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Cygnus Metals encouraged by First Lithium Assays at Pegasus, Auclair

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THE DRILL SERGEANT: Cygnus Metals (ASX: CY5) announced first assays from recently conducted diamond drilling at the Pegasus discovery within the company’s Auclair lithium project in James Bay, Quebec.

Cygnus Metals reported the assays to confirm thick mineralisation at Pegasus within 50 metres of surface, with a highlight intersection of

43.7 metres (true width) at 1.15 per cent lithium oxide (Li2O) from 46.4m, including 4m at 3 per cent Li2O, which includes 1m at 5.9 per cent Li2O.

Cygnus declared this result as the standout intersection it has drilled to date with impressive widths and grade comparable to other major deposits in the region and globally.

Substantial grades of up to 5.9 per cent Li2O were returned from a zone of intense spodumene mineralisation, part of a larger interval grading at 3 per cent Li2O over 4m.

“This outstanding intersection shows exactly why we are on the hunt for lithium in James Bay,” Cygnus Metals managing director David Southam said in the company’s ASX announcement.

“Despite its immense lithium potential, the area is still heavily underexplored when compared to more mature lithium terranes like Western Australia.

“This result puts Auclair on the map as potentially the next breakthrough lithium discovery in James Bay.

“Auclair clearly demonstrates all the key ingredients for a significant discovery, with regional scale, high-grades and significant thick intersections.”

Cygnus considers the results to indicate substantial potential for the larger system at Auclair which shows an optimal fractionation trend over at least 10km of strike and multiple spodumene pegmatite discoveries over 6km of strike.

Much of this trend remains underexplored where the company believes there to be potential for further discovery in the surrounding area and within the 1.6km of unexplored ground between the Pegasus and Lyra outcrops.

Lyra, which returned rock chip results of up to 6.7 per cent Li2O and is yet to be drill tested, is also thought to be shallow to moderate dipping and in the same orientation as Pegasus.

“We have only scratched the surface through recent programs and look forward to getting back on the ground in May and continuing with prospecting around Pegasus and Lyra, which were discovered just days before the end of the season,” Southam continued.

“Lyra is only 1.6 kilometres north of Pegasus and will be one of the high priority drill targets in June 2024.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Cygnus Metals Rock Chips Reveal Sakami Project LCT Pegmatite Indicators

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THE DRILL SERGEANT: Cygnus Metals (ASX: CY5) has been encouraged by recent exploration efforts carried out at the company’s Sakami lithium project in James Bay, Quebec.

Cygnus Metals conducted its first exploration program at Sakami entailing collection of 85 pegmatite rockchip samples on wide spaced regional traverses.

Results from this work have identified highly fractionated pegmatites forming a coherent trend over four kilometres of strike which remains open in all directions.

This includes anomalous LCT pegmatite pathfinder results of up to 130ppm tantalum, 154ppm tin and 261ppm caesium alongside favourable K/Rb fractionation ratios as low as 22.

“These are exciting results from Sakami and very similar to fractionation trends we saw at the Auclair project, which resulted in two spodumene-bearing pegmatite discoveries,” Cygnus Metals managing director David Southam said in the company’s ASX announcement.

“It is important to point out that exploration was severely restricted last year at Sakami with the extreme wildfire season and then early snow.

“As such, much of the project remains unexplored with significant potential to make a discovery this season.

“The company remains highly active in James Bay with exploration programs planned for all projects, including our follow up prospecting at Sakami.”

Cygnus Metals plans an active exploration season for James Bay in 2024 and has prioritised follow-up prospecting at the Sakami project on the back of recent efforts and what it considers unexplored potential of the greenstone belt.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Now’s The Time to Shop for Lithium Stocks: Southam Says

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THE CONFERENCE CALLER: Lithium explorers are feeling down and out due to a slump in prices but one managing director says that’s the perfect time to buy. By Kristie Batten

According to Bell Potter Securities, most lithium stocks were down 30-40% in January.

Cygnus Metals (ASX: CY5) is one of those, down 42.5% in January.

But managing director David Southam has seen this all before, having been a director of lithium success story Kidman Resources before it was sold to Wesfarmers in 2019 during the last “lithium winter”.

“If there’s ever a time to be looking at lithium stocks, now is the time to look into it,” he told attendees of the 2024 RIU Explorers Conference in Fremantle.

Cygnus has a market capitalisation of just $20 million but is quietly working to tick off milestones at its three lithium projects in Canada.

A key achievement last year was the announcement of a 10.1 million tonne at 1.04% lithium oxide maiden resource at the Pontax project.

Southam pointed out the resource was delineated after just 10,000m of drilling.

“We’ve got 44 kilometres of strike and we’ve really only tested a couple [of kilometres] so there’s plenty more to be found there,” he said.

“We’re drilling there now.”

Pontax is just 30km south of Arcadium Lithium’s James Bay project, which is North America’s largest lithium deposit.

Cygnus says the almost identical mineralogy between the two deposits indicates the same or similar source granite.

The company also owns the earlier stage Auclair project, which is 60km from the 55.7Mt Whabouchi deposit.

Spodumene-bearing pegmatites have been confirmed over a 6km strike length.

Further field work, including soil sampling, is underway across the large land package.

“It’s not necessarily sexy, but with 416 square kilometres, it’s how you pinpoint where to explore,” Southam said.

Cygnus’ third James Bay lithium project is Sakami, which is just 44km from Patriot Battery Metals’ Corvette discovery.

The project has never been explored for lithium and initial work was cut short by last year’s wildfires in the region.

Cygnus’ 823 square kilometre landholding in the James Bay lithium district makes it the largest ASX-listed landholder in Quebec.

“We’re also next to large deposits,” Southam said.

“All the major companies are in the region but exploration is something which is missing in all of their portfolios.”

Cygnus has also made a clay-hosted rare earths discovery at Bencubbin in Western Australia.
“This is really flying under the radar,” Southam said.

The company has discovered large-scale rare earth element enrichment over a 22km strike length and is now awaiting metallurgical test work from ANSTO.

 

Cygnus Metals Declares “Spectacular” Rock Chip Results from Pegasus

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THE DRILL SERGEANT: Cygnus Metals (ASX: CY5) reported on recent surface rock chip activity undertaken at the company’s Auclair lithium project in James Bay, Quebec.

Cygnus Metals declared the results achieved from the project’s recent Pegasus and Lyra pegmatite discoveries as “spectacular”.

The company described Pegasus and Lyra as two newly discovered areas with spodumene-bearing pegmatite outcrops that are only 1.7 kilometres apart and demonstrate scale to be, “potential major lithium discoveries”.

The recent rock chip results from Pegasus include grades of 6.6 per cent lithium oxide (Li2O), 5.5 per cent Li2O, 5.3 per cent Li2O, 4.6 per cent Li2O, 2.2 per cent Li2O, 1.8 per cent Li2O, 1.5 per cent Li2O, and 0.7 per cent Li2O.

Results from rock chips from Lyra include 6.7 per cent Li2O and 2.0 per cent Li2O.

Cygnus has interpreted the high-grade results to highlight Auclair to be a highly fertile system with lithium mineralisation now identified over 6km to date between the Auriga, Lyra and Pegasus discoveries.

“Pegasus and Lyra represent outstanding drilling targets with immense potential given their favourable location to infrastructure, their grade and outcrop size,” Cygnus Metals managing director David Southam said in the company’s ASX announcement.

“Our aim is to expand on the mineralised footprint at surface by drilling at depth and along strike, while potentially linking up these two outcrops which may be part of one large continuous dyke.

“Pegasus is on track to be drilled in January.

“This will be followed by drilling at Lyra, where the results already show that the system we have been targeting at Auclair is extremely fertile.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE