Golden Eye’s Untapped Depths Pose Both Opportunity and Development Challenge

Golden Eye’s Growing Significance

Cygnus Metals Limited has released a fresh batch of high-grade assay results from its Golden Eye prospect, part of the broader Chibougamau Copper-Gold Project in Quebec, Canada. The latest drilling campaign has confirmed multiple parallel zones of significant gold, copper, and silver mineralisation, reinforcing Golden Eye’s emerging role as a key asset within Cygnus’ production hub strategy.

Among the standout results are intercepts such as 3.3 metres grading 12.7 grams per tonne gold equivalent, including a higher-grade section of 1.9 metres at 21.1 grams per tonne. These grades underscore the prospect’s potential to contribute meaningfully to the project’s overall resource base.

Building a Resource with Historic and New Data

Cygnus plans to integrate these recent results with a substantial historic drilling database comprising 77 holes and over 21,000 metres of drilling to compile an initial Mineral Resource estimate for Golden Eye. Notably, the historic drilling includes impressive intercepts such as 5.9 metres at 34.1 grams per tonne gold equivalent, highlighting the prospect’s long-recognised potential.

Golden Eye has never been mined and was last drilled in the early 1990s when gold prices were significantly lower. The current exploration effort benefits from modern techniques and a more favourable market environment, which together enhance the prospect’s economic appeal.

Strategic Location and Infrastructure Advantages

Located just 3 kilometres from Cygnus’ central processing plant, Golden Eye offers logistical advantages that could accelerate development timelines. The prospect also features existing dual ramp access within 150 metres of the mineralisation, providing a significant head start for underground mining operations.

The proximity to established infrastructure reduces capital intensity and operational risk, factors that are crucial in advancing the project towards production.

Open at Depth and Future Exploration Plans

Importantly, Golden Eye remains open at depth, with recent drilling returning high-grade mineralisation at depths exceeding 460 metres. Cygnus is planning further exploration drilling to test these deeper extensions, aiming to expand the resource and enhance the project’s long-term value.

Cygnus’ Executive Chairman David Southam emphasised the significance of these results, noting that Golden Eye stands to add substantial value to the Chibougamau project economics and that ongoing work will continue to unlock the asset’s potential within a mining-friendly jurisdiction.