TORONTO, ON — January 19, 2026 — Leads & Copy — Cygnus Metals Limited is targeting high-grade gold mineralization at its Chibougamau Copper-Gold Project in Quebec, with permit applications underway. The company (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) is aggressively exploring the Chibougamau Project to grow resources.
Cygnus has identified two gold prospects with known mineralization and plans a drilling campaign for Q2, following standard permitting. These targets are part of an effort to continue growth of the Chibougamau Project resource base.
The Gwillim prospect, in a 50% joint venture with Alamos Gold, is located 12km northwest of the Chibougamau processing facility. The Gwillim mine was in production in the 1970s and 1980s, producing 39koz at a grade of 4.8g/t. Several high-grade intersections require follow-up drilling, including:
- 7.6m @ 38.1g/t Au from 314.9m (87-KOD-18)
- 15.2m @ 9.4g/t Au from 155.1m (87-KOD-1)
- 16.4m @ 8.3g/t Au from 168.3m (87-KOD-10)
Work is ongoing to compile data and generate drill targets while the drill permit application is in process.
The Joe Mann prospect is located 46km south of the Chibougamau processing facility. The Joe Mann project is a historic high-grade gold mine which produced 1.2Moz @ 8.3g/t Au. The deposit is still open below existing workings and contains an Inferred Resource of 0.7Mt at 6.0g/t Au for 143koz Au. Cygnus recently flew detailed airborne magnetics over the project to assist with targeting.
Significant regional potential remains near surface with intersections of:
- 0.7m @ 480.2g/t Au from 92.3m (H-118)
- 3.8m @ 20.8g/t Au from 287.2m (H-214)
- 8.4m @ 6.3g/t Au from 175.6m (H-374)
The Joe Mann Project is located in the middle of gold-rich ground that recently led to IAMGOLD’s acquisition of Northern Superior Resources for C$267.4M
Cygnus believes these drill targets have significant potential to grow the current resource of the Chibougamau Project, which stands at 6.4Mt at 3.0% CuEq for 193kt CuEq (M&I) and 8.5Mt at 3.5% CuEq for 295kt CuEq (Inferred).
At the Golden Eye deposit, drilling will resume later this month to test extensions below the current resource, which stands at 0.5Mt at 5.6g/t AuEq for 91koz AuEq (Indicated) and 1.2Mt at 4.6g/t AuEq for 182koz AuEq (Inferred).
Assays are pending from follow up drilling on a new zone of shallow mineralisation at Cedar Bay which previously returned 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag) (CDR-25-16)
Cygnus is continuing its exploration strategy, focused on resource growth and conversion, to drive the Chibougamau Project forward and deliver maximum returns to shareholders. The Chibougamau area has established infrastructure, including a 900,000 tpa processing facility.
Cygnus Executive Chairman David Southam said the two new prospects have substantial resource potential, with both hosting known gold mineralization. Southam added that resource growth is at the center of Cygnus’ strategy for 2026, and these targets meet their criteria in terms of high grades and the scope to extend the known mineralization significantly.
Contacts:
David Southam, Executive Chair, T: +61 8 6118 1627, E: info@cygnusmetals.com
Nicholas Kwong, President & CEO, T: +1 647 921 0501, E: info@cygnusmetals.com
Paul Armstrong, Read Corporate, T: +61 8 9388 1474
Source: Cygnus Metals
