Cygnus Gold Expands Lithium Mineralisation at Pontax

THE DRILL SERGEANT: Cygnus Gold (ASX: CY5) reported assay results from initial mapping and sampling at the company’s Pontax lithium project in the well-endowed lithium terrane James Bay region of Quebec, Canada.

Cygnus Gold is earning up to 70 per cent in the Pontax project, which is in the prolific Superior Province of Quebec, one of Canada’s most prolific lithium provinces.

Cygnus Gold received results from surface sampling undertaken last year that returned high-grade assays of up to 3.3 per cent lithium oxide (Li2O) and 857ppm tantalum pentoxide (Ta2O5) that have expanded the potential scale of the mineralised system at Pontax.

At the Pontax Central target further results of up to 3.3 per cent Li2O took the known strike length of mineralisation to 700 metres, which remains open along strike under shallow cover.

Ongoing drilling is planned to focus on stepping out along strike and beneath cover.

At the Pontax North target, results of up to 2.5 per cent Li2O highlighted the prospectivity of what is considered a new interpreted trend that is set to become an immediate major drill target.

“These first assay results from Pontax confirm high grade spodumene mineralisation from surface, significantly expand the footprint of the Pontax system and confirm the strong potential to replicate Pontax immediately to the north,” Cygnus Gold executive director Michael Naylor explained.

“The ongoing drilling program will accelerate rapidly with two more rigs on their way to site and assays from last year’s drilling expected to start coming in next month (February).

“This strategy is aimed at expanding the known mineralisation at both Pontax and Pontax North, culminating in a maiden Resource in the middle of this year.”

 

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