Cygnus Metals (ASX:CY5) has expanded its landholding by 50% at the Chibougamau Copper-Gold Project in Québec, Canada.
The newly staked areas, which have seen limited modern exploration in the past 20 years, have increased the total landholding to 282km2.
Cygnus Metals, which has a market capitalisation of $101.79 million, says two diamond drill rigs are set to arrive onsite, targeting resource growth and priority brownfield exploration targets.
Executive Chairman David Southam says the company’s immediate strategy is to create value through exploration at Chibougamau.
“Expanding our ground position increases the upside at the project and reflects our strong belief in the immense exploration and resource growth potential,” Southam says.
“All of this newly staked land is adjacent to the high-grade Chibougamau mining camp which has an incredible production record dating back over 65 years, producing almost 1 million tonnes of copper and 3.5 million ounces of gold.”
The Chibougamau Project has a measured and indicated mineral resource of 3.6 million tonnes at 3% copper-equivalent and an inferred resource of 7.2 million tonnes at 3.8% copper-equivalent.
Cygnus Metals is a diversified critical minerals explorer and developer with assets in Canada and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Cygnus Metals
