Cygnus Metals Projects
A copper and gold portfolio focused within the prolific Chibougamau mining district in Quebec, Canada
Cygnus Metals is working towards implementing a hub-and-spoke development strategy* with its high-grade resources and 100% owned Chibougamau Processing Facility serving as the ‘hub’ of the operation model. The hub-and-spoke model with established infrastructure is expected to provide the following benefits:
*The technical feasibility and economic viability of the projects has not yet been established for the hub & spoke operation model.
The Chibougamau Copper Gold Project is located in central Québec, Canada approximately 480km due north of Montreal. Cygnus has consolidated a large land package of over 278sqkm in the prolific Chibougamau mining district that has produced nearly 1 million tonnes (Mt) of copper and 3.5 million ounces of gold from 16 former producing mines.1 The Project has excellent infrastructure with a local mining town, sealed highway, airport, regional rail infrastructure and access to hydro power via installed powerlines.
The Project has a high-grade NI 43-101 Mineral Resource estimate of 3.6 Mt at 3.0% CuEq in the Measured and Indicated category and 7.2 Mt at 3.8% CuEq in the Inferred category.2 The resource base is comprised of four deposits – Corner Bay (main asset), Devlin, Cedar Bay, and Joe Mann – all located within a 50km radius of the Company’s centralized 900ktpa processing facility.
A Preliminary Economic Assessment* (“PEA”) was completed at the Chibougamau Project in 2022. The outcomes of the PEA were first announced by Doré Copper on 10 May 2022 and the comprehensive technical report underpinning the PEA was announced by Doré Copper in accordance with the requirements of NI 43-101 on 15 June 2022. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR Consulting (Canada) Ltd., SRK Consulting (Canada) Inc. and WSP Inc. The Technical Report and the announcement are available on SEDAR+ .
Cygnus has a clear strategy to:
*Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Corner Bay, Devlin and Joe Mann deposits at the Chibougamau Project. A PEA is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the study are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts.
Increasing the resource base at the Chibougamau Project through low-risk brownfield exploration is one of the primary aims of the Company.
The Chibougamau camp has a rich mining history having produced nearly 1Mt of copper and 3.5Moz of gold, with the last mine closing in 2008.1 Cygnus has unique opportunity to revitalise this historic district through consolidation and compilation of the historic data using modern exploration techniques and software.
A large part of the opportunity lies in the historical data. Cygnus is in the process of compiling and digitising +100,000 scanned hard copy documents (including drill logs), some of which have not been looked at in over 30 years and never before in a modern 3D software. There is now a significant opportunity to explore on a district-scale for the first time, with historic operations hindered by fractured ownership and a lack of consolidation.
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An Opportunity to Create Significant Shareholder Value
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