Cygnus Metals (ASX:CY5) is lining up additional aircore (AC) drilling to infill and extend an enriched area uncovered from recent drilling at its Bencubbin Rare Earths Project in Western Australia.
The $34.98 million market capitalisation company says the drilling follows the delivery of ‘high-grade’ clay rare earth element (REE) grades of up to 5,617 parts per million (ppm) total rare earth oxide (TREO).
Results also included ‘thick’ intersections up to 14km away from the discovery area.
Cygnus reports drilling now covers 22km of strike, which remains open, and 2.8km wide, ‘significantly’ increasing the scale of mineralisation with greater than 1,000ppm TREO received in all drill lines.
The company notes samples from numerous drillholes have been selected for an initial metallurgy program to be conducted through the Australian Nuclear Science and Technology Organisation (ANSTO).
According to Cygnus, the program will test the leachability of the rare earth and magnetic REEs and is the first to be undertaken in the Bencubbin area.
Once ‘positive’ results from metallurgy results are received,a follow-up AC drilling program will begin.
Meanwhile, the company says Bencubbin REE exploration is being undertaken in parallel with Cygnus’ ‘extensive’ lithium exploration program in James Bay, Canada.
Managing Director David Southam says the latest batch of results highlight the size potential of what is a ‘promising’ rare earths discovery at Bencubbin.
“Now that initial drilling has confirmed both the high-grade nature and substantial scale potential of the mineralisation, we have commenced metallurgical tests with the best in the business; the first program of its kind to be undertaken in this part of Western Australia.
Our small, dedicated Australian team will now focus on some follow-up value-adding work while samples are being completed for the very important metallurgical test work program.”
Cygnus Metals is an explorer focused on advancing its portfolio of lithium, REE, and base metal projects. The company’s assets include the Pontax, Auclair, and Sakami lithium projects in Canada, as well as REE and base metal projects at Bencubbin and Snake Rock, respectively, in Western Australia.
As of 30 September 2023, Cygnus Metals had $13.8 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Cygnus Metals
