinder elements, the geophysical signatures and the limited drilling results highlights the scope for Auclair to host a major spodumene discovery in James Bay. “Given all this highly promising evidence so far, we are really looking forward to the start of our next exploration program in coming days. “Importantly, this is the first time we will have boots back on the ground since the discovery of Pegasus and Lyra at the tail end of the 2023 exploration season, when we had just two days of effective prospecting." Read the full ASX release here: https://loom.ly/thekwcw

Monthly lithium drilling highlights — April 2024

We're pleased to release our March 2024 Quarterly Report: https://loom.ly/VrD8B70 Our Executive Chair David Southam said: “It was a pivotal quarter for Cygnus with drilling returning the thick, shallow and visible high grade spodumene intersection at Auclair. “Auclair is emerging as a significant lithium province with multiple lithium intersections, spodumene-bearing boulders, spodumene-bearing pegmatite outcrops and excellent fractionation results. All of these are located within a 10km trend, which is part of a 415sqkm tenure. “The fact that Pegasus and Lyra were discovered with only two days of access provide immense enthusiasm for the upcoming prospecting program in May and drilling in June. Coupled with LiDAR and a large till sampling program where results will be available soon, we have completed all the necessary groundwork for targeting. “We have also put the plans in place for a prospecting program at Sakami where the limited time on site has already generated exciting fractionation results, which were key elements that led us to the discovery of Lyra and Pegasus at Auclair."

Compelling targets identified surrounding recent intersection of 43.7m @ 1.15% Li2O at our Auclair Lithium Project in James Bay: https://loom.ly/KMPIKBM The targets were identified using recently interpreted LiDAR and orthophotography; this is the first time these techniques have been used in the area, which is known to host blind pegmatites under widespread vegetation cover. Prospecting will commence next month, with drilling scheduled to start in June. Our Executive Chair David Southam said: “With so many new targets, recent results of up to 43.7m @ 1.15% Li2O and prospecting imminent, Cygnus is perfectly positioned to unlock huge value at Auclair. This will be first boots back on the ground since the discovery of Pegasus and Lyra late last year. “Use of LiDAR, orthophotography and magnetics is fundamental to our process of exploration in this terrane with proven blind pegmatites under vegetation. Auclair clearly has the potential to host a significant lithium system and we look forward to unlocking this through the season with prospecting followed by drilling."

Investors are dipping toes back in lithium waters, and there is 'renewed interest' in explorers such as Cygnus, writes journalist Barry FitzGerald in Livewire Markets. Barry discusses the 10.1Mt maiden Inferred Resource grading 1.04% lithium at our Pontax Project; the impressive 43.7m @ 1.15% hit at our Pegasus discovery, and prospecting kicking off in May and diamond drilling in late June at Pegasus and Lyra, at our Auclair Project; as well as recent rock chip results revealing key LCT pegmatite indicators at our Sakami Project. Read the coverage below: