The company announced a Maiden Inferred Resource Estimate (MRE) of 10.1Mt at 1.04% Li2O which was delivered within 12 months of acquisition of the project. The MRE is defined over 1.2km of strike, demonstrating significant growth through recent exploration. Mineralisation remains open in all directions with spodumene mineralisation confirmed up to 9km from the Pontax Central resource, highlighting the huge upside potential at Pontax.
The project remains heavily underexplored with a large portion of the ground at Pontax under shallow glacial cover with only ~2% outcrop and minimal drilling.
The project has significant development potential, and the company is continuing to progress its development strategy with ongoing environmental baseline assessments through highly-regarded, Quebec-based engineering consultants, BBA. In addition, first pass metallurgical test work has already been conducted delivering excellent recoveries (> 80%) and generating a 6% spodumene concentrate using conventional dense media separation (DMS) processing techniques.
The Mineral Resource estimation was prepared in accordance with the JORC Code (2012 edition) by International Resource Solutions Pty Ltd with oversight from Cygnus personnel. The Resource estimate which was released on 14 August 2023 is presented in the table below
Table 1: JORC Mineral Resource Estimate for Pontax Central
Table 2: Pontax JORC Mineral Resource grade and tonnage reporting above a range of cut-off grades
Table 3: CIM Standards (NI 43-101) Mineral Resource for Pontax Central
Pontax has excellent regional potential with all the key geological ingredients to host a major lithium resource:
The spodumene mineralisation identified throughout the Pontax belt is considered likely to originate from the same source granite (the Kapiwak Pluton) as Allkem’s 110.2Mt @ 1.3% Li2O James Bay deposit. Both projects share a similar structural setting located proximal to the major Causabiscau shear zone.
Cygnus’ Pontax Project covers a significant 44km of highly prospective greenstone belt with very little previous exploration. The project currently has over 25km of known LCT pegmatites and spodumene mineralisation has been identified over 9km of strike within the belt
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