Cygnus Metals Limited has unveiled a significant update to the Mineral Resource Estimate (MRE) for its Chibougamau Copper-Gold Project in Quebec, an announcement that highlights the company’s rapid growth in a competitive mineral market. As demand for copper rises, particularly in favorable jurisdictions, Cygnus’s new resource base positions the company favorably for potential production and cash flow.
The updated MRE reveals a total of 6.4 million tonnes at an average grade of 3.0% copper equivalent (CuEq), translating into approximately 193 kilotonnes of copper equivalent, including significant gold and silver content. Additionally, the Inferred category comprises around 8.5 million tonnes at 3.5% CuEq, further enhancing Cygnus’s attractiveness in the sector.
Notably, one of the new discoveries is the Golden Eye deposit, which showcases an initial resource of 91,000 ounces of Indicated Mineral Resources at 5.6 g/t AuEq and 182,000 ounces of Inferred Mineral Resources at 4.6 g/t AuEq. This new resource, developed over a short period, signifies the effectiveness of Cygnus’s exploration efforts and the increasing viability of the Chibougamau Project.
The latest findings are backed by extensive drilling campaigns that have significantly increased the resource base, thanks to deep exploratory efforts at Golden Eye and the Corner Bay deposit. Since acquiring Doré Copper in January 2025, Cygnus has completed over 17,000 meters of drilling, marking a robust commitment to accelerating its exploration and development initiatives.
The resource update not only signifies a leap in total resources but also paves the way for future economic studies surrounding the Chibougamau Project. Existing infrastructure — including a processing facility capable of handling 900,000 tonnes per annum, a local mining town, and comprehensive transportation networks — positions the project optimally for operational readiness.
The MRE and ongoing exploration are expected to lead to a comprehensive technical report, which will be prepared in accordance with Canadian standards for mineral disclosure (NI 43-101) and the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). The report will provide additional insights into the viability and economic potential of the deposits.
The Chibougamau area boasts a rich history, previously recording extensive productions exceeding 945,000 tonnes of copper and 3.5 million ounces of gold for various deposits found around the hub. Consequently, Cygnus is focusing on modern systematic explorations in a historically rich mineral zone that has not been extensively explored in over two decades.
Cygnus’s proactive approach and successful identification of new drill targets within the camp further demonstrate the company’s growth potential. As drilling continues into promising areas, notably at Cedar Bay, the foundation it lays for future resource updates reinforces Cygnus’s ambition as a key player in the copper and gold industry.
The increased resource is a direct response to favorable market conditions, revealing extensive exploration potential in light of rising commodity prices. This optimized resource base bodes well for Cygnus, as it looks to enhance its production profile and capitalize on the ever-increasing demand for copper and gold globally. The successful growth of its mineral resources will likely play an essential role in shaping the company’s direction as it forges ahead in the competitive landscape of critical minerals.
