Cygnus Gold Commences James Bay Resource Drilling

THE DRILL SERGEANT: Cygnus Gold (ASX:CY5) has commenced drilling at the company’s Pontax lithium project in the James Bay lithium region of Quebec, Canada.

Cygnus Gold reported the 10,000 metres drill program will focus on both Resource definition and step out drilling over the next six months.

The company explained the initial focus of this first stage drill program is to target down dip and along strike extents of the known high-grade Pontax Central outcrop, which has existing known shallow, high-grade intercepts of up to 2.6 per cent lithium oxide (Li2O) from only 19.4 metres.

“We are delighted to be drilling such highly prospective lithium targets within just three months of acquiring the project,” Cygnus Gold executive director Michael Naylor said in the company’s ASX announcement.

“We know from previous drilling that there is significant high-grade spodumene over a 620 metres strike length.

“This initial phase of drilling is designed to extend that known mineralisation down dip and along strike.

“The bulk of existing drilling only scrapes the surface at around 80 metres vertical depth.

“The first few holes will test the potential to increase the size of the system rapidly.

“The Cygnus team has also just completed a recent site visit to assist with executing the mapping and sampling programs from which we are eagerly awaiting results.

“We are already seeing exciting results across the board with LiDAR proving to be a highly efficient tool in identifying vegetation-covered outcrop, with several new pegmatites now mapped and sampled across the project.

“With approximately $10 million in cash and commitments, it’s going to be an exciting six months as exploration begins to ramp up, with 10,000 metres of drilling just beginning.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Web: www.cygnusgold.com