Cygnus Gold (ASX: CY5)

THE CONFERENCE CALLER: Cygnus Gold (ASX:CY5) has extended nickel anomalism on the back of results from soil sampling over the Bencubbin North nickel and base metals prospect within the company’s wholly owned Bencubbin project in the Wheatbelt region of Western Australia.

Cygnus Gold has also announced a high-grade gold intersection at the company’s Stanley project in the Wheatbelt of Western Australia.

The Resources Roadhouse caught up with Cygnus Gold managing director James Merrillees at the RIU Resources Investor Roadshow in Melbourne to get the low down on proceedings.


With the surface sampling having extended the nickel-copper and copper-lead-zinc prospectivity at Bencubbin North, outlining widespread PGE anomalism consistent with potential for magmatic nickel-copper sulphide mineralisation, Cygnus Gold has declared it intends carrying out infill sampling to refine targets for drill testing with sampling to commence on the highest priority targets.

Cygnus is also planning to commence sampling on the Bencubbin South tenement over extensions of the Bencubbin Greenstone as well as further sampling of the Mandiga Trend, located at the southern end of Bencubbin North project, which it considers highly prospective for base metals.

Drilling is planned in the second half of the year once it has received and interpreted these results.





Cygnus Gold Commences Drilling at Gold Road Joint Ventures

THE DRILL SERGEANT: Cygnus Gold (ASX:CY5) has commenced drilling at the company’s Wadderin and Stanley projects, located in the Wheatbelt region of Western Australia.

Aircore (AC) drilling commenced over the weekend on the Wadderin project in collaboration with Cygnus’ Joint Venture partner Gold Road Resources.

The company explained the AC rig is testing targets identified by surface sampling at Wadderin before mobilising to the Lake Grace project, also in JV with GOR, to test bedrock anomalies identified in AC drilling from early-2019.

Drilling has also commenced at Cygnus’ 100 per cent-owned Stanley project where a reverse circulation (RC) rig is testing the Kepler Zone before heading to McDougalls to further test widespread gold mineralisation identified earlier this year.

“Cygnus Gold’s Stanley project is developing into an exciting story with our new geological understanding of the high-grade zone at Kepler, and the targets at McDougalls that have received little deeper drilling,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.

“We’re also looking forward to the aircore program and drilling the first deeper RC holes at Lake Grace in partnership with Gold Road, who have provided us with outstanding support to date.

“Multiple rigs, drilling simultaneously across several projects is further evidence of the Cygnus team’s ability to work openly and effectively with landholders and local communities to gain access for our exploration programs.”





Cygnus Gold Defines High-Priority Targets at Lake Grace

THE DRILL SERGEANT: Cygnus Gold (ASX:CY5) announced to the Day Two crowd at the Diggers & Dealers Forum in Kalgoorlie that it has completed first pass surface sampling and ground gravity over high ranking targets on the Lake Grace project.

The Lake Grace project is subject to an Earn-in Agreement with Gold Road Resources (ASX: GOR) with Cygnus managing the exploration programs.

Cygnus Gold has collected ground gravity data over the Holland Rock 3 (HR3) and Panhandle prospects, from which it has identified several high priority targets with coincident surface gold anomalism.

Follow up drilling is planned once all assays are received and have been interpreted.

The company said that surface sampling over the HR3 target identified a thin, 500 metre long (open to the north) gold anomaly associated with a NE trending structure adjacent to a coherent multi-element anomaly, loaded with what Gygnus described as ‘pathfinder’ elements typically associated with gold mineralisation in the region.

Results from surface sampling over the Panhandle prospect are expected in the next month with follow up aircore and RC drilling planned later in the year to test these emerging targets during the summer drilling season.

Cygnus has also collected ground gravity data at selected prospects on the Wadderin project, also subject to an earn-in agreement with Gold Road.

Results from these surveys will be announced once interpretations are completed in the coming weeks.

“It’s great to see these exciting results from the first programs at Lake Grace and Wadderin,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.

“We’ve made significant progress since listing in January, from targeting to on-ground programs including the use of low-cost gravity surveys to define high quality gold targets for follow up.

“We appreciate the support of our partner Gold Road Resources on these projects as we prepare targets for drilling in the coming months.”