# Final assays for Golden Eye ahead of Resource Update *2026-05-24T19:06:22-04:00* Final assays for Golden Eye ahead of Resource 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 Inferred****1** - **At Gwillim, drilling has commenced targeting high-grade historic intersections with the aim of establishing an initial resource. Historic intersections****2****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 Executive Chairman David Southam said_****_: “These results are consistent with our strategy to upgrade more of the inferred resource to the more valuable Indicated category._** **_“We have also started our first program with joint venture partner Alamos Gold at the highly promising Gwillim gold prospect and look forward to providing updates towards the end of this quarter”._** | | --- | TORONTO and PERTH, Western Australia, May 24, 2026 (GLOBE NEWSWIRE) -- 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 results**3**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 existi