Chibougamau Copper-Gold Project, Canada Strong drilling targets identified next to high-grade gold-copper mine Additional drill rig to be mobilised next week to test these prospective targets; Comprehensive Chibougamau resource update set for next month
ASX: CY5 | TSXV: CYG OTCQB: CYGGF
August 11, 2025 – Toronto, Canada August 12, 2025 – Perth, Western Australia Chibougamau Copper-Gold Project, Canada Strong drilling targets identified next to high-grade gold-copper mine Additional drill rig to be mobilised next week to test these prospective targets;
Comprehensive Chibougamau resource update set for next month
HIGHLIGHTS:
- Cygnus has identified numerous drilling targets near the historic high-grade Cedar Bay mine, which
produced 400Koz Au and 61Kt Cu at an average of 4% CuEq,2 within the Chibougamau Project
- Targets identified through ongoing review of historical data and drill logs using Cygnus’ innovative
custom-built AI solution
- This highly successful approach has already delivered significant gold and copper results at
Golden Eye, which will be included in the imminent resource update
- Cedar Bay closed in 1990 when the price of copper was just US$1,150/t (US$0.52/lb) and gold was
US$380/oz, and is located less than 3km from Cygnus’ central processing plant
- Cygnus aims to significantly increase the remaining unmined high-grade resource at Cedar Bay,
which currently stands at 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred1
- Mineralisation is open in numerous directions, with high-grade intersections outside of the current
resource, including:3
- 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9)
- 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6)
- At Corner Bay, final infill results have been received and will feed into next month’s resource
update; These include:
- 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123)
- 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)
Cygnus Executive Chairman David Southam said: “These latest targets, supported by historical drilling data, are located right next to a high-grade mine, making them compelling.
“Given their potential to help drive resource growth, we are mobilising another rig with the aim of drilling the targets ASAP.
“In the meantime, we are feeding the final results from Corner Bay into our updated resource model, which is set to be released next month. The resource update, combined with a pipeline of targets and multiple rigs turning, ensures we are maximising our ability to create significant shareholder value.
1 The estimate of mineralisation at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards and is not reported in accordance with the JORC Code. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain that following evaluation and/or further exploration work that the foreign estimate will be able to be reported as a mineral resource or ore reserve in accordance with the JORC Code.
Cygnus Metals Limited Level 2, 8 Richardson Street, West Perth WA 6005 T: +61 8 6118 1627 E: [email protected] W: www.cygnusmetals.com
“Uncovering these new growth targets through our compilation strategy adds further weight to the work we are doing in the background which has already delivered success at Golden Eye in a mere six months of taking ownership. The Chibougamau camp has successfully produced a significant amount of high-grade gold and copper over a long history with multiple mines that have not been geologically or economically examined in over 35 years”.
Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce new promising targets next to an historic high-grade mine within its Chibougamau Copper-Gold Project in Quebec.
Cedar Bay sits within the Company’s northern Chibougamau copper-gold Camp, which boasts the vast majority of the historic production in the region, with a number of historic mines and a production record of nearly 1Mt of copper and 3.5Moz of gold.2
The Cedar Bay mine, which closed in 1990, was historically one of the highest grade deposits in the camp producing 400Koz Au and 61Kt Cu at an average grade of 4.0% CuEq.2 Various factors contributed to its premature closure, including low metal prices and a shift in focus of the operating company at the time.
Importantly, a high-grade unmined resource remains at Cedar Bay comprised of 130kt at 8.9% CuEq Indicated and 230kt at 8.5% CuEq Inferred Resources.1 This resource is open in numerous directions, providing Cygnus with potential to significantly grow the resource through systematic exploration drilling. Drill intersections outside of the current resource include:3
- 3.4m @ 16.8% CuEq (4.8% Cu, 15.2g/t Au & 23.3g/t Ag) (CB-27-9)
- 2.9m @ 9.6% CuEq (8.4% Cu, 1.0g/t Au & 43.0g/t Ag) (CB-27-6)
Cygnus is seeing tangible success through its historic data compilation strategy. This low-cost approach involves processing over 100,000 scanned documents, including drill logs, some of which have not been looked at in over 35 years and never before in modern 3D software. Success has already been demonstrated in recent drilling at Golden Eye, which is due to be included in the September quarter resource update, and is highlighting significant potential to expand the current resources at Cedar Bay.
Given the potential of the new targets, an additional drill rig will target both mineralisation along strike and down dip of the known lodes, utilising the recently compiled data and improved geological understanding of the deposit. This will be the first time this data has been compiled and utilised in targeting in over 35 years.
In addition, final results have been received from infill drilling at Corner Bay in time for the resource update due next month. Results include significant intersections of:
- 3.5m @ 4.9% CuEq (4.2% Cu, 0.5g/t Au & 27.3g/t Ag) (CB-25-123)
- 1.8m @ 7.7% CuEq (6.3% Cu, 0.9g/t Au & 45.9g/t Ag) (CB-25-125)
Cygnus is continuing its dual track strategy of resource growth and conversion with continued exploration drilling and an imminent resource update due later this quarter. 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 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: Location of Cedar Bay within the Chibougamau North Camp which boasts a historic production record of nearly 1Mt of copper and 3.5Moz of gold.2
– Cygnus Metals Limited 3
Figure 2: Composite Long Section through the Chibougamau North Camp illustrating Cedar Bay with intersections of 3.4m @ 16.8% CuEq outside of current resources. Refer to ASX releases dated 15 October 2024, 25 March 2025 and 8 May 2025 for previously announced drilling results.
– Cygnus Metals Limited 4
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.
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. The estimate of mineralisation at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code. Refer to Appendix B for a breakdown of the Foreign Mineral Resource Estimate.
2. 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.
3. Refer to Cygnus’ ASX announcement “Copper Merger and Equity Raise” dated 15 October 2024.
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 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.
– Cygnus Metals Limited 5
The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024. The Company confirms that the supporting information included in the original announcement continues to apply and has not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025 (“Clarification”). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the estimates or Cygnus’ ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. 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 announcement.
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. Cygnus is not aware of any new information or data that materially affects the information in these announcements. 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.
Individual grades for the metals included in the metal equivalents calculation for the foreign estimate are in Appendix B of this release. Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, with copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendix A of this release. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz. Copper equivalents are calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) +(Cu(%) x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal equivalents calculations, with copper metallurgical recovery assumed at 95% and precious metal (gold and silver) 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 metal equivalents calculations in respect of the foreign estimate and exploration results have a reasonable potential to be recovered and sold.
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 6
APPENDIX A – Significant Intersections from Infill Drilling
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. Significant intersections reported above 1% CuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness.
| HOLEID | X | Y | Z | Azi | Dip | Depth | From (m) | To (m) | Interval (m) | Cu (%) | Au (g/t) | Ag (g/t) | CuEq (%) | |
| CB-25-123 554619 5510023 394.0 96.5 -60 574.0 559.0 560.8 1.8 6.3 0.9 45.9 7.4 | ||||||||||||||
| CB-25-124 554619 5510023 394.0 92.0 -66 679.0 667.1 669.8 2.6 1.5 0.1 6.8 1.6 | ||||||||||||||
| CB-25-125 554619 5510023 394.0 84.0 -64 643.5 594.0 598.5 4.5 3.4 0.4 22.1 3.9 | ||||||||||||||
| CB-25-127 555071 5509889 402.8 90.0 -60 300.0 267.1 269.4 2.3 2.7 0.5 10.4 3.2 |
APPENDIX B – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022
| Deposit | Category | Tonnes (k) | Cu Grade (%) | Au Grade (g/t) | Cu Metal (kt) | Au Metal (koz) | CuEq Grade (%) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Corner Bay (2022) | Indicated | 2,700 | 2.7 | 0.3 | 71 | 22 | 2.9 | ||||||||
| Inferred | 5,900 | 3.4 | 0.3 | 201 | 51 | 3.6 | |||||||||
| Devlin (2022) | Measured | 120 | 2.7 | 0.3 | 3 | 1 | 2.9 | ||||||||
| Indicated | 660 | 2.1 | 0.2 | 14 | 4 | 2.3 | |||||||||
| Measured & Indicated | 780 | 2.2 | 0.2 | 17 | 5 | 2.4 | |||||||||
| Inferred | 480 | 1.8 | 0.2 | 9 | 3 | 2.0 | |||||||||
| Joe Mann (2022) | Inferred | 610 | 0.2 | 6.8 | 1 | 133 | 5.5 | ||||||||
| Cedar Bay (2018) | Indicated | 130 | 1.6 | 9.4 | 2 | 39 | 8.9 | ||||||||
| Inferred | 230 | 2.1 | 8.3 | 5 | 61 | 8.5 | |||||||||
| Total | Measured & Indicated | 3,600 | 2.5 | 0.6 | 90 | 66 | 3.0 | ||||||||
| Inferred | 7,200 | 3.0 | 1.1 | 216 | 248 | 3.8 |
– Cygnus Metals Limited 7
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 8
| 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. | |||
| 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 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. Whether sample sizes are appropriate to the grain size |
– Cygnus Metals Limited 9
| Criteria | JORC Code explanation | Commentary | |
| 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 Bureau assay data and laboratory procedures used and whether the Veritas Commodities Canada Ltd (“BV”) in Timmins, Ontario, and ICP-ES multi-elements and technique is considered partial or total. analysis was done at BV in Vancouver, B.C. laboratory • Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized tests to 85% passing 75 µm. • Samples are fire assayed for gold (Au) (50 g) and multi-acid digestion ICP-ES finish, for 23 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 >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge. 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 Bureau Veritas, laboratory QC procedures involve the use of internal certified reference standards, blanks, duplicates, external laboratory material as 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. | |||
| 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 |
– Cygnus Metals Limited 10
| Criteria | JORC Code explanation | Commentary | |
| 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. |
– Cygnus Metals Limited 11
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, o Copper Rand, 14,383 ha (15 mining concession and 311 exploration claims). status overriding royalties, native title interests, historical Includes Cedar Bay, Golden Eye and Colline. sites, wilderness or national park and environmental o Corner Bay – Devlin (1 mining license, 134 exploration claims owned 100% by settings. CBAY and 17 claims owned 56.4% by CBAY/43.6% Pan American Silver) o Joe Mann (2 mining concessions, 82 claims owned 100% by CBAY, and 68 claims and 1 mining concession owned 65% by CBAY/35% by SOQUEM) • 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 Copper and Gold project comprising Corner Bay, Devlin, Cedar Bay done by other other parties. and Joe Mann has seen an extensive exploration history dating back to the early 1900s. parties The 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 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 |
– Cygnus Metals Limited 12