Cygnus Metals
Cygnus’ flagship Corner Bay deposit is located 55km by road south of the Company’s Chibougamau processing facility. Corner Bay is a classic intrusive related ‘Chibougamau style’ vein hosted copper-gold system, like many of the former producing mines in the Chibougamau area. The deposit was discovered in the 1980s and has never been mined although ramp access was established to 115m depth for the purpose of initial bulk sampling test work. The deposit has been defined over 1,000m strike length to a vertical depth of 1,350m with excellent geotechnical characteristics and remains open in numerous directions with immediate scope for additional resource growth.
The mineralisation is structurally controlled and hosted as a north-south striking quartz-carbonate vein with semi massive chalcopyrite and minor pyrite mineralisation. The main lode has been crosscut and offset by a large diabase dyke with an upper and lower portion of the lode positioned either side of the dyke.
Corner Bay has Indicated Mineral Resources of 2.7 Mt @ 2.7% Cu and 0.3g/t Au and Inferred Mineral Resources of 5.9 Mt @ 3.4% Cu and 0.3g/t Au (making up 79% of the total Project resource base).1 It is one of the key targets for both resource growth and resource conversion.
Corner Bay has significant exploration potential which has been demonstrated by recent exploration drilling testing for additional structures and extensions to the current resource.
Recent intersections exploration drilling returned 7.3m @ 4.6% CuEq (4.2% Cu, 0.3g/t Au and 16.6g/t Ag), including 2.5m @ 9.7% CuEq (9.1% Cu, 0.5g/t Au and 31.4g/t Ag) from a potential new lode ~250m east of the existing Mineral Resource in the footwall of the Corner Bay deposit.2 Follow up downhole electromagnetics have since defined an off hole electromagnetic anomaly (530m x 460m) to the north and down dip of the intersection (see Long Section below).2 The result highlights the potential for multiple sub-parallel lodes at the Corner Bay deposit analogous to other well-known deposits in the region. This represents an exciting target for follow-up drilling and an opportunity to add to the existing Mineral Resources at Corner Bay.
Infill drilling at Corner Bay is ongoing with the objective of upgrading the Inferred resource to Indicated resource. Overall results to date have reconciled positively with the block model.3
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An Opportunity to Create Significant Shareholder Value
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