Cygnus Metals (ASX:CY5) has heralded the potential for several new lithium sources under glacial cover at its Auclair Lithium Project in the James Bay region of Québec, Canada, with further exploration work due to begin next week.
The potential was outlined in assays from till sampling program at Auclair last year, during which 257 samples were collected across a priority lithium trend.
Cygnus, which has a market capitalisation of $25.65 million, says the sampling revealed several new anomalies outside the existing known spodumene-bearing pegmatite discoveries at Auriga, Lyra, and Pegasus.
Executive Chairman David Southam says the results reinforce the company’s view that Auclair has the potential to host numerous spodumene-bearing pegmatites below cover.
“The combination of the pathfinder elements, the geophysical signatures and the limited drilling results highlight the scope for Auclair to host a major spodumene discovery in James Bay,” he says.
Auclair is known to host blind spodumene-bearing pegmatites, with previous drilling at the project returning 43.7m @ 1.15% lithium oxide from 46.4m. Cygnus says with the number and signature of the anomalies generated by the till sampling, there is clear potential in Auclair for additional blind discoveries.
The company is expecting to begin prospecting later this month, using a multi-pronged targeting approach including till and outcrop geochemistry, magnetics, LiDAR, and and high-resolution orthophotography.
Diamond drilling is expected to follow later in the quarter, focusing on follow-up holes at the Pegasus discovery and maiden drilling at Lyra.
Cygnus Metals is an emerging explorer focused on advancing its lithium assets in the James Bay lithium district in Canada. The company also has rare earths and base metal projects in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Cygnus Metals
