Cygnus Metals (ASX:CY5) has identified multiple walk-up exploration targets ahead of prospecting work set to begin at the Auclair Lithium Project in the James Bay region, Canada.
The $21.28 million market capitalisation company says extensive new targets are surrounding a recently announced intersection of 43.7m @ 1.15% lithium oxide at the Pegasus discovery within Auclair.
Recent targeting work has also focused on the high priority fractionation trend, which includes three known spodumene pegmatite occurrences — Auriga, Lyra, and Pegasus.
Prospecting is expected to begin towards the end of May 2024, with drilling to follow later this quarter.
Cygnus says drilling will focus on follow-up work at the Pegasus discovery, as well as a maiden drilling program at Lyra, which previously returned rock chip samples up to 6.7% lithium oxide.
Executive Chairman David Southam says this will be the first on-ground campaign since the discovery of Pegasus and Lyra last year.
“Use of Light Detection and Ranging (LiDAR), orthophotography, and magnetics is fundamental to our process of exploration in this terrane with proven blind pegmatites under vegetation,” Southam says.
“Auclair clearly has the potential to host a significant lithium system and we look forward to unlocking this through the season with prospecting followed by drilling,” Southam says.
Cygnus Metals is an emerging explorer focused on advancing its Pontax, Auclair, and Sakami lithium projects in the James Bay lithium district of Quebec, Canada. The company also has rare earths and base metals projects in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Cygnus Metals
