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Cygnus Metals Encounters Auclair Spodumene-Bearing Pegmatites

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THE DRILL SERGEANT: Cygnus Metals (ASX: CY5) revealed plenty to discuss from the first exploration program undertaken at the company’s Auclair lithium project in James Bay, Canada.

The company declared its efforts resulting in the unveiling of a 1.9 kilometres corridor of spodumene-bearing pegmatites grading up to 6.5 per cent lithium oxide (Li2O).

Cygnus Metals reported its first drilling program at Auclair to have intersected multiple visual spodumene-bearing pegmatites up to 13.9m wide over 1.9km of strike which the company thinks could represent a potential large swarm system.

Samples taken from outcropping pegmatite in the 1.9km corridor included:

Grab sample results: 6.5 per cent Li2O, 5.5 per cent Li2O, 3.8 per cent Li2O, 3.7 per cent Li2O and 2.8 per cent Li2O;

Channel sample results: 4.3m at 2.3 per cent Li2O, 5.7m at 1.7 per cent Li2O, 4.6m at 1.2 per cent Li2O and 3.6m at 1.6 per cent Li2O.

“The first-ever lithium exploration program at Auclair shows this project has enormous potential,” Cygnus Metals managing director David Southam said in the company’s ASX announcement.

“We have already outlined spodumene-bearing pegmatites through drilling, and channel and grab samples over a 1.9km-long corridor with spectacular grades of up to 6.5 per cent Li2O.

“It is well documented that the entire James Bay region contains a substantial number of pegmatites, most of which will not be mineralised, however what sets Auclair apart is that we have confirmed both high-grade and a swarm of spodumene mineralisation, yet we have only tested a minor portion of our 405 square kilometres tenure.

“The highly fractionated pegmatites within 10km of current exploration activities is very encouraging with additional sampling and fieldwork following up these results underway.

“In light of all these factors, we have engaged an industry-leading geophysics group to use the latest techniques, combined with LiDAR, to analyse our results and generate additional targets.

“In the meantime, and consistent with our recent capital raising disclosures, we are moving the rig to Pontax to complete a program initially aimed at step out drilling from our maiden Mineral Resource announced earlier in the year.”

 

 

 

Cygnus Metals Extends Known Pontax Mineralisation

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THE DRILL SERGEANT: Cygnus Metals (ASX:CY5) has received further high-grade assays from four holes recently drilled at the company’s Pontax lithium project in the James Bay region of Québec, Canada.

Cygnus Metals has drilling ongoing with three drill rigs targeting resource definition at Pontax Central and step out exploration.

Cygnus explained it has designed the drill program to systematically step out from known mineralisation at Pontax Central.

Latest high-grade assays have extended known stacked mineralisation at Pontax Central from shallow intersections within 230 metres of surface remaining open in all directions.

Assays include:

DDH975-22-029
11.1 metres at 1.2 per cent lithium oxide (Li2O) from 146.3m, including 2.5m at 2.6 per cent Li2O, 3.6m at 1.4 per cent Li2O from 65.6m and 6.3m at 1 per cent Li2O from 94.9m;

DDH975-22-032
5.5m at 1.4 per cent Li2O from 178.7m and 5.9m at 1 per cent Li2O from 262m; and

DDH975-22-026
3.3m at 2.8 per cent Li2O from 107m, including 1.0m at 5 per cent Li2O and 4.2m at 0.9 per cent Li2O from 124.4m.

“These results are important because they continue to grow the known mineralisation at Pontax,” Cygnus Metals managing director David Southam said in the company’s ASX announcement.

“They are also high-grade and shallow, and reveal areas of intense spodumene, all of which is very good news for the upcoming maiden Resource.

“The outlook is exceptional, with mineralisation outcropping from surface, results demonstrating mineralisation remains open in all directions and three diamond drill rigs working 24/7.”

 

 

 

Day One Announcements Set Tone for Successful RIU Explorers Conference

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THE CONFERENCE CALLER: There were plenty of ASX announcements from companies eager to attract attention of delegates to get things started on Day One of the RIU Explorers Conference.

 

Global Lithium Resources (ASX: GL1) reported the results of a Scoping Study carried out at the company’s Manna lithium project east of Kalgoorlie in Western Australia.

Global Lithium owns 100 per cent of the Manna lithium project that hosts a Total Mineral Resource Estimate (MRE) of 32.7 million tonnes at 1 per cent lithium oxide (Li2O), with 58 per cent in the Indicated category.

“The results of the Scoping Study show the true quality and real potential of the Manna lithium project,” Global Lithium managing director Ron Mitchell said.

“The exploration team worked extremely hard throughout 2022 to provide a solid foundation for the Manna lithium project.

“The development team will now diligently progress all the necessary technical components and engineering work streams to ensure the project is sufficiently de-risked allowing the company to progress to a final investment decision next year.”

 

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Cygnus Metals (ASX: CY5) announced assay results from the first two drill holes undertaken at the company’s Pontax lithium project in the James Bay region of Québec, Canada.

Results from the first two holes returned multiple intercepts including individual intersections of up to 16.5 metres at 1.1 per cent Li2O that are some of the thickest Cygnus has achieved to date, which it said highlights the scope for growth at Pontax.

“These are very strong results which demonstrate Pontax has both grade and width,” Cygnus Metals managing director David Southam said.

“Given that spodumene has already been outlined over a 700 metres strike length, the results highlight the significant potential for growth through systematic exploration.”

 

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Miramar Resources (ASX: M2R) declared results from analysis of end of hole samples from aircore drilling it believes to have increased the potential for the company’s 100 per cent-owned Whaleshark project to host iron oxide copper gold (IOCG) mineralisation.

End of hole (EOH) samples from the 2022 aircore drilling campaign were analysed for a multi-element suite, including IOCG pathfinders with one hole returning the highest copper and cobalt results Miramar has seen from Whaleshark to date.

“At Whaleshark, we have the right aged rocks, the right style of alteration and the right combination of elements typically associated with IOCG mineralisation,” Miramar Resources executive chairman Allan Kelly said.

“As we continue to explore the project, we see more similarities with the signatures of various large IOCG deposits.”

 

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Ausgold (ASX: AUC) informed punters of initial results from a multi-rig drilling program it commenced in December 2022 at the company’s 100 per cent-owned 2.16 million ounces Katanning gold project (KGP) in Western Australia.

The company received initial program results for reverse circulation (RC) drilling (55 holes for 4,763m) it declared to demonstrate the presence of new high-grade zones of mineralisation along strike from and within the projects’ Central Zone and Southern Zone Resource areas.

“High-grade results from new drilling highlights the strong case for the Katanning gold project to be a much larger project,” Ausgold managing director Matthew Greentree said.

“The 25,000 metres drilling program is testing areas along strike from known Resource areas.

“With the majority of the program still underway, these early results anticipate further discoveries to extend Resource areas and expand targeted opportunities regionally at the Duggan, Stanley and Lake Magenta prospects.”

 

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