After conducting a ground gravity survey, Cygnus Metals (ASX:CY5) says there is potential for significant growth in the Pegasus discovery, part of the Auclair Lithium Project in the James Bay region of Canada.
Cygnus, which has a market capitalisation of $12.32 million, says the survey suggests the spodumene-bearing pegmatite at Pegasus extends for at least 1.7km and remains open in all directions.
The survey was initially conducted as a trial over the main Pegasus discovery outcrop, but based on the results, was expanded across a larger area, extending along strike.
Cygnus says the full extent of the anomaly is only limited by the extent of the survey area, with multiple other anomalies uncovered in the surrounding area representing additional targets and potentially a larger pegmatite swarm.
Executive Chairman David Southam says the results are “encouraging and provide a proof of concept with respect to identifying blind pegmatites below shallow glacial cover at Auclair.”
“This exact style of program was one of the successful exploration tools utilised for Winsome’s (ASX:WR1) world-class Adina deposit, which is now one of the largest in James Bay.
“There is clearly strong potential to grow what is already a significant high-grade spodumene discovery at Pegasus.”
The survey conducted surrounded a drill intersection from February 2024 of 43.7m @ 1.15% lithium oxide, which remains one of the company’s priority targets for the imminent drilling campaign starting this month.
Cygnus is well advanced in the current exploration season with geophysics completed at Auclair and ongoing prospecting. Prospecting has begun at Sakami, ahead of drilling at Auclair.
Drilling at Auclair will focus initially on Pegasus, targeting extensions to the known pegmatite, which has only been drill tested over 300m of strike to date.
The company says wide-spaced drilling will seek to expand the known strike extent of the Pegasus pegmatite system and build upon the previous intersection from February.
Cygnus Metals is an emerging explorer focused on advancing several lithium assets in the James Bay district in Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Cygnus Metals
