Cygnus Sights Visible Gold at Golden Eye

Cygnus Metals (ASX: CY5) has received high-grade gold assays and visible gold from its first drilling at the new target Golden Eye within the Chibougamau Copper-Gold Project in Quebec.

Assays of up to 9.1g/t Au alongside visible gold intersected down dip in recent drilling highlight the potential for additional resources and scope for further growth.

Golden Eye was identified as a priority high-grade gold target which has not been drilled since the early 1990s when gold was less than US$350/oz. The entire target area sits outside of current resources with significant historic intersections of up to 5.9m @ 34.1g/t AuEq.

The identification of the Golden Eye target is a result of the ongoing compilation work which is helping to unlock this historic district as the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration. The company currently has two rigs on site focussing on both resource growth and resource conversion drilling.

Golden Eye was identified as a priority drilling target at the Chibougamau Project with shallow high-grade gold mineralisation highlighted during the ongoing 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.

“Gold is a major part of the production history in the Chibougamau district. It is more than just a by-product, with production of 3.5Moz at an average grade of 2.1g/t Au,” Executive Chairman, David Southam, said.

“We already have 248,000oz of gold in Inferred Resources and 66,000oz in Measured and Indicated Resources, and there is significant opportunity to add to these at Golden Eye with early high-grade results and visible gold down dip.

“Golden Eye is fairly unique at Chibougamau in having a significantly higher proportion of gold than copper and was identified by the team early as an excellent gold-dominant drill target. We have a good head start by having the historic drill logs and will utilise this recently compiled data to assist in an initial Mineral Resource for Golden Eye.”