Cygnus Metals (ASX:CY5) is ready to begin its winter exploration program at the Auclair Lithium Project in Quebec, Canada, starting with diamond drilling at the Pegasus discovery.
The $36.44 million market capitalisation company aims to test the strike and depth extent of mineralisation observed at the surface, as well as expand the mineralised footprint and build an understanding of the dyke morphology and structural setting.
Drilling will continue until the end of March at the Pegasus and Lyra discovery targets.
Cygnus Metals Managing Director David Southam says Pegasus is an ‘exceptional’ target, with spodumene-bearing outcrop exhibiting both length and width, with widespread ‘high-grade’ rock chip results returned at surface.
“All permits and logistical arrangements are in place and diamond drilling will begin shortly.”
In conjunction with this work, Cygnus is expected results from a till sampling program during Q1 which will help establish additional targets in areas of glacial cover.
The company says 257 sample results are pending, which will both be sent for geochemical and mineralogical analysis.
During the summer field season, further prospecting work is planned within Auclair, as Pegasus was discovered days before the early October snow curtailed the 2023 exploration season.
As a result, large parts of Auclair remain unexplored, particularly ‘highly prospective’ areas surrounding Pegasus and Lyra.
Cygnus Metals is an emerging explorer focused on its lithium assets that sit in the ‘world-class’ James Bay lithium district in Canada.
As of 30 September 2023, the company had $13.8 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Cygnus Metals
