Cygnus Metals Limited: Final assays for Golden Eye ahead of Resource Update

Update

Recent results, including 39.5g/t AuEq over 3m, are consistent with Cygnus’ strategy to upgrade Inferred Resources to Indicated; Drilling now underway at the highly promising Gwillim gold target as part of resource growth strategy


Chibougamau Copper-Gold Project, Canada - HIGHLIGHTS:

- Strong drilling results from the Golden Eye deposit at Chibougamau, including high-grade intervals of up to 39.5g/t AuEq (35.0g/t Au, 3.1% Cu & 30.6g/t Ag) over 3m

- Results are in line with Cygnus’ strategy to convert Inferred Resources into the higher confidence Indicated category. Results include:

-- 8.4m at 16.3g/t AuEq (14.4g/t Au, 1.3% Cu & 12.5g/t Ag) (LDR-26-18);
--- Including 3m at 39.5g/t AuEq (35.0g/t Au, 3.1% Cu & 30.6g/t Ag);
-- 3.6m at 15.7g/t AuEq (12.4g/t Au, 2.2% Cu & 22.3g/t Ag) (LDR-26-17);
--- Including 2.5m at 22.3g/t AuEq (17.8g/t Au, 3.0% Cu & 31.1g/t Ag);
-- 3.5m at 6.8g/t AuEq (4.9g/t Au, 1.3% Cu & 11.3g/t Ag) (LDR-26-17);
-- 6.6m at 6.5g/t AuEq (5.4g/t Au, 0.7% Cu & 5.1g/t Ag) (LDR-26-25);
-- 4.7m at 3.6g/t AuEq (2.7g/t Au, 0.6% Cu & 6.3g/t Ag) (LDR-26-20); and
-- 1.9m at 10.9g/t AuEq (8.2g/t Au, 1.8% Cu & 17.3g/t Ag) (LDR-26-23)

- Golden Eye Mineral Resource stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq Indicated and 1.2Mt at 4.6g/t AuEq for 182koz AuEq Inferred1

- At Gwillim, drilling has commenced targeting high-grade historic intersections with the aim of establishing an initial resource. Historic intersections2 include:
-- 7.6m at 38.1g/t Au from 314.9m (87-KOD-18);
-- 15.2m at 9.4g/t Au from 155.1m (87-KOD-1); and
-- 16.4m at 8.3g/t Au from 168.3m (87-KOD-10)

- Gwillim assays are expected towards the end of the quarter, with this program being co-funded by JV partner Alamos Gold, which has a market capitalisation of ~C$23B.


Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) is pleased to announce final infill drilling results from the Golden Eye deposit and the start of exploration drilling at the Gwillim gold prospect, both within its Chibougamau Copper-Gold Project in Quebec.

The Golden Eye results and the Gwillim drilling program are part of Cygnus’ dual track strategy to upgrade inferred resources and drive overall resource growth at Chibougamau.

Recent drill results from Golden Eye are from the winter drill program with three rigs operating on the ice to convert Inferred resources into the higher confidence Indicated category. In total, 15 holes were drilled for 5,632 metres, with all results now received. The most recent results include:

- 8.4m at 16.3g/t AuEq (14.4g/t Au, 1.3% Cu & 12.5g/t Ag) (LDR-26-18);
-- Including 3m at 39.5g/t AuEq (35.0g/t Au, 3.1% Cu & 30.6g/t Ag);

- 3.6m at 15.7g/t AuEq (12.4g/t Au, 2.2% Cu & 22.3g/t Ag) (LDR-26-17);
-- Including 2.5m at 22.3g/t AuEq (17.8g/t Au, 3.0% Cu & 31.1g/t Ag);

- 3.5m at 6.8g/t AuEq (4.9g/t Au, 1.3% Cu & 11.3g/t Ag) (LDR-26-17);

- 6.6m at 6.5g/t AuEq (5.4g/t Au, 0.7% Cu & 5.1g/t Ag) (LDR-26-25);

- 4.7m at 3.6g/t AuEq (2.7g/t Au, 0.6% Cu & 6.3g/t Ag) (LDR-26-20); and

- 1.9m at 10.9g/t AuEq (8.2g/t Au, 1.8% Cu & 17.3g/t Ag) (LDR-26-23).


These results are in addition to previously released results3 of:

- 5.9m at 28.8g/t AuEq (24.8g/t Au, 2.7% Cu & 31.5g/t Ag) (LDR-26-12A);
-- Including 1.0m at 105.5g/t AuEq (102.9g/t Au, 1.4% Cu & 53.0g/t Ag);

- 7.7m at 4.0g/t AuEq (2.7g/t Au, 0.8% Cu & 8.2g/t Ag) (LDR-26-12A);

- 11.5m at 4.3g/t AuEq (2.5g/t Au, 1.1% Cu & 26.1g/t Ag) (LDR-26-13);
-- Including 0.8m at 31.2g/t AuEq (13.3g/t Au, 11.9% Cu & 141.8g/t Ag); and

- 6.7m at 5.9g/t AuEq (4.4g/t Au, 1.0% Cu & 9g/t Ag) (LDR-26-14);
-- Including 2.0m at 13.8g/t AuEq (10.3g/t Au, 2.4% Cu & 21.0g/t Ag).

The results continue to demonstrate the continuity and grade of mineralisation at Golden Eye, which is characterised by gold-rich mineralisation and associated copper and silver. All results will now be incorporated into an updated resource, which currently contains 0.5Mt at 5.6g/t AuEq for 91koz AuEq Indicated and 1.2Mt at 4.6g/t AuEq for 182koz AuEq Inferred.1

Golden Eye was a new resource defined by Cygnus in 2025. The deposit is shallow, located within 100m of surface and has existing infrastructure in place with double ramp access to within 140m of the deposit. Being located within 3km of the process plant makes Golden Eye an exciting near term development opportunity for future study work.

In line with the Company’s strategy of resource growth, exploration is being conducted in conjunction with resource conversion drilling. The Company currently has two rigs operating with one rig targeting gold mineralisation at Gwillim, aiming to establish a new resource utilising historic high-grade intersections. These intersections2 include:

- 7.6m at 38.1g/t Au from 314.9m (87-KOD-18);
- 15.2m at 9.4g/t Au from 155.1m (87-KOD-1); and
- 16.4m at 8.3g/t Au from 168.3m (87-KOD-10).

Drilling results are expected towards the end of the quarter, with this program being co-funded by JV partner Alamos Gold.

Looking ahead to the next quarter, the team continues to work on unlocking the potential of the district with near-term drill targets at Copper Rand and Joe Mann.

The Chibougamau area has well-established infrastructure giving the Project a significant head start as a copper-gold development opportunity. This infrastructure includes a 900,000tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250km radius which includes a number of other advanced copper and gold projects.


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https://www.globenewswire.com/news-release/2026/05/24/3300487/0/en/final-assays-for-golden-eye-ahead-of-resource-update.html