Cygnus Metals Delivers Major Resource Upgrade at Chibougamau Copper-Gold Project
Cygnus Metals (ASX: CY5) has delivered a significant resource increase at its Chibougamau copper-gold project in Quebec, lifting measured and indicated resources by 78%.
The new mineral resource estimate incorporates a maiden figure for the Golden Eye deposit alongside expanded inventories at Corner Bay, Cedar Bay, Devlin and Joe Mann.
Executive chair David Southam said the rapid upgrade within nine months of its acquisition underpins the company’s plans to fast-track Chibougamau toward development.
Golden Eye Provides Immediate Growth
Cygnus has added Golden Eye to the resource base with indicated resources of 91,000 ounces at 5.6 grams per tonne gold equivalent and inferred resources of 182,000oz at 4.6g/t gold equivalent.
The company’s geologists mapped and modelled historical drilling to prioritise Golden Eye, applying an AI-driven targeting approach that highlighted the high-grade extensions.
With the deposit still open at depth and along strike, drilling programs are already in place to expand Golden Eye further and integrate it into the hub-and-spoke system.
Measured and indicated resources across the project now total 6.4 million tonnes at 3.0% copper equivalent for 193,000t of contained copper equivalent, while inferred resources have grown to 8.5Mt at 3.5% copper equivalent for 295,000t.
This consolidated inventory supports Cygnus’ strategy of feeding multiple deposits into the region’s existing 900,000tpa processing plant, connected by sealed highways, rail links, airport access, and hydro power.
Economic Outlook Improves with Scale
Cygnus will update its scoping study and preliminary economic assessment in the March quarter of 2026, and management expects this will result in higher price decks and stronger scale to enhance project returns.
Metallurgical test work has confirmed recoveries of up to 98.2%—producing clean copper concentrates grading nearly 30%, reinforcing the project’s ability to generate high-quality products.
Mr Southam said the upgrade highlights how quickly Cygnus has transformed Chibougamau into a development-ready project.
“Within just nine months of acquiring the Chibougamau Project, we have been able to deliver a significant resource upgrade with substantial scope for further growth,” he said.
“Given the potentially significant benefits of the increased resource on a production profile, and the sharp rises in all our commodity prices since the previous studies done three years ago, the attractions of the Chibougamau project are now very clear to us”.