Cygnus Metals (ASX:CY5) has identified multiple pegmatite targets ahead of a maiden field campaign at its Sakami Lithium Project in Quebec, Canada.
The company says these pegmatite targets were identified from first desktop studies and have been estimated to be up to 140m long and 30m wide.
These new pegmatites lead the company to believe there is ‘immense’ potential for discovery, as no lithium exploration has been undertaken at Sakami before.
Cygnus reports it will now move forward with its maiden field campaign, which is scheduled to begin in August, with airborne magnetics, LiDAR, and high-resolution orthophotography. These methods are noted to have been ‘highly effective’ at the company’s Pontax Lithium Project, also located in Canada.
The company notes this field campaign will be overseen by ‘highly experienced’ consultants Dahrouge Geological and supported by Cygnus personnel.
Meanwhile, the company states it is set to release a maiden JORC resource at its Pontax Project in late July/early August ahead of the start of a helicopter-supported drill program scheduled to begin in September.
At the company’s Auclair Lithium Project, drilling is expected to begin in early August to follow up on known spodumene-bearing pegmatites that returned ‘significant’ grades such as 9.8m @ 0.8% Li2O from 212.8m, including 5.1m @ 1% Li2O from 1m @ 1.2% Li2O.
Speaking on the discoveries, Cygnus Metals Managing Director David Southam says: “The potential at Sakami is clearly immense. We have already identified multiple pegmatite targets, Patriot’s Corvette lithium project is located on the same greenstone belt just 44km along strike, and there has been no lithium exploration done on our ground.
“The potential at Sakami is clearly immense”
Sakami is also just one of the three premier lithium projects Cygnus holds in James Bay, Quebec, all of which are located adjacent to major discoveries and infrastructure. These projects will all be subject to ongoing exploration and are expected to generate strong newsflow over coming months.”
Cygnus Metals is an ASX-listed emerging exploration company focused on advancing its Canadian-based lithium portfolio comprising the Pontax, Auclair, and Sakami Lithium projects in the ‘world-class’ James Bay lithium district in Quebec.
The company’s Sakami Project is situated within the La Grande greenstone belt, about 44km west of Patriot Battery Metals’ (ASX:PMT) Corvette discovery and adjacent to Winsome Resources (ASX:WR1) Cancet Project. The project covers a total land area of 118km-square.
Cygnus had $8.9 million cash in hand, $1.4 million in cash on deposit with suppliers, $400,000 of listed investments, and no debt at the end of 31 March 2023, as stated in its latest quarterly report released on 21 April 2023.
Write to Adam Drought at Mining.com.au
Images: Cygnus Metals Ltd
