Chibougamau Copper-Gold Project, Canada Drilling hits wide zone of mineralisation in new area well outside resource
ASX: CY5 | TSXV: CYG OTCQB: CYGGF
7 December 2025 – Toronto, Canada 8 December 2025 – Perth, Western Australia
Chibougamau Copper-Gold Project, Canada Drilling hits wide zone of mineralisation in new area well outside resource
Intersection of 28.9m at 2.5g/t AuEq just 200m from surface offers potential for additional resource growth; Follow-up drilling to start next week
HIGHLIGHTS:
- Ongoing resource growth drilling at Cedar Bay has intersected a wide zone of mineralisation in
what appears to be a new parallel zone:
- 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
- The result highlights the strong potential to keep growing the resource base within the well-
endowed Chibougamau District, which has produced 945,000t of copper and 3.5Moz of gold1
- Follow-up drilling is set to start next week to test the extent of this new mineralised zone
- Cygnus’ drilling is currently targeting the down plunge continuation of the high-grade gold-
dominant mineral resource at Cedar Bay, which stands at 0.3Mt at 8.1g/t AuEq for 67koz AuEq (Indicated) and 0.8Mt at 7.8g/t AuEq for 205koz AuEq (Inferred)2
- First result from new drilling campaign at Cedar Bay was 10.6m at 4.1g/t AuEq (3.6g/t Au, 0.3% Cu
& 2.8g/t Ag) in CDR-25-11W13 with recent follow-up drill results of:
- 2.7m at 5.7g/t AuEq (3.2g/t Au, 1.8% Cu & 10.6g/t Ag) (CDR-25-12W2)
- 1.3m at 9.3g/t AuEq (2.6g/t Au, 4.8% Cu & 13.9g/t Ag) (CDR-25-15)
- Cygnus recently demonstrated significant growth at the Chibougamau Project by increasing the
global resource by 29%. The current Mineral Resource Estimate (‘MRE’) totals 6.4Mt at 3.0% CuEq for 193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred)2
- Cygnus continues to identify drill targets through the ongoing review of historical data and drill
logs using Cygnus’ innovative custom-built AI solution
- Work is ongoing to incorporate the current MRE into an updated economic study which will also
reflect higher metal prices
- Chibougamau is a premier near-term development copper-gold opportunity with established
infrastructure including a 900ktpa processing facility, sealed highway, airport, regional rail infrastructure, and 25 kV hydro power to the processing site.
Cygnus Executive Chairman David Southam said: “This wide intersection has significant implications for our strategy to keep growing our Chibougamau resource base.
“To hit 28.9m at 2.5g/t AuEq just 200m from surface is a great outcome in any circumstance. But this intersection is well outside the resource and highlights the potential for a new parallel zone of mineralisation.
“We will keep the drill rigs turning as we continue to drive resource growth and push Chibougamau towards development by advancing the economic studies”.
Cygnus Metals Limited Level 2, 8 Richardson Street, West Perth WA 6005 T: +61 8 6118 1627 E: [email protected] W: www.cygnusmetals.com Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce a potential new mineralised zone intersected outside of the MRE at its Chibougamau Copper- Gold Project in Quebec.
Ongoing drilling targeting the down dip extension of the Cedar Bay deposit has intersected a wide zone of strong mineralisation just 200m from surface, which returned:
- 28.9m @ 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
This new mineralised zone sits between the Cedar Bay and Copper Cliff historic mines in an area which has seen little exploration and may represent an underexplored parallel lode. This encouraging result highlights the strong discovery potential of the well-endowed Chibougamau District that has a standout production record of 945,000t of copper and 3.5Moz of gold.1 Follow up drilling is expected to commence in the coming weeks to test the extent of the mineralisation.
Recent drilling has been targeting the down plunge continuation of the Cedar Bay deposit, aiming to grow the MRE and make Cedar Bay a key pillar in the potential development of the Chibougamau Project. The current Cedar Bay Mineral Resource is gold-dominant and contains 67koz at 8.1g/t AuEq (Indicated) and 205koz at 7.8g/t AuEq (Inferred).2 Drill intersections already included within the Cedar Bay Mineral Resource highlight the significant grade and potential at Cedar Bay. These include:4
- 15.5m @ 11.0g/t AuEq (8.6g/t Au, 1.7% Cu & 12.3g/t Ag) (CB-27-6A)
- 4.3m @ 19.7g/t AuEq (16.3g/t Au, 2.4% Cu & 13.3g/t Ag) (CB-27-3)
- 4.1m @ 13.9g/t AuEq (12.2g/t Au, 1.2% Cu & 10.0g/t Ag) (CDR-18-02W2)
- 3.7m @ 20.2g/t AuEq (14.0g/t Au, 4.4% Cu & 21.6g/t Ag) (CB-27-9)
Cygnus’s first drill hole targeting extensions to this Mineral Resource intersected a wide gold-rich zone of mineralisation grading:3
- 10.6m @ 4.1g/t AuEq (3.6g/t Au, 0.3% Cu & 2.8g/t Ag) (CDR-25-11W1)
- Including 2.9m @ 6.7g/t AuEq (6.2g/t Au, 0.3% Cu & 6.3g/t Ag)
Subsequent follow-up drilling continues to delineate gold and copper rich mineralisation with recent results of:
- 2.7m @ 5.7g/t AuEq (3.2g/t Au, 1.8% Cu & 10.6g/t Ag) (CDR-25-12W2)
- 1.3m @ 9.3g/t AuEq (2.6g/t Au, 4.8% Cu & 13.9g/t Ag) (CDR-25-15)
These results, with the addition of a potential new mineralised zone, highlight the potential for continued resource growth across Cedar Bay. Drilling is ongoing at Cedar Bay and will continue until the end of the year.
Cygnus is continuing its exploration strategy, focussed on resource growth and resource conversion, to drive the Chibougamau Project forward towards development and deliver maximum returns to shareholders. In the background, the team continues to process historic data and generate additional drill targets surrounding the known high-grade copper-gold mineralisation. This is a low-risk approach which is playing a significant role in unlocking this prolific historic district.
The Chibougamau area has well-established infrastructure giving the Project a significant head start as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250km radius which includes a number of other advanced copper and gold projects.
– Cygnus Metals Limited 2
Figure 1: Potential new zone of mineralisation, returning 28.9m @ 2.5g/t AuEq between Cedar Bay4 and Copper Cliff. All lodes remain open.
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam Ernest Mast Media:
Executive Chair President & Managing Director Paul Armstrong T: +61 8 6118 1627 T: +1 647 921 0501 Read Corporate E: [email protected] E: [email protected] T: +61 8 9388 1474
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
– Cygnus Metals Limited 3
Forward Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus’ control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
1. Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone- Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic Geologists, Inc. Economic Geology, v. 107, pp. 963–989.
2. Refer to Cygnus’ ASX announcement dated 17 September 2025 and subsequent technical report dated 31 October 2025 titled "NI 43-101 Technical Report Chibougamau Hub and Spoke Complex, Québec, Canada" prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Joint Ore Reserves Committee (JORC) Code (2012 Edition).
3. Refer to Cygnus’ ASX announcement dated 30 October 2025.
4. Refer to Cygnus’ ASX announcement dated 25 March 2025.
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options and performance rights in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.
The information in this release that relates to the Mineral Resource Estimate for the Chibougamau Project reported in accordance with the JORC Code 2012 and NI 43-101 was released by Cygnus in an announcement titled ‘Major Resource Update’ released to the ASX on 17 September 2025. Details of the Mineral Resource Estimate are included in Appendix B. The information in this announcement that relates to previously reported Exploration Results at the Company’s projects has been previously released by Cygnus in ASX Announcements as noted in the text and End Notes.
Individual grades for the metals included in the metal equivalents calculations for the Mineral Resource Estimate, as well as the price assumptions, metallurgical recoveries and metal equivalent calculations themselves, are in Appendix B of this release. Individual grades for the metals included in the metal equivalents calculation for the exploration results are in the original market announcements. Metal equivalents for the exploration results in this announcement have been calculated at a copper price of US$9,370/tonne, gold price of US$2,400/oz and silver price of US$30/oz, with copper equivalents calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.73681)+(Ag(g/t) x 0.00921) and gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) + (Cu(%) x 1.35719) + (Ag(g/t) x 0.0125). Metallurgical recovery factors have been applied to the copper equivalents calculations for the exploration results, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus’ announcement dated 28 January 2025. It is the Company’s view that all elements in the copper and gold equivalent calculations have a reasonable potential to be recovered and sold.
Cygnus is not aware of any new information or data that materially affects the information in these announcements, and in the case of estimates of Mineral Resources, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
– Cygnus Metals Limited 4
APPENDIX A – Significant Intersections from Exploration Drilling
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. At Cedar Bay significant intersections reported above 2g/t AuEq over widths of greater than 1m. True width estimated to be between 50-90% of downhole thickness.
| Hole ID | X | Y | Z | Depth | Azi | Dip | From | To | Interval | Au | Cu | Ag | AuEq |
| (m) | (m) | (m) | (m) | (g/t) | (%) | (g/t) | (g/t) | ||||||
| CDR-25-11W1 549084 5526803 380 1203 63 -48 835.6 837.9 2.3 2.3 0.9 7.7 3.6 | |||||||||||||
| CDR-25-12W2 549370 5526835 378 972 46 -52 799.3 802.0 2.7 3.2 1.8 10.6 5.7 | |||||||||||||
| & 853.6 856.0 2.4 2.5 0.9 12.1 3.9 | |||||||||||||
| CDR-25-13A 549822 5527654 382 782 212 -51 No Significant Intercept | |||||||||||||
| CDR-25-14W1 550017 5527712 377 918 228 -38 828.0 829.9 1.9 4.5 0.7 6.3 5.4 | |||||||||||||
| CDR-25-15 549153 5526957 380 1063 78 -52 949.8 951.0 1.3 2.6 4.8 13.9 9.3 | |||||||||||||
| CDR-25-16 550017 5527712 377 1057 224 -49 246.9 275.7 28.9 1.0 1.0 12.0 2.5 | |||||||||||||
| & 967.1 968.5 1.4 1.7 0.6 5.7 2.6 | |||||||||||||
| CDR-25-18 549355 5527135 380 450 59 -49 381.1 383.1 1.9 1.4 0.4 4.7 2.0 |
– Cygnus Metals Limited 5
APPENDIX B – Mineral Resource Estimate for the Chibougamau Project as at 17 September 2025
| Cu Project | Classification | COG | Tonnage | Average Grade | Contained Metal | |||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CuEq | Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||||||||||||||
| % | Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | |||||||||||||||
| Corner Bay | Indicated | 1.2 | 4.9 | 2.5 | 0.3 | 8.4 | 2.8 | 4.1 | 124 | 43 | 1,316 | 137 | 638 | |||||||||||||
| Inferred | 5.4 | 2.7 | 0.2 | 8.9 | 3.0 | 4.3 | 146 | 41 | 1,543 | 159 | 744 | |||||||||||||||
| Devlin | Measured | 1.5 | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 | |||||||||||||
| Indicated | 0.6 | 2.0 | 0.2 | 0.2 | 2.1 | 3.4 | 13 | 4 | 5 | 13 | 69 | |||||||||||||||
| M&I | 0.8 | 2.1 | 0.2 | 0.3 | 2.3 | 3.6 | 16 | 5 | 7 | 17 | 88 | |||||||||||||||
| Inferred | 0.3 | 2.0 | 0.2 | 0.3 | 2.1 | 3.4 | 7 | 2 | 3 | 7 | 36 | |||||||||||||||
| Joe Mann | Inferred | 2.0 | 0.7 | 0.2 | 6.0 | - | 4.6 | 6.3 | 2 | 143 | - | 34 | 151 | |||||||||||||
| Cedar Bay | Indicated | 1.8 | 0.3 | 1.6 | 6.0 | 9.9 | 6.4 | 8.1 | 4 | 50 | 82 | 16 | 67 | |||||||||||||
| Inferred | 0.8 | 2.0 | 5.1 | 11.8 | 6.1 | 7.8 | 17 | 134 | 309 | 50 | 205 | |||||||||||||||
| Golden Eye | Indicated | 0.5 | 1.0 | 4.3 | 9.9 | 4.4 | 5.6 | 5 | 69 | 161 | 22 | 91 | ||||||||||||||
| Inferred | 1.2 | 0.9 | 3.4 | 7.9 | 3.6 | 4.6 | 11 | 134 | 313 | 45 | 182 | |||||||||||||||
| Project | Classification | Tonnage | Average Grade | Contained Metal | ||||||||||||||||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | |||||||||||||||||
| Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | ||||||||||||||||
| Hub and Spoke | Measured | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 | ||||||||||||||
| Indicated | 6.3 | 2.3 | 0.8 | 7.8 | 3.0 | 4.3 | 146 | 166 | 1,563 | 189 | 865 | |||||||||||||||
| M&I | 6.4 | 2.3 | 0.8 | 7.6 | 3.0 | 4.3 | 149 | 167 | 1,565 | 193 | 884 | |||||||||||||||
| Inferred | 8.5 | 2.1 | 1.7 | 7.9 | 3.5 | 4.8 | 182 | 454 | 2,168 | 295 | 1,318 |
Notes:
1. Cygnus’ Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) (2014) definitions in NI 43-101.
2. Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.
3. Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
4. Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m3) to 3.02t/m3 for the estimation domains and 2.0 t/m3 for the overburden. At Devlin, bulk density varies from 2.85 t/m3 to 2.90 t/m3. Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains.
5. Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%.
6. Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company’s view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
7. CuEq Calculations are as follows: (A) Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t) ; (B) Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t); (C) Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t); and (D) Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
8. AuEq Calculations are as follows: (A) Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t); (B) Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t); (C) Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%); and (D) Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
9. Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
10. Mineral Resources are constrained by underground reporting shapes.
11. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
12. Totals may vary due to rounding.
– Cygnus Metals Limited 6
APPENDIX C – 2012 JORC Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary | |
| Sampling Nature and quality of sampling (eg cut channels, random • All drilling conducted by Cygnus Metals at the Chibougamau Project was completed under techniques chips, or specific specialised industry standard the supervision of a registered professional geologist as a Qualified Person (QP) who is measurement tools appropriate to the minerals under responsible and accountable for the planning, execution, and supervision of all exploration investigation, such as down hole gamma sondes, or activity as well as the implementation of quality assurance programs and reporting. handheld XRF instruments, etc). These examples should • All Cygnus drilling reported is NQ size (47.8 mm diameter). not be taken as limiting the broad meaning of sampling. Include reference to measures taken to ensure sample • All sample collection, core logging, and specific gravity determinations were completed by representativity and the appropriate calibration of any Cygnus Metals under the supervision of a professionally qualified registered geologist. measurement tools or systems used. • NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves. • Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag. • QA/QC is done in-house by Cygnus Metals geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed. The samples are then placed in bags for shipment to the offsite laboratory’s facility. • The remaining half of the core is retained and incorporated into Cygnus’s secure, core library located on the property. Aspects of the determination of mineralisation that are • Industry standard sampling practices were used with sample lengths ranging from 0.3 m to Material to the Public Report. 1.0 m and respected geological contacts. Sample tags were placed at the beginning of In cases where ‘industry standard’ work has been done each sample interval and the tag numbers were recorded in a centralised database. this would be relatively simple (eg ‘reverse circulation • Sampling practice is considered to be appropriate to the geology and style of drilling was used to obtain 1 m samples from which 3 kg mineralisation. was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
– Cygnus Metals Limited 7
| Criteria | JORC Code explanation | Commentary | |
| Drilling Drill type (eg core, reverse circulation, open-hole • Diamond core was drilled using surface diamond rigs with industry recognised contractors techniques hammer, rotary air blast, auger, Bangka, sonic, etc) and Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the details (eg core diameter, triple or standard tube, depth First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini of diamond tails, face-sampling bit or other type, whether both located in the Eeyou Istchee territory. core is oriented and if so, by what method, etc). • Drilling was conducted using NQ core size. • Directional surveys have been taken at 50m intervals. • All core is oriented using a Reflex ACT III | |||
| Drill sample Method of recording and assessing core and chip • Diamond core recovery was measured for each run and calculated as a percentage of the recovery sample recoveries and results assessed. drilled interval. Measures taken to maximise sample recovery and • Overall, the core recoveries are excellent in the Chibougamau area. As a result, no bias ensure representative nature of the samples. exists. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. | |||
| Logging Whether core and chip samples have been geologically • All core was geologically and geotechnically logged. Lithology, veining, alteration and and geotechnically logged to a level of detail to support mineralisation are recorded in multiple tables of the drillhole database. appropriate Mineral Resource estimation, mining studies and metallurgical studies. Whether logging is qualitative or quantitative in nature. • Geological logging of core is qualitative and descriptive in nature. Core (or costean, channel, etc) photography. The total length and percentage of the relevant • 100% of the core (2,097m) has been logged. intersections logged. | |||
| Sub- If core, whether cut or sawn and whether quarter, half or • The NQ diameter the core was sawn in half following a sample cutting line determined by sampling all core taken. geologists during logging and submitted for analysis on nominal 1m intervals or defined by techniques If non-core, whether riffled, tube sampled, rotary split, etc geological boundaries determined by the logging geologist. and sample and whether sampled wet or dry. • Each core sample is assigned a tag with a unique identifying number. Sample lengths are preparation For all sample types, the nature, quality and typically one metre but can be depending on zone mineralogy and boundaries. appropriateness of the sample preparation technique. • This sampling technique is industry standard and deemed appropriate. Quality control procedures adopted for all sub-sampling • Sample sizes are considered appropriate to grain size of the materials being sampled. stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. |
– Cygnus Metals Limited 8
| Criteria | JORC Code explanation | Commentary | |
| Whether sample sizes are appropriate to the grain size of the material being sampled. | |||
| Quality of The nature, quality and appropriateness of the assaying • Sample (NQ size half core) preparation and fire assay analysis were done at SGS Canada assay data and laboratory procedures used and whether the Inc. (“SGS”) in Val d’Or, Quebec, and ICP-AES multi-elements analysis was done at SGS and technique is considered partial or total. in Burnaby, B.C. laboratory • Samples were weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized tests to 85% passing 75 µm. • Samples are fire assayed for gold (Au) (50 g) (GE FAA50V5) and multi-acid digestion ICP- _ OES finish (GE ICP40Q12), for 33 elements (including key elements Ag, Cu, Mo). _ • Samples with visible gold or likely to have gold grains are analysed with metallic screen fire assay. • Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 50 g charge. Samples assaying >1% Cu are re-analysed with an ore-grade multi-acid digestion with ICP-OES analysis (GO ICP42Q100) _ • Assay techniques are considered total. Assay and laboratory procedures are considered appropriate for the mineralisation style. For geophysical tools, spectrometers, handheld XRF • None used. instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. Nature of quality control procedures adopted (eg • At SGS, laboratory QC procedures involve the use of internal certified reference material as standards, blanks, duplicates, external laboratory assay standards, along with blanks, duplicates and replicates checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. | |||
| Verification The verification of significant intersections by either • Verification of sampling was made by Cygnus Metals and other professional consultant of sampling independent or alternative company personnel. geologists. and assaying The use of twinned holes. • No hole is twinned. Documentation of primary data, data entry procedures, • All logging data was completed, core marked up, logging and sampling data was entered data verification, data storage (physical and electronic) directly into the database. protocols. • The logged data is stored on the site server directly. Discuss any adjustment to assay data. • There was no adjustment to the assay data. |
– Cygnus Metals Limited 9
| Criteria | JORC Code explanation | Commentary | |
| Location of Accuracy and quality of surveys used to locate drill holes • The location of the drill holes and the aiming points for the orientation of the drill holes were data points (collar and down-hole surveys), trenches, mine workings indicated on the ground using identified stakes. The stakes marking the location of the and other locations used in Mineral Resource estimation. drillholes were set up and located with a Garmin GPS model “GPSmap 62s” (4m accuracy). • Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole. Specification of the grid system used. • The grid system used is UTM NAD83 (Zone 18). Quality and adequacy of topographic control. • A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes, which is considered to provide an adequate level of topographic control. | |||
| Data Data spacing for reporting of Exploration Results. • The drill spacing for recent drilling is considered appropriate for this type of exploration. spacing and distribution Whether the data spacing and distribution is sufficient to • No resource estimation is made. establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. Whether sample compositing has been applied. • No sample compositing has been applied. | |||
| Orientation Whether the orientation of sampling achieves unbiased • Recent drilling is orientated approximately at right angles to the currently interpreted strike of data in sampling of possible structures and the extent to which of the known interpreted mineralisation. relation to this is known, considering the deposit type. geological If the relationship between the drilling orientation and the • No bias is considered to have been introduced by the existing sampling orientation. structure orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. | |||
| Sample The measures taken to ensure sample security. • Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The security core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates. | |||
| Audits or The results of any audits or reviews of sampling • No audits or reviews of sampling techniques or data have been undertaken, therefore reviews techniques and data. information on audits or reviews is not yet available. |
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Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code Explanation | Commentary | |
| Mineral Type, reference name/number, location and • The data reported within this announcement is from the Chibougamau Project. The tenement and ownership including agreements or material issues Chibougamau Project consists of 3 properties which include: land tenure with third parties such as joint ventures, partnerships, Copper Rand: status overriding royalties, native title interests, historical o 15 mining concessions and 304 exploration claims, totalling 14,311 ha, 100% owned sites, wilderness or national park and environmental by CBAY Minerals Inc. (CBAY); settings. Corner Bay – Devlin: • One mining lease and 142 exploration claims, totalling 7,114 ha, 100% owned by CBAY; • 17 exploration claims totalling 444 ha, 56.41% owned by CBAY; Joe Mann: • Two mining concessions and 82 exploration claims, totalling 3,180 ha, 100% owned by CBAY; • One mining concession and 68 exploration claims, totalling 3,030 ha (65% CBAY). • CBAY Minerals Inc. (“CBAY”), a wholly owned subsidiary of Cygnus, is the owner of all claims and leases, except where otherwise noted above. • The properties collectively making up the Project are in good standing based on the Ministry of Energy and Natural Resources (Ministère de l’Énergie et des Ressources Naturelles) GESTIM claim management system of the Government of Québec. The security of the tenure held at the time of • All tenure is in good standing. reporting along with any known impediments to obtaining a licence to operate in the area. | |||
| Exploration Acknowledgment and appraisal of exploration by • The Chibougamau Project comprising Corner Bay, Devlin, Golden Eye, Cedar Bay and done by other other parties. Joe Mann has seen an extensive exploration history dating back to the early 1900s. The parties Preliminary Economic Assessment (as referred to in the Company’s announcement of 15 October 2024) provides a detailed history of the exploration activities undertaken by previous explorers. • Corner Bay was first identified as a prospect in 1956 • 1956 – 1972 eight drilling programs totalling 1,463 m and various geophysical and electromagnetic (EM) surveys • 1973 – 1981 Riocanex and Flanagan McAdam: ground geophysical surveys and 43 |
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| Criteria | JORC Code Explanation | Commentary | |
| diamond drill holes • 1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical test work • 1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with initial MRE • 1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling • 1994 Explorations Cache Inc and Resources MSV Inc: diamond drilling • 2004 – 2006 GéoNova and MSV: 98 diamond drill holes and first Technical Report on the Corner Bay project reporting a MRE • 2007 – 2009 Campbell: diamond drilling and bulk sample • 2012 - 2019 CBAY / AmAuCu: diamond drilling and MRE • Devlin identified in 1972 by airborne survey flown by the MERN • 1979 – 1981 diamond drilling, geophysical surveys • 1981 development commenced • Joe Mann identified in 1950 with the commencement of mining activities occurring in 1956 • The Joe Mann mine operated underground during three different periods from 1956 to 2007 • In July 2012, Resources Jessie acquired the Joe Mann mine property, but conducted only surface exploration work • Cedar Bay was discovered prior to 1927 by Chibougamau McKenzie Mines Ltd • From initial discovery to 2013 various surface and underground drilling campaigns and geophysical surveys undertaken by various companies • Colline was first discovered with mapping and sampling and then drilled in the 1950s with follow up drilling in 1955. • In the 1950s a shaft was sunk but the deposit was never mined • The deposit was later tested with three drill holes and six regional drill holes throughout two drilling campaigns in 1984 and 1986/87 • Exploration at Colline has been halted historically with the discovery of and focus on other deposits in the region • Golden Eye (previously known as Dore Ramp) was drilled in a few different phases from 1984 to 1992. |
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