Chibougamau Copper-Gold Project

Golden Eye (previously known as Dore Ramp) was identified as a priority drilling target with shallow high-grade gold mineralisation highlighted during the review of historic hardcopy drill logs, with the most recent drilling conducted in the early 1990s, when gold price was less than US$350/oz. Historic drilling in the area returned some outstanding gold and copper grades of¹:

• 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11);
• 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28);
• 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20);
• 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1); and
• 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4).

In 1992, a double access ramp was developed to access the mineralisation and to provide a better platform for drilling; however, low metal prices and a change of ownership shifted the focus to already established operating mines within the camp.

Cygnus recently completed a targeted 6-hole program for 1,954m, which aimed to confirm historic drilling results and extend mineralisation at depth. Assay results² from this drilling have confirmed the high-grade tenor of the relatively shallow mineralisation:   

• 3.3m @ 6.6g/t Au from 131.7m (LDR-25-05), including:
  • 3m @ 9.1g/t Au;
• 3.3m @ 3.8g/t AuEq from 174.2m (3.2g/t Au, 0.4% Cu & 3.5g/t Ag) (LDR-25-09);
• 3.3m @ 12.7g/t AuEq from 209.6m (8.4g/t Au, 3.1% Cu & 30.2g/t Ag) (LDR-25-09), including:
  • 9m @ 21.1g/t AuEq (14.2g/t Au, 4.9% Cu & 47.5g/t Ag);
• 2.5m @ 7.3g/t AuEq from 226.5m (5.9g/t Au, 0.9% Cu & 14.9g/t Ag) (LDR-25-09);
• 2.7m @ 3.5g/t AuEq from 147.7m (1.5g/t Au, 1.3% Cu & 23.0g/t Ag) (LDR-25-10); and
• 4.3m @ 9.8g/t AuEq from 157.8m (7.5g/t Au, 1.6% Cu & 23.9g/t Ag) (LDR-25-10), including:
  • 2.0m @ 18.8g/t AuEq (14.6g/t Au, 2.8% Cu & 43.5g/t Ag).

The drilling also extended mineralization down dip to 400 meters below the surface, where hole LDR-25-08 intersected two intervals² from parallel mineralised zones: 

• 7.4m @ 5.7g/t AuEq (4.6g/t Au, 0.9% Cu & 5.6g/t Ag) from 405.6m, including 3.1m @ 9.6g/t AuEq (7.4 g/t Au, 1.6% Cu & 10.0g/t Ag) (LDR-25-08)
• 2.9m @ 10.2g/t AuEq (8.3g/t Au, 1.4% Cu & 3.3g/t Ag) from 463.8m, including 0.4m @ 60.8g/t AuEq (51.3g/t Au, 7.2%Cu & 18.0g/t Ag) (visible gold) (LDR-25-08)

The recent results highlight not only the potential to establish a high-grade mineral resource at Golden Eye but also that mineralisation remains open at depth, with the vast majority of all drilling at less than ~400m from surface.

Cygnus plans to incorporate all the recently completed drilling data with the historic drill data totalling 77 holes for 21,371m (both surface and underground drilling) to complete an initial Mineral Resource estimate for Golden Eye.