Cygnus Metals Projects
An advanced high-grade near-term development opportunity in a Tier 1 Jurisdiction.
Cygnus Metals is exploring and developing the high grade Chibougamau Project located in Central Quebec. This hub and spoke development opportunity hosts a combined resource of 14.9Mt at 3.3% CuEq with 6.4Mt at 3.0% CuEq (M&I) and 8.5Mt at 3.5% CuEq (Inferred), making it a rare near-term copper-gold development opportunity with established infrastructure
Located in central Quebec, Chibougamau sits within a tier one jurisdiction known for mining-friendly policies, a skilled workforce, and abundant renewable energy. The project is well-positioned near established major infrastructure including sealed highways, rail lines, low-cost green hydro power, with a supportive local community and nearby town, establishing a clear pathway to low-CAPEX mine development.
*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 282sqkm in the prolific Chibougamau mining district that has produced nearly 1 million tonnes (Mt) of copper and 3.5 million ounces of gold. Many of these deposits have seen no modern exploration since final closure in 2008, when commodity prices were significantly lower than today. Existing mine infrastructure, including a 900,000 tonne-per-annum processing plant and tailing storage facility, positions Chibougamau for potential near-term production and low-capex development.
The Project has a high-grade NI 43-101 & JORC compliant Mineral Resource Estimate of 14.9Mt at 3.3% CuEq with 6.4Mt at 3.0% CuEq (M&I) and 8.5Mt at 3.5% CuEq (Inferred)
The resource base is comprised of five key deposits – Corner Bay, Devlin, Cedar Bay, Joe Mann and the new Golden Eye deposit– all located within a 50km radius of the Company’s centralised 900ktpa processing facility.
The hub-and-spoke model with established infrastructure is expected to provide the following benefits:
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:
Rapidly grow the existing resource base through brownfield exploration and investment in drilling; and Advance the Project towards development through study work and utilising existing infrastructure Improve PEA utilising updated resource and current market conditions
*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.
Notes:
Golden Eye is a brand-new high-grade resource defined by Cygnus Metals in less than 9 months since acquisition of the project. The deposit, only three kilometers from the plant, has multiple parallel lodes over 600 metres down to a depth of just 450m below surface. The mineralisation is gold dominant with high-grade intercepts up to 10m wide and grades of up to 34g/t AuEq. The newly defined resource contains 274,000oz gold equivalent at a grade of 4.9g/t AuEq, this includes 91,000oz at 5.6g/t AuEq (M&I) and 182,000oz at 4.6g/t AuEq (Inferred).
Significant drill intersections include
The deposit has existing infrastructure with a double access ramp which was developed in 1992; however, the deposit remains unmined with low metal prices and a change of ownership which shifted the focus at the time to already established operating mines within the camp.
An Opportunity to Create Significant Shareholder Value
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