Dore Copper Mining Corp press release
Cygnus Metals Limited Clarification Announcement
TSXV - TSX Venture Exchange · Copper · Gold · Silver · Lithium · Tantalum · Cesium · Tin · Rare Earth Elements · Nickel · Platinum · Canada
PERTH, Australia and TORONTO, Jan. 28, 2025 (GLOBE NEWSWIRE) --
Cygnus Metals Limited (ASX: CY5; TSXV: CYG) (“Cygnus” or the “Company”) refers to its announcement titled “Cygnus increases highly prospective, under-explored ground position by 50%” released to ASX on 9 January 2025 (“First Announcement”) and its announcement titled “Cygnus’ first drill hole returns up to 9.1% Cu outside Resource” released to ASX on 23 January 2025 (“Second Announcement”).
Clarifications regarding First Announcement
In discussions with the Company subsequent to the release of the First Announcement, the Australian Securities Exchange (“ASX”) has requested the below:
Clarification regarding the assumptions used in the copper metal equivalents calculations provided by Cygnus on the NI 43-101 compliant Foreign Mineral Resource Estimate for the Chibougamau Project in the First Announcement; and Further information regarding metallurgical test work completed to support the Company’s metallurgical recovery assumptions provided in this clarification announcement.
The Company wishes to provide further information on these assumptions and the metallurgical test work previously completed by Doré Copper Mining Corp (“Doré”), but emphasises that the clarification does not affect the Foreign Mineral Resource Estimate or the Copper Equivalent (“CuEq”) figures as set out in Appendix A of the First Announcement and as first disclosed by the Company on 15 October 2024.
Note 6 of Appendix A on page 6 of the First Announcement is replaced with the following (“First Clarification”):
“Metal equivalents for the foreign estimate have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258). Metallurgical recovery factors have been applied to the copper equivalents calculation, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility and more recent metallurgical test work. It is the Company’s view that all elements in the copper equivalent calculations have a reasonable potential to be recovered and sold.”
The Company confirms that the Foreign Mineral Resource Estimate and metal equivalents calculation do not contain any other metals, including silver. In fact, the inclusion of silver represents a further opportunity for the Company and will be reviewed in future work.
Other than the First Clarification above, there are no changes to the First Announcement.
In support of the First Clarification, attached to this announcement are the results of metallurgical test work previously completed by Doré.
Clarifications regarding Second Announcement
In discussions with the Company subsequent to the release of the Second Announcement, the ASX has requested that the Company provide further information regarding two of the three electromagnetic (“EM”) plates referred to in Figures 1 and 2 of the Second Announcement in accordance with ASX Listing Rules 5.6 and 5.7.
The Company wishes to note that the two additional untested EM plates to the south of the new EM plate referred to in the Second Announcement were identified from geophysics programs conducted by previous owners of the Chibougamau Project and provides the additional information set out in the Appendix to this clarification announcement (“Second Clarification”).
A fixed loop EM (“FLEM”) survey was conducted in 2007 by Crone Geophysics for Novawest Resources. Results from this survey, which Southern Geoscience Consultants (“SGC”) has reprocessed for Cygnus, highlighted a conductor to the south of the Corner Bay deposit. A downhole EM (“DHEM”) survey was conducted by Doré in 2021 on drillhole CB-21-93. The survey, which SGC has reprocessed for Cygnus, highlighted a further conductor to the south of the Corner Bay deposit.
Other than the Second Clarification, there are no changes to the Second Announcement.
This announcement has been authorised for release by the Board of Directors of Cygnus.
| David Southam Managing Director T: +61 8 6118 1627 E: info@cygnusmetals.com | Ernest Mast President & Managing Director T: +1 647 921 0501 E: info@cygnusmetals.com | Media: Paul Armstrong Read Corporate +61 8 9388 1474 |
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
Qualified Persons and Compliance Statements
The scientific and technical information relating to metal equivalents in this news release has been reviewed and approved by Ms Laurence Huss, the Quebec In-Country Manager of Cygnus, a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024. The Company confirms that the supporting information included in the announcement of 15 October 2024 continues to apply other than in respect of the Clarification, and (notwithstanding the Clarification) has not materially changed.
Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the estimates or Cygnus’ ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the original market announcement.
The scientific and technical information relating to exploration results in this news release has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P Eng), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Appendix – Second Clarification
Section 1 (Sampling Techniques and Data) and Section 2 (Reporting of Exploration Results) of Appendix C (2012 JORC Table 1) of the Second Announcement are deleted and replaced as follows:
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary | | Sampling techniques | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. | - All current drilling conducted at the Chibougamau Project was completed under the supervision of a registered professional geologist as a Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting. All drilling reported is NQ2 (47.8 mm diameter) DHEM surveys have been completed on surface drillholes Historic FLEM surveys were acquired from surface Historic FLEM stations were planned along survey lines perpendicular to geological strike | | Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. | - All sample collection, core logging, and specific gravity determinations were completed by Cygnus Metals under the supervision of a professionally qualified registered geologist. NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves. Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag. QA/QC is done in house by Cygnus Metals geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed. The samples are then placed in bags for shipment to the offsite laboratory’s facility. The remaining half of the core is retained and incorporated into Cygnus’s secure, core library located on the property No samples were taken for the electromagnetic survey work. | | | Aspects of the determination of mineralisation that are Material to the Public Report.
_In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
_ | - Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database. Sampling practice is considered to be appropriate to the geology and style of mineralisation | | | Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). | - Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory. Drilling was conducted using NQ core size Directional surveys have been taken at 50m intervals | | Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed.
Measures taken to maximise sample recovery and ensure representative nature of the samples.
_Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.
_ | - Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval. Overall, the core recoveries are excellent in the Chibougamau area No drilling was undertaken for the electromagnetic survey work. | | Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. | - All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database No logging was undertaken for the electromagnetic survey work. | | Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. | - Geological logging of core is qualitative and descriptive in nature. | | | The total length and percentage of the relevant intersections logged. | - 100% of the core has been logged | | | Sub-sampling techniques and sample preparation | If core, whether cut or sawn and whether quarter, half or all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.
_Whether sample sizes are appropriate to the grain size of the material being sampled.
_ | - The NQ2 diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries. This sampling technique is industry standard and deemed appropriate. No subsampling was undertaken for the electromagnetic survey work. | | Quality of assay data and laboratory tests | The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. | - Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd (“BV”) in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C. Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm. Samples are fire assayed for gold (Au) (30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo). Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 30 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge. | | For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. | - CY5 commissioned Southern Geoscience Consultants (SGC) of Perth to supervise and plan the recent DHEM surveys that were acquired by Géophysique TMC SGC were also commissioned to reinterpret some DHEM collected by Géophysique TMC from 2021 Survey Details for DHEM Survey Configuration: Downhole TEM (DHTEM) TX Loop Size: 620 x 450m Transmitter: Crone Geophysics Pulse Transmitter Receiver: Crone Geophysics Pulse Receiver Sensor: Crone Geophysics 3 component dB/dt induction coil Component Directions: Axial (A), and cross-hole (U and V) Station Spacing: 10m with 5m infill TX Frequency: 5 Hz Duty cycle: 50% Current: 20 Amps Powerline Frequency: 60 Hz Base frequency: 50 msec Stacks: 256 stacks per reading
CY5 also commissioned SGC to reprocess the historic FLEM that was conducted in 2007 under the supervision of Crone Geophysics and Exploration Ltd The equipment used on this project was a Crone Pulse EM Surface system. This includes a 4.8kW transmitter with a 240V voltage regulator powered by an 11 hp motor generator. The Crone Digital Receiver was used to collect the field data. The synchronization between the Transmitter and the Receiver was maintained by crystal clock synchronization for surface work TX Loop Size: 900 x 800m Ramp Time: 1.5ms Current: 15 amps Time Base: 16.66 msec | | | Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. | - Laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates Geophysical data was recorded on a Crone Geophysics Pulse Receiver then emailed to SGC for analysis and verification | | | Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. | - Verification of sampling was made by Cygnus Metals and other professional consultant geologists No sampling was undertaken for the electromagnetic survey work. | | The use of twinned holes. | - No hole is twinned | | | Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. | - All logging data was completed, core marked up, logging and sampling data was entered directly into the database. The logged data is stored on the site server directly. | | | Discuss any adjustment to assay data. | - There was no adjustment to the assay data | | | Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. | - The location of the drillholes and the aiming points for the orientation of the drillholes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model “GPSmap 62s” (4m accuracy) Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole Surface geophysical measurement locations were determined using a hand-held GPS. The accuracy of this unit at most sample sites was +/- 3m to 5m The DHEM station positions are estimated using a winch counter that measures to the nearest cm accuracy with gyro survey files to accurately locate the survey stations in space. FLEM stations were planned perpendicular to geological strike, and all were surveyed with hand-held GPS | | Specification of the grid system used. | - The grid system used is UTM NAD83 (Zone 18) | | | Quality and adequacy of topographic control. | - A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes | | | Data spacing and distribution | Data spacing for reporting of Exploration Results. | - The drill spacing is considered appropriate for this type of exploration DHEM is 10m stations with 5m and 1m infill and FLEM data is 100m station spacing The station spacings are considered to be sufficient for sampling the anomalous response for detailed quantitative modelling | | _Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.