viewCygnus Gold Ltd

Cygnus Gold identifies promising gold targets at Stanley project

Recent diamond drilling has intersected variable gold mineralisation.

hands holding gold
The company is well-funded to continue its exploration

Cygnus Gold Ltd (ASX:CY5) has identified several promising targets from the Stanley Gold Project and across its tenement package in Western Australia which warrant follow-up drilling.

Although recent diamond drilling has not replicated previous high-grade intersections at the project in the state’s southwest, the results have increased the company’s understanding of mineralisation.

Best intersections from the six holes at Bottleneck prospect include 1 metre at 0.32 g/t gold from 116.2 metres; 2 metres at 0.58 g/t from 131.2 metres; and 1 metre at 0.66 g/t from 152.3 metres.

READ: Cygnus Gold aims to build on early drilling success since IPO, shares rise

A further hole was drilled near the Brays prospect, intersecting a 25-metre interval of disseminated sulphides hosted by mafic-ultramafic granulite.

Assays from this hole include 2.7 metres at 0.33 g/t from 151.4 metres, and 1 metre at 0.10 g/t from 190 metres.

Despite coinciding with the targeted extensions of the mineralised zone, the latest assays demonstrate the mineralisation in that part of the system is variable, with narrow and lower-grade zones.

Detailed structural review of the core is now focused on confirming the strike and dip of the mineralising system to determine remaining scope for new targets.

Results increase understanding of mineralisation

Cygnus managing director James Merrillees said: “The detailed ground surveys and four drilling programs we’ve completed since listing in January have increased our understanding of mineralisation.

“They also reflect the team’s ability to execute our exploration strategy.

“We are well funded to leverage this capability as we continue to test high-quality targets in our portfolio over the coming months,” Merrillees said.

Quick facts: Cygnus Gold Ltd

Price: 0.042 AUD

Market: ASX
Market Cap: $2.87 m

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