Cygnus Metals (ASX:CY5) has received a string of rare earth element (REE) results that demonstrate the ‘significant’ discovery potential at its Bencubbin Rare Earths Project in Western Australia.
The recent results delivered grades of up to 7,243 parts per million (ppm) total rare earth oxide (TREO), within intercepts up to 79m wide.
Cygnus reports the latest assay results recorded include 79m @ 1,576ppm TREO from 32m, including 8m @ 7,243ppm TREO; and 19m @ 1,959ppm TREO from 4m, including 4m @ 4,747ppm TREO.
The $51.29 million market capitalisation company is now planning a follow-up aircore drill program, pending final government approvals. Drilling is designed to test for scale and beyond the 22km long auger anomaly defined along the magnetic granite margin.
Through this follow-up program, Cygnus will be able to test the potential scale of a REE resource at Bencubbin.
Metallurgical testwork is also planned to be completed through the Australian Nuclear Science and Technology Organisation, which has extensive experience in REE processing.
Initial results are expected to take 16 weeks from the receipt of samples at ANSTO in Sydney, Australia.
Commenting on the drill results, Cygnus Metals Managing Director David Southam says: “These are the latest in a string of highly promising rare earth results at Bencubbin. It is early days in the discovery, but we can see the project has significant potential, and that’s why we are about to start metallurgical tests.
“we can see the project has significant potential, and that’s why we are about to start metallurgical tests”
While our clear focus remains on lithium in James Bay, Quebec, we are going to pursue Bencubbin with the aim of establishing its true full value. Our small dedicated Australian team will now focus on some follow-up aircore drilling, while samples are being sent for very important metallurgical testwork.”
The company’s rare earth exploration at Bencubbin is being carried out in parallel with its lithium exploration program in the James Bay region. Separate teams are assigned to both exploration programs.
Cygnus Metals is an emerging Canadian and Australian critical minerals exploration company. The company is focused on its rare earths and lithium assets located in Quebec, Canada and Western Australia.
As of 30 June 2023, the company had $5.4 million cash at hand, according to its latest quarterly report. Subsequent to the end of June, Cygnus launched a placement to raise $11.1 million via a placement.
Write to Aaliyah Rogan at Mining.com.au
Images: Cygnus Metals
