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Cygnus Gold Expands Lithium Mineralisation at Pontax

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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.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

 

Cygnus Gold Commences James Bay Resource Drilling

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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

 

Ausgold and Cygnus Gold Strike Stanley Farm-in Agreement

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THE BOURSE WHISPERER: Ausgold (ASX: AUC) and Cygnus Gold (ASX:CY5) have inked a Farm-in Agreement regarding the latter’s Stanley gold project, located 25 kilometres northeast of the former’s 100 per cent-owned Katanning gold project in Western Australia.

Under the terms of the agreement, Ausgold has the right to earn up to an 85 per cent interest in the project over three years by spending:

$500,000 over 24 months to earn 51 per cent; and
A further $250,000 in the final 12 month period to earn an additional 34 per cent interest.

The Stanley gold project comprises two exploration licences E70/5131 and E70/4787 covering approximately 233 square kilometres of the northern Katanning Greenstone Belt.

Past drilling at the project has intersected gold grades of note.

Six advanced drill-ready targets, including those adjacent to Ausgold’s extensive ground position, have previously been identified by way of recently collected geophysics, geochemistry and drilling activities.

Ausgold considers the project’s a large, mineralised strike length demonstrates potential for large scale discovery in a relatively underexplored region.

“The Farm-in Agreement with Cygnus adds a district-scale option that supports our ambition to establish a multi-million-ounce Resource position at Katanning,” Ausgold managing director Matthew Greentree said in the company’s ASX announcement

“The greater Katanning area is under-explored and based on previous work, we see no reason why the region cannot host additional Katanning central zone high-grade style discoveries.

“Ausgold has already established a 1.84 million ounces Resource at Katanning and is well funded to leverage this experience to unlock the potential of the broader Katanning district.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@ausgoldlimited.com

 

Web: www.ausgoldlimited.com

 

Cygnus Gold Reports High-Grade Silver, Lead and Zinc Samples at Bonnie Rock

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THE DRILL SERGEANT: Cygnus Gold (ASX: CY5) announced high-grade silver-lead-zinc rock chips from the company’s Bonnie Rock project, located within the Youanmi Terrane of the Yilgarn Craton in Western Australia.

Cygnus Gold has named Bonnie Rock as a priority target with immediate follow up work planned for February.

Highlights from recent activity at Bonnie Rock include field reconnaissance rock chips confirming silver-lead-zinc mineralisation over 1.2 kilometres of strike that remains open.

Results include samples grading up to 89 grams per tonne silver, 3 per cent lead and 6.7 per cent zinc.

These results align with the company’s limited early-stage historic exploration drilling over the area that produced grades of up to 760g/t silver, 1.9 per cent lead and 1.7 per cent zinc.

“We are very pleased to be progressing exploration activities across the Cygnus tenement holding with a number of exciting early-stage results received from the field work to date,” Cygnus Gold executive chairman Raymond Shorrocks said in the company’s ASX announcement.

“There is a significant volume of assays still pending which the company is looking forward to receiving over the coming weeks.

“We have already started follow up on groundwork based on what we have already seen in the field.

“This terrane, the Southwest Yilgarn, has been overlooked for too long and only since Chalice Mining’s Julimar nickel and PGE discovery has the focus come back to the region.

“Cygnus with its 2,100 square kilometres tenement package is in a great position to explore its highly prospective tenure and uncover value within this region.”

 

 

 

Email: info@cygnusgold.com

 

Web: www.cygnusgold.com

 

THE DAILY ROADHOUSE

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Golden Rim Resources Accelerates Kouri Exploration

THE DRILL SERGEANT: Golden Rim Resources (ASX: GMR) is making exploration campaign progress at the company’s Kouri gold project in Burkina Faso.

Cygnus Gold and Gold Road JV Operating Smoothly

THE DRILL SERGEANT: Cygnus Gold (ASX: CY5) has been kept busy of late at the company’s Joint Ventures with Gold Road Projects, a wholly-owned subsidiary of gold producer Gold Road Resources (ASX: GOR).

Comet Resources Identifies Priority Graphite Targets

THE DRILL SERGEANT: Comet Resources (ASX: CRL) has had an aerial electromagnetic survey (EM) carried out over the company’s Springdale graphite project in southern West Australia.

AMEC’s Overtures Result in WA Government Lithium Sector Review

IN THE LOBBY: The Western Australian lithium sector received a recent boost in the form of a supportive announcement from the State government.

Cygnus Gold and Gold Road JV Operating Smoothly

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THE DRILL SERGEANT: Cygnus Gold (ASX: CY5) has been kept busy of late at the company’s Joint Ventures with Gold Road Projects, a wholly-owned subsidiary of gold producer Gold Road Resources (ASX: GOR).

The Cygnus Gold – Gold Road JVs include the Lake Grace JV and the Wadderin and Yandina JVs covering an area of more than 5,000 square kilometres in the Wheatbelt region of Western Australia along the Yandina Shear, a largely unexplored regional structure interpreted to control the location of gold deposits such as Tampia, Griffin’s Find and Lake Magenta.

The current focus on the Lake Grace JV is the Hammerhead prospect, a target identified from regional aircore drilling of a zone of surface gold anomalism coincident with the prospective Yandina Shear Zone.

Recent aircore drilling at the Hammerhead prospect returned additional widespread, anomalous gold including:

LGAC0058
3 metres at 0.35 grams per tonne gold from 52m; and

LGAC0091
6m at 0.28g/t gold from 56m to end of hole.

Cygnus explained these intersections are associated with widespread anomalous gold pathfinder elements such as arsenic, copper, and molybdenum, and are in addition to the results reported in earlier announcements.

Anomalous gold and pathfinder anomalism have now been returned from four of eight broad spaced drill lines through transported cover over nearly 15km strike length of interpreted greenstone rocks at Hammerhead.

Work being carried out at the Wadderin and Yandina JVs is also targeting gold mineralisation associated with the regional Yandina Shear.

Due to the sparse outcrop in these large tenement packages exploration has been driven by detailed geological interpretation of geophysical datasets to map out the geology and structures thought to control gold mineralisation.

In addition to ongoing targeting at Hammerhead, recent exploration activity has included regional targeting on the Wadderin and Yandina JVs, which has identified a number of high priority targets for drill testing.

Cygnus indicated it is now planning a program to extend and infill the AC drill coverage at Hammerhead as well as deeper reverse circulation (RC) drilling under the best results to date.

The AC program will include first pass traverses across the higher priority Wadderin and Yandina targets.

These programs are planned to commence immediately post-harvest in late Q4.

“Even though early stage, the Hammerhead prospect is now a focus area on the Lake Grace JV where drilling programs are planned to commence over the coming months,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.

“Other targets on the Wadderin and Yandina JVs fill a pipeline of Joint Venture funded projects to be tested over the coming 6 to 12 months.

“I’d like to thank our partners Gold Road and acknowledge their support as we aim to emulate their success at Yamarna in the Southwest, an equally underexplored area within the prolific Yilgarn Craton.”

Gold Road has now reached the expenditure required to earn 51 per cent of the Lake Grace Earn-in project, and has elected to form a JV to earn an additional 24 per cent interest (75% in total) in the project by spending a further $500,000 within 18 months.

On the Wadderin Earn-in project, Cygnus and Gold Road have agreed to extend the minimum expenditure time required to achieve the $900,000 until December 31 2019 and extend the earn in period to 31 December 2020 where Gold Road is required to spend $1.6 million on exploration expenditure to earn 51 per cent.

All other terms remain unchanged.

The Hyden group of tenements were granted during September and these will be added to the existing Yandina JV.

 

Email: info@cygnusgold.com

Web: www.cygnusgold.com

 

Cygnus Gold Extends Bencubbin North Nickel Anomalism

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THE DRILL SERGEANT: Cygnus Gold (ASX:CY5) extended nickel anomalism on the back of further 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 completed an additional 267 auger soil samples it claims to have extended its original nickel auger soil results noting the nickel anomalism is associated with widespread copper and PGE anomalism.

The company reported that a total of 74 samples assayed for PGEs were also anomalous, with maximum values of palladium (Pd) of 44.4ppb (associated with 5.5ppb Platinum) and maximum platinum of 11.8ppb (with 35ppb Pd).

Cygnus Gold explained that similar levels of PGE anomalism in soils are commonly associated with mineralised nickel sulphide systems elsewhere in the WA Goldfields, which it considers demonstrates potential for magmatic nickel sulphides at Bencubbin.

“The Bencubbin nickel and base metals project is shaping up as a high priority asset for the company, with sampling confirming the prospectivity of the northern section of more than 70 kilometres of untested prospective stratigraphy,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.

“The company also acknowledges the WA Government awarding $150,000 in EIS funding towards drilling at Bencubbin.

“This recognises the technical merits of the project, as well as the underlying prospectivity of the WA Wheatbelt.”

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 declared it intends carrying out infill sampling to refine targets for drill testing with sampling to commence on the highest priority targets in the middle of this month.

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.

 

Email: info@cygnusgold.com

Website: www.cygnusgold.com

 

Cygnus Gold Encounters High-Grade Gold at Kepler

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THE DRILL SERGEANT: Cygnus Gold (ASX:CY5) announced a high-grade gold intersection at the company’s Stanley project in the Wheatbelt of Western Australia.

Cygnus Gold conducted drilling at the Kepler Zone on the Stanley project that encountered a high-grade gold intersection 220 metres along strike from previous high-grade results.

Cygnus explained it had identified the Kepler Zone after reviewing drilling surrounding the high-grade Bottleneck prospect.

Drilling of hole STRC0020 extended mineralisation 220m northwest of previous drillhole STRC0002 that intersected high-grade mineralisation of: 6m at 1.95g/t gold from 81m, including 2m at 5.49g/t gold from 81m.

Mineralisation at Kepler is controlled by a geochemically distinctive metadacitic rock unit only lightly tested by deeper drilling.

In addition to the Kepler Zone, Cygnus also tested the widespread, low-grade mineralisation at McDougall South with six RC holes that intersected more low-grade gold.

“We’re excited that the conceptual target at Kepler has now extended mineralisation 220 metres along strike from STRC0002,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.

“The intersection in STRC0020 confirmed our interpretation that this mineralised system has potential to deliver high gold grades.

“With this zone only lightly drill tested, we believe there is plenty of scope to deliver a meaningful discovery at Kepler.”

 

Email: info@cygnusgold.com

Website: www.cygnusgold.com

 

Cygnus Gold Identifies New Kepler Gold Zone

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THE DRILL SERGEANT: Cygnus Gold (ASX: CY5) is set to commence drilling targeting the recently identified Kepler Zone at the company’s Stanley project in the Wheatbelt of Western Australia.

Cygnus Gold identified the Kepler Zone via a detailed review of earlier Cygnus drillhole STRC0002, drilled in late 2018 that ended in mineralisation with resampling of the original mineralised intercepts returning encouraging results.

The Kepler Zone is adjacent to Cygnus’ shallow high-grade Bottleneck gold prospect and the drilling program will initially target a metadacitic rock unit that has only been lightly tested by deeper drilling at Bottleneck.

Cygnus considers this metadacite unit to be a key stratigraphic control on the distribution of gold mineralisation in this part of the 20-kilometre-long Stanley greenstone.

The upcoming drilling will also target extensions to the McDougall South prospect further along the Stanley greenstone belt where the drilling intersected further gold mineralisation associated with a zone of anomalous gold within a structural zone along the central Stanley fold structure.

“The company is keen to test the Kepler Zone target and undertake further drilling at McDougall South over the coming weeks,” Cygnus Gold managing director James Merrillees said in the company’s announcement to the Australian Securities Exchange.

“We’re excited to be out drilling the Kepler Zone later this month.

“Our new understanding of the controls on gold mineralisation at Stanley has demonstrated a large, and previously unrecognised area of the prospective belt has never been drill tested.

“We’re also looking forward to further testing the encouraging early results from McDougall South later in the month.”

 

Email: info@cygnusgold.com

Website: www.cygnusgold.com