ASX- and TSX-V-listed Cygnus Metals has reported solid intercepts of gold including 8.4 m grading 16.3 g/t and 3.6 m grading 15.7 g/t from the Golden Eye deposit at the Chibougamau gold and copper project, in Québec, ahead of a planned mineral resource estimate (MRE) update.

The company has been focused on upgrading inferred resources to indicated status, with the last results from the prospect now having been received.

Cygnus confirms drilling is also underway at the promising Gwillim gold target, at Chibougamau, as part of Cygnus’ resource growth strategy.

The Golden Eye drill results include intervals of up to 39.5 g/t gold over 3 m.

The Golden Eye MRE currently stands at 500 000 t grading 5.6 g/t gold, for 91 000 oz of gold (indicated) and 1.2-million tonnes of gold grading 4.6 g/t for 182 000 oz (inferred).

Cygnus had three drill rigs operating at the Golden Eye prospect, with 15 holes having been drilled for 5 632 m.

Historic intersections at Gwillim, which Cygnus plans to publish a maiden mineral resource for, include 7.6 m grading 38.1 g.t from 314 m; 15.2 m grading 9.4 g/t from 155 m; and 16.4 m grading 8.3 g/t from 168 m.

The Gwillim assays are expected towards the end of the quarter, with this drill programme being co-funded by Cygnus’ joint venture partner Alamos Gold.

“The Golden Eye results are consistent with our strategy to upgrade more of the inferred resource to the more valuable indicated category. We have also started our first programme with Alamos at the promising Gwillim gold prospect and look forward to providing updates towards the end of this quarter,” says Cygnus executive chairperson David Southam.

The Chibougamau area has well-established infrastructure giving the project a significant head start as a copper/gold development opportunity. The infrastructure includes a 900 000 t/y processing facility, local mining town, sealed highway, airport, regional rail infrastructure and 25 kV hydro power to the processing site.

Notably, the Chibougamau processing facility is the only base metal processing facility within a 250 km radius which includes a number of other advanced copper and gold projects.