Cygnus Metals (ASX:CY5) has staked an additional 127 claims in the James Bay region of Canada, increasing the footprint of its Auclair Lithium Project to 405km-square.
The $75.91 million market capitalisation company says after recent mapping work identified spodumene-bearing pegmatite boulders over 2.6km of strike in the area, it will now begin a diamond drilling campaign in August 2023.
Cygnus adds that permitting is in place for follow-up drill work to target spodumene-bearing pegmatite intersections in historical drillhole AC-2010-004, which returned a partial assay of 9.8m @ 0.8% Li2O from 212.8m, including 5.1m @ 1% Li2O and 1m @ 1.2% Li2O.
This hole remains completely open along strike and down dip, with no other drilling along the interpreted prospective trend.
In addition to ongoing fieldwork, a heliborne magnetic survey was completed in late June 2023, and a LiDAR survey is expected to begin later this month. The geophysics and ongoing mapping will be used to produce further drill-ready targets for the campaign in August.
Cygnus notes some of the most ‘promising’ targets are yet to be visited, as there have been issues with helicopter availability due to the ongoing wildfires in Quebec. These targets include the 67 previously identified and unsampled pegmatites, some of which are up to 1.6km long and 60m wide.
Commenting on the company’s ongoing exploration work, Cygnus Metals Managing Director David Southam says: “We have been on the ground at Auclair for less than a week and already established an extensive spodumene-bearing pegmatite boulder field 2.6km long. And we are just scraping the surface.
“we are just scraping the surface”
The geophysics and mapping work will pave the way for the start of drilling in August. In parallel with this, we are finalising the maiden Resource at our Pontax Lithium Project for release.”
Cygnus notes that the company now has 1 of the ‘largest’ land positions in the James Bay region for ASX-listed explorers.
Cygnus Metals is an emerging exploration company focused on advancing the Pontax Lithium, Auclair Lithium, and Sakami Lithium projects in the James Bay district in Canada. The company also has rare earths and base metal projects at Bencubbin and Snake Rock in Western Australia.
As of 31 March 2023, the company had $8.866 million cash and cash equivalents at hand, according to its latest quarterly report published on 21 April 2023.
Write to Aaliyah Rogan at Mining.com.au
Images: Cygnus Metals Ltd