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Chibougamau Copper-Gold Project, Canada
HIGHLIGHTS:
Cygnus intersects new high-grade gold, plus visible gold* identified in subsequent holes
- Drilling at ‘Golden Eye' has returned shallow high-grade gold up to 9.1g/t Au in first assays with an intersection of:
- 3.3m @ 6.6g/t Au from just 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)
- Golden Eye was last drilled in the early 1990s when gold was less than US$350/oz. The entire drilling target sits outside the current resource
- Significant intersections from historic drilling 1 include:
- 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11)
- 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28)
- 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20)
- 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1)
- 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4)
- Subsequent holes drilled by Cygnus extended the known mineralisation down dip, where it remains open, with coarse visible gold* intersected in LDR-25-08 (awaiting assays - see photo below)
* Visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations. The Company expects to receive the laboratory analytical results of the recent core sample (including LDR-25-08) between late April and early May.
- Gold was a significant part of the historic production within the Chibougamau District, with over 3.5Moz of gold produced alongside 945,000t of copper 3
- The recent drilling campaign at Golden Eye of six holes for 1,954m aimed to confirm historic drilling results and extend mineralisation at depth. Assay are pending for the remaining five holes
- The Company intends to utilise the recently compiled historic drill data totalling 77 holes for 21,371m to complete an initial Mineral Resource for Golden Eye
- Cygnus is continuing the process of digitising >100,000 documents including drill logs, some of which have not been looked at in over 30 years and never before in modern 3D software
- This highly cost-effective approach is assisting the team to conduct the first consolidated view of the geology and generate new drill targets as Cygnus looks to create shareholder value through resource growth, resource conversion and discovery with two rigs on site
| Cygnus Executive Chairman David Southam said  : "Gold is a major part of the production history in the Chibougamau district. It is more than just a by-product, with production of 3.5Moz at an average grade of 2.1g/t Au. We already have 248,000oz of gold in Inferred Resources and 66,000oz in Measured and Indicated Resources, 2 and there is significant opportunity to add to these at Golden Eye with early high-grade results and visible gold down dip. "Golden Eye is fairly unique at Chibougamau in having a significantly higher proportion of gold than copper and was identified by the team early as an excellent gold-dominant drill target. We have a good head start by having the historic drill logs and will utilise this recently compiled data to assist in an initial Mineral Resource for Golden Eye''. |
Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) ("Cygnus" or the "Company") is pleased to announce high-grade gold assays and visible gold from its first drilling at the new target Golden Eye within the Chibougamau Copper-Gold Project in Quebec.
Assays of up to 9.1g/t Au alongside visible gold intersected down dip in recent drilling highlight the potential for additional resources and scope for further growth. Golden Eye was identified as a priority high-grade gold target which has not been drilled since the early 1990s when gold was less than US$350/oz. The entire target area sits outside of current resources with significant historic intersections of up to 5.9m @ 34.1g/t AuEq . 1
The identification of the Golden Eye target is a result of the ongoing compilation work which is helping to unlock this historic district as the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration. The Company currently has two rigs on site focussing on both resource growth and resource conversion drilling.
About Recent Drilling at Golden Eye
Golden Eye was identified as a priority drilling target at the Chibougamau Project with shallow high-grade gold mineralisation highlighted during the ongoing review of historic hardcopy drill logs, with the most recent drilling conducted in the early 1990s when gold price was less than US$350/oz. Historic drilling in the area returned some outstanding gold and copper grades 1 of:
- 5.9m @ 34.1g/t AuEq (32.2g/t Au, 1.2% Cu & 27.3g/t Ag) (RD-11);
- 4.5m @ 21.6g/t AuEq (14.9g/t Au, 4.7% Cu & 54g/t Ag) (RD-28);
- 8.4m @ 12.7g/t AuEq (11.0g/t Au, 1.3% Cu & 15.8g/t Ag) (RD-20);
- 7.5m @ 22.1g/t AuEq (16.0g/t Au & 4.7% Cu) (S1-87-1); and
- 10.4m @ 12.2 g/t AuEq (7.3g/t Au, 3.5% Cu & 31.8g/t Ag) (S3-86-4).
In 1992, a double access ramp was developed to access the mineralisation and to provide a better platform for drilling; however, low metal prices and a change of ownership shifted the focus to already established operating mines within the camp.
Cygnus recently completed a targeted 6-hole program for 1,954m, which aimed to confirm historic drilling results and extend mineralisation at depth. First assays from this drilling have confirmed the high-grade tenor of the shallow mineralisation with an intersection of:
- 3.3m @ 6.6g/t Au from 131.7m including 2.3m @ 9.1g/t Au (LDR-25-05)
Recent drilling has also extended mineralisation down dip to a depth of 400m below the surface, which remains open. Visual mineralisation intersected in drill hole LDR-25-08 highlighted coarse visible gold associated with chalcopyrite mineralisation over 0.9m from 463.8m downhole (refer Appendix B). Assays are pending for the five remaining holes of the program and are expected to be received in the current quarter. Once received, these results are expected to be incorporated into an updated geological model along with drilling completed by Doré Copper Mining Corp. in 2022/2023 which tested the conceptual structural model of the wider area.
The Chibougamau district has a strong history of gold production as well as copper, having produced 3.5Moz Au at an average grade of 2.1g/t Au. 3 Gold grades vary between different deposits although Golden Eye and Cedar Bay are the two areas with a significantly higher gold grade than other deposits within the camp.
Cygnus intends to utilise the recently completed drilling data (once all received) alongside the newly compiled historic drill data totalling 77Â holes for 21,371m (both surface and underground drilling) to complete an initial Mineral Resource Estimate for the Golden Eye target. Golden Eye is an excellent example of the value generated through ongoing compilation work which is helping to unlock this historic district while the Company continues to build upon the existing high-grade copper-gold resources with low-risk brownfield exploration.
Ongoing  Work
Cygnus is continuing to compile the data across the camp and deliver additional drill targets as the Company looks to execute its strategy of value creation through resource growth and conversion drilling. This low-cost, low-risk approach includes both surface and downhole electromagnetics ("EM") to generate brownfield targets around known high quality mineralisation.
Figure 1: Long Section of Golden Eye over 600m of strike with significant high grade gold up to 34.1gt AuEq over 5.9m. Mineralisation is still open at depth, with visible gold intersected in LDR-25-08. Refer to Appendix A of this release for newly released drill intercept and ASX releases dated 15 October 2024 and 25 March 2025 for previously announced drilling results.
Figure 2: Long Section through the Chibougamau North Camp illustrating Golden Eye with standout intersections of up to 5.9m @ 34.1g/t AuEq. Refer to ASX releases dated 15 October 2024 and 25 March 2025 for previously announced drilling results.
This announcement has been authorised for release by the Board of Directors of Cygnus.
| David Southam Executive Chair T: +61 8 6118 1627 E: info@cygnusmetals.com | Ernest Mast President & Managing Director T: +1 647 921 0501 E: info@cygnusmetals.com | Media: Paul Armstrong Read Corporate T: +61 8 9388 1474 |
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
Cautionary Note – Visual Estimates
In relation to the disclosure of visible mineralisation, the Company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of the visible mineralisation reported in preliminary geological logging. The Company will update the market when laboratory analytical results become available. The reported intersections are down hole lengths and are not necessarily true width. Descriptions of the mineral amounts seen and logged in the core are qualitative only. Quantitative assays will be completed by Bureau Veritas, with the results for those intersections discussed in this release expected between late April and early May.
Forward  Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus' control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
- Refer to Cygnus' ASX announcements dated 15 October 2024 and 25 March 2025.
- The Mineral Resource estimate at the Chibougamau Project is a foreign estimate prepared in accordance with CIM Standards. A competent person has not done sufficient work to classify the foreign estimate as a mineral resource in accordance with the JORC Code, and it is uncertain whether further evaluation and exploration will result in an estimate reportable under the JORC Code. Refer to Appendix C for a breakdown of the Mineral Resource Estimate.
- Historic production statistics for the Chibougamau area are recorded in Leclerc. F, Harris. L. B, Bedard. J. H, Van Breeman. O and Goulet. N. 2012, Structural and Stratigraphic Controls on Magmatic, Volcanogenic, and Shear Zone-Hosted Mineralization in the Chapais-Chibougamau Mining Camp, Northeastern Abitibi, Canada. Society of Economic Geologists, Inc. Economic Geology, v. 107, pp. 963–989.
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.
The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15Â October 2024. The Company confirms that the supporting information included in the original announcement continues to apply and has not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025 ("Clarification"). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the estimates or Cygnus' ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.
The information in this announcement that relates to previously reported Exploration Results at the Company's projects has been previously released by Cygnus in ASX Announcements as noted in the text and End Notes. Cygnus is not aware of any new information or data that materially affects the information in these announcements. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.
Individual grades for the metals included in the metal equivalents calculation for the foreign estimate are in Appendix C of this release. Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, with copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendix A of this release. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz. Copper equivalents are calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) +(Cu(%)Â x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal equivalents calculations, with copper metallurgical recovery assumed at 95% and precious metal (gold and silver) metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus' announcement dated 28Â January 2025. It is the Company's view that all elements in the metal equivalents calculations in respect of the foreign estimate and exploration results have a reasonable potential to be recovered and sold.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
APPENDIX A – Significant Intersections from Recent Drilling at Golden Eye
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. Significant intersections reported above 2g/t AuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness.
| Hole ID | X | Y | Z | Azi | Dip | Depth (m) | From (m) | To (m) | Interval (m) | Au (g/t) | Cu (%) | AuEq (g/t) |
| LDR-25-05 | 549448 | 5525296 | 375 | 227 | -45 | 214.2 | 131.7 | 135.0 | 3.3 | 6.6 | 0.0 | 6.6 |
| Including | 131.7 | 134 | 2.3 | 9.1 | 0.0 | 9.1 | ||||||
| LDR-25-06 | 549560 | 5525483 | 375 | 215 | -51 | 474.0 | Pending Assays | |||||
| LDR-25-07 | 549453 | 5525313 | 375 | 215 | -55 | 261.0 | ||||||
| LDR-25-08 | 549524 | 5525441 | 375 | 246 | -57 | 516.0 | ||||||
| LDR-25-09 | 549445 | 5525319 | 375 | 238 | -54 | 252.0 | ||||||
| LDR-25-10 | 549489 | 5525229 | 375 | 220 | -60 | 237.0 | ||||||
APPENDIX B - Summary Logging Details for Mineralised Intersections Observed in LDR-25-08
| Hole ID | From | To | Interval | Mineral 1 | % | Mineral 2 | % | Mineral 3 | % | Visible Gold | Total Sulphide (%) | |
| LDR-25-08 | 89.0 | 90.0 | 1.0 | Pyrite | 2.0 | - | 2.0 | |||||
| LDR-25-08 | 166.4 | 211.1 | 44.7 | Pyrite | 0.5 | - | 0.5 | |||||
| LDR-25-08 | 211.1 | 216.0 | 4.9 | Pyrite | 0.1 | - | 0.1 | |||||
| LDR-25-08 | 216.0 | 216.6 | 0.6 | Pyrite | 1.0 | - | 1.0 | |||||
| LDR-25-08 | 216.6 | 354.8 | 138.2 | Pyrite | 0.1 | - | 0.1 | |||||
| LDR-25-08 | 360.4 | 361.3 | 0.9 | Chalcopyrite | 0.5 | Pyrite | 1.0 | - | 1.5 | |||
| LDR-25-08 | 363.9 | 392.1 | 28.2 | Chalcopyrite | 0.3 | Pyrite | 0.5 | - | 0.8 | |||
| LDR-25-08 | 392.1 | 397.3 | 5.3 | Pyrite | 0.3 | - | 0.3 | |||||
| LDR-25-08 | 397.3 | 405.6 | 8.3 | Chalcopyrite | 0.1 | - | 0.1 | |||||
| LDR-25-08 | 405.6 | 406.1 | 0.5 | Chalcopyrite | 0.3 | Pyrite | 30.0 | - | 30.3 | |||
| LDR-25-08 | 406.1 | 407.9 | 1.8 | Chalcopyrite | 0.5 | Pyrite | 1.5 | - | 2.0 | |||
| LDR-25-08 | 407.9 | 408.3 | 0.4 | Pyrite | 7.0 | Chalcopyrite | 0.1 | - | 7.1 | |||
| LDR-25-08 | 408.3 | 409.0 | 0.7 | Pyrite | 0.1 | - | 0.1 | |||||
| LDR-25-08 | 409.0 | 409.4 | 0.4 | Pyrite | 25.0 | Chalcopyrite | 25.0 | - | 50.0 | |||
| LDR-25-08 | 409.4 | 411.7 | 2.3 | Chalcopyrite | 3.0 | Pyrite | 7.0 | - | 10.0 | |||
| LDR-25-08 | 411.7 | 411.9 | 0.2 | Sphalerite | 2.0 | Chalcopyrite | 0.5 | Pyrite | 15.0 | - | 17.5 | |
| LDR-25-08 | 411.9 | 415.1 | 3.2 | Chalcopyrite | 1.0 | Pyrite | 3.0 | - | 4.0 | |||
| LDR-25-08 | 415.1 | 420.8 | 5.8 | Chalcopyrite | 0.3 | Pyrite | 1.0 | - | 1.3 | |||
| LDR-25-08 | 420.8 | 423.3 | 2.4 | Chalcopyrite | 1.5 | Pyrite | 2.5 | - | 4.0 | |||
| LDR-25-08 | 423.3 | 428.3 | 5.1 | Chalcopyrite | 0.1 | Pyrite | 0.1 | - | 0.2 | |||
| LDR-25-08 | 428.3 | 455.0 | 26.7 | Pyrite | 0.5 | - | 0.5 | |||||
| LDR-25-08 | 457.6 | 458.1 | 0.4 | Sphalerite | 0.1 | Chalcopyrite | 1.0 | Pyrite | 0.5 | - | 1.6 | |
| LDR-25-08 | 461.2 | 461.8 | 0.6 | Chalcopyrite | 2.0 | - | 2.0 | |||||
| LDR-25-08 | 463.8 | 464.6 | 0.9 | Chalcopyrite | 5.0 | Pyrite | 2.0 | 0.1 | % | 7.1 | ||
| LDR-25-08 | 464.6 | 478.6 | 14.0 | Chalcopyrite | 1.0 | Pyrite | 0.5 | - | 1.5 | |||
| LDR-25-08 | 478.6 | 479.7 | 1.1 | Chalcopyrite | 3.0 | Pyrite | 8.0 | - | 11.0 | |||
| LDR-25-08 | 480.6 | 516.0 | 35.4 | Chalcopyrite | 0.2 | Pyrite | 0.1 | - | 0.3 | |||
APPENDIX C – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022
| Deposit | Category | Tonnes (k) | Cu Grade (%) | Au Grade (g/t) | Cu Metal (kt) | Au Metal (koz) | CuEq Grade (%) |
| Corner Bay (2022) | Indicated | 2,700 | 2.7 | 0.3 | 71 | 22 | 2.9 |
| Inferred | 5,900 | 3.4 | 0.3 | 201 | 51 | 3.6 | |
| Devlin (2022) | Measured | 120 | 2.7 | 0.3 | 3 | 1 | 2.9 |
| Indicated | 660 | 2.1 | 0.2 | 14 | 4 | 2.3 | |
| Measured & Indicated | 780 | 2.2 | 0.2 | 17 | 5 | 2.4 | |
| Inferred | 480 | 1.8 | 0.2 | 9 | 3 | 2.0 | |
| Joe Mann (2022) | Inferred | 610 | 0.2 | 6.8 | 1 | 133 | 5.5 |
| Cedar Bay (2018) | Indicated | 130 | 1.6 | 9.4 | 2 | 39 | 8.9 |
| Inferred | 230 | 2.1 | 8.3 | 5 | 61 | 8.5 | |
| Total | Measured & Indicated | 3,600 | 2.5 | 0.6 | 90 | 66 | 3.0 |
| Inferred | 7,200 | 3.0 | 1.1 | 216 | 248 | 3.8 |
APPENDIX D – 2012 JORC Table 1
Section 1 Sampling Techniques and Data
| Criteria | JORC Code explanation | Commentary |
| Sampling techniques | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. |
|
| Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. |
| |
| Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard' work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
| |
| Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). |
|
| Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
|
| Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. |
|
| Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. |
| |
| The total length and percentage of the relevant intersections logged. |
| |
| Sub-sampling techniques and sample preparation | If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. |
|
| Quality of assay data and laboratory tests | The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
|
| For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. |
| |
| Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. |
| |
| Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. |
|
| The use of twinned holes. |
| |
| Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
| |
| Discuss any adjustment to assay data. |
| |
| Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. |
|
| Specification of the grid system used. |
| |
| Quality and adequacy of topographic control. |
| |
| Data spacing and distribution | Data spacing for reporting of Exploration Results. |
|
| Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
| |
| Whether sample compositing has been applied. |
| |
| Orientation of data in relation to geological structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. |
|
| If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
| |
| Sample security | The measures taken to ensure sample security. |
|
| Audits or reviews | The results of any audits or reviews of sampling techniques and data. |
|
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code Explanation | Commentary |
| Mineral tenement and land tenure status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. |
|
| The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
| |
| Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. |
|
| Geology | Deposit type, geological setting and style of mineralisation. |
|
| Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
|
|
| Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. |
|
| Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
| |
| The assumptions used for any reporting of metal equivalent values should be clearly stated. |
| |
| Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known'). |
|
| Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include,but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
|
| Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
|
| Other substantive exploration data | Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
|
| Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
|
Figure 3: Plan view of recent drilling relative to historic drilling and the 1992 ramp access
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/87c492be-c3e9-410f-a7ad-5bac9c0c1fcf
https://www.globenewswire.com/NewsRoom/AttachmentNg/d269165b-73e5-4a95-9afb-bf50df6bfe79
https://www.globenewswire.com/NewsRoom/AttachmentNg/2293516d-6ebe-453a-8282-5afd08e5ee45
https://www.globenewswire.com/NewsRoom/AttachmentNg/a202ff85-9abb-417b-aa4e-43dd75ce42f3
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Talon Metals Drills Significant Nickel-Copper Mineralization Intercept at Tamarack During Feasibility Study Drilling
Intercept is outside of the Tamarack Resource Area at shallow depths in the CGO East Zone
Talon Metals Corp. (TSX: TLO) (OTC Pink: TLOFF) (together with its subsidiaries, "Talon" or the "Company"), the majority owner and operator of the Tamarack Nickel-Copper-Cobalt Project ("Tamarack Nickel Copper Project") in central Minnesota, is pleased to announce a mixed massive sulphide intercept in the CGO East Zone at the Tamarack Nickel Copper Project measuring 16.09 meters.
Figure 1: Photo of drill core from drill hole 25TK0561 at 359.16 meters depth showing 16.09 meters of mixed massive sulphide.
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Highlights
- Talon's in-house exploration team has been 'Infilling' and 'Outfilling' the Tamarack Resource Area for purposes of completing a feasibility study at the Tamarack Nickel Copper Project.
Once again, this exploration work has resulted in new success with drill hole 25TK0561, that was targeting a Borehole Electromagnetic ("BHEM") model below the Tamarack Resource Area, encountering significant mineralization at a depth of 359.16 meters, drilling 16.09 meters (See Figure 1) logged as 10% to 80% sulphide content (the higher the percentage of sulphide, the higher the grade of nickel at the Tamarack Nickel Copper Project).
Its position below the existing shallow part of the Tamarack Resource Area is important as it may represent a waterfall draining the CGO East Zone mineralization, similar to the waterfall in the CGO West Zone, where the mineralization orientation changes from near horizontal to near vertical (See Figure 2 (plan view of cross section A-A') and Figure 3 (cross section showing the potential CGO East Zone waterfall)).
- As is the case with CGO West Zone waterfall, a CGO East Zone waterfall of mineralization has the potential to add tonnage early in the Tamarack mine life, with minimal additional cost.
Brian Goldner, COO and Chief Exploration Officer of Talon, commented on the recent results, stating: "Not to sound like a broken record, but once again, borehole EM pointed to another great intercept, this time in CGO East. The really exciting part of this intercept is that the Massive Sulphide Unit appears to be plunging down below the CGO intrusion which begs the question, if it is draining where does it pool. Both the CGO East Zone and CGO West Zone, and the results from last month's intercept in the 138 Zone, show strong evidence that the Tamarack mineralization is draining to depth into areas with limited drilling."
"The timing of this record CGO East Zone intercept at shallow depth could not be more aligned with the Administration's Executive Order: "Immediate Measures to Increase American Mineral Production" from March 20, 2025," said Henri van Rooyen, CEO of Talon. "Together with last month's exceptional 8.25-meter intercept in drill hole 16TK0250, the Tamarack Nickel Copper Project is clearly demonstrating the potential for additional high-grade nickel and copper mineralization beyond the current known resource footprint."
Figure 2: Plan view of the Tamarack Resource Area, showing the location of the new mixed massive sulphide intercept in drill hole 25TK0561.
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Figure 3: Cross section looking North-Northeast showing location of drill hole 25TK0561 in relation to other drill holes with high-grade nickel-copper mineralization along with the interpreted down dip extension of the CGO East mineralization.
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Geophysical Innovation: Drill hole 25TK0561 targeted a BHEM model that was developed using Provus, a unique 3-D BHEM software package developed by Novaminex, in partnership with Talon (see Figure 4). A follow-up BHEM survey has been conducted, and Talon is reviewing the area to determine if any other historical holes should be extended to look for additional mineralization at depth.
Brian Bengert, VP of Geophysics, stated: "The Novaminex Provus EM modelling software is changing our understanding of complex conductivity structures that are the focus of major nickel massive sulphide deposits. While industry standard EM modelling should only be applied to a single borehole at a time, Provus can model entire conductive systems from multiple holes simultaneously. In this case, we were able to model a complicated electromagnetic conductor that was winding its way between our boreholes beneath the CGO East mineralization. This was not apparent in the individual plate models of traditional modelling and the target yielded some great results."
Figure 4: View of the Provus BHEM model that combines surveys from multiple drill holes into a single ribbon model, better fitting the BHEM response with a conductive system rather than the industry standard of modelling plates to individual drill holes.
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Lundin Earn-in Agreement Update
Talon and Lundin Mining Corporation ("Lundin Mining") have extended the exclusivity period until April 30, 2025, as the parties continue to work on the earn-in and related agreements pursuant to which Lundin Mining may acquire up to a 70% ownership interest in the Boulderdash and Roland exploration targets, which are in close proximity to Lundin Mining's Eagle Mine and encompass approximately 33,000 acres of minerals rights out of Talon's over 400,000 acre mineral package in Michigan (see the Company's press release from March 5, 2025 for further information).
QUALITY ASSURANCE, QUALITY CONTROL AND QUALIFIED PERSONS
Please see the technical report entitled "November 2022 National Instrument 43-101 Technical Report of the Tamarack North Project - Tamarack, Minnesota" with an effective date of November 2, 2022 ("November 2022 Technical Report") prepared by independent "Qualified Persons" (as that term is defined in National Instrument 43-101 ("NI 43-101")) Brian Thomas (P. Geo), Roger Jackson (P. Geo), Oliver Peters (P. Eng) and Christine Pint (P.G) for information on the QA/QC, data verification, analytical and testing procedures at the Tamarack Nickel Copper Project. Copies are available on the Company's website (www.talonmetals.com) or on SEDAR+ at (www.sedarplus.ca). The laboratory used is ALS Minerals who is independent of the Company.
Lengths are drill intersections and not necessarily true widths. True widths cannot be consistently calculated for comparison purposes between holes because of the irregular shapes of the mineralized zones. Drill intersections have been independently selected by Talon. Drill composites have been independently calculated by Talon. The geological interpretations in this news release are solely those of the Company. The locations and distances highlighted on all maps in this news release are approximate.
Dr. Etienne Dinel, Vice President, Geology of Talon, is a Qualified Person within the meaning of NI 43-101. Dr. Dinel is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.
Where used in this news release:
NiEq% = Ni% + Cu% x $3.75/$9.50 x Cu Recovery/Ni Recovery + Co% x $25.00/$9.50 x Co Recovery/Ni Recovery + Pt [g/t]/31.103 x $1,000/$9.50/22.04 x Pt Recovery/Ni Recovery + Pd [g/t]/31.103 x $1,000/$9.50/22.04 x Pd Recovery/Ni Recovery + Au [g/t]/31.103 x $1,400/$9.50/22.04 x Au Recovery/Ni Recovery
CuEq% = Cu%+ Ni% x $9.50/$3.75 + Co% x $25.00/$3. + Pt [g/t]/31.103 x $1,000/$3.75/22.04 + Pd [g/t]/31.103 x $1,000/$3.75/22.04 + Au [g/t]/31.103 x $1,400/$3.75/22.04
For Ni and Cu recoveries, please refer to the formulae in the November 2022 Technical Report. Recovery of Ni to the Cu concentrate was excluded from the NiEq calculation. The following recoveries were used for the other metals: 64.1% for Co, 82.5% for Pt, 69.3% for Pd and 72.6% for Au.
ABOUT TALON
Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project and currently owns 51%. Talon is focused on (i) expanding and infilling its current high-grade nickel mineralization resource prepared in accordance with NI 43-101 to shape a mine plan for submission to Minnesota regulators, and (ii) following up on additional high-grade nickel mineralization in the Tamarack Intrusive Complex. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Battery Mineral Processing Facility in Mercer County was selected by the US Department of Energy for US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of Defense awarded Talon a grant of US$20.6 million to support and accelerate Talon's exploration efforts in both Minnesota and Michigan. Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.
For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:
| Media Contact: Jessica Johnson 1 (218) 460-9345 johnson@talonmetals.com | Investor Contact: Mike Kicis 1 (647) 968-0060 kicis@talonmetals.com |
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FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Such forward-looking statements include statements relating to future exploration work, including future drill results and assays, geologic and geophysical interpretations, potential tonnage for a future potential mine, and whether Talon will enter into the earn-in and related agreements with Lundin Mining. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Table 1: Collar Locations of Drill Holes not Previously Disclosed
| Drill Hole (#) | Easting (m) | Northing (m) | Elevation (masl) | Azm | Dip | End Depth (m) |
| 24TK0507 | 490677.7 | 5169020.1 | 388.0 | 84.1 | -61.4 | 619.5 |
| 24TK0536 | 491111.4 | 5169076.7 | 388.0 | 235.6 | -54.2 | 374.0 |
| 24TK0539 | 491112.0 | 5169077.1 | 388.0 | 227.2 | -58.1 | 370.9 |
| 25TK0561 | 490842.9 | 5168859.1 | 388.0 | 23.0 | -64.0 | 389.2 |
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Collar coordinates are UTM Zone 15N, NAD83.
Azimuths and dips are taken from the survey record at collar unless otherwise noted.
Table 2: Quick Lithology Log
| Drill Hole (#) | From (m) | To (m) | Length | Quick Log | % Sulphides |
| 24TK0536 | 0 | 53.64 | OB | ||
| 53.64 | 343.35 | FGO/MZNO | Traces-4% | ||
| 343.35 | 344.17 | 0.82 | MMS/MSU | 80% | |
| 344.17 | 349.3 | SED | |||
| 349.3 | 351.35 | 2.05 | MMS/MSU | 20-80% | |
| 351.35 | 373.99 | SED | |||
| 24TK0539 | 0 | 48.16 | OB | ||
| 48.16 | 307.32 | FGO/MZNO | Traces-10% | ||
| 307.32 | 309.19 | 1.87 | MMS/MSU | 70% | |
| 309.19 | 370.94 | SED | |||
| 25TK0561 | 0 | 42.67 | OB | ||
| 42.67 | 290 | FGO/MZNO | Traces-4% | ||
| 290 | 353.1 | CGO | 1-5% | ||
| 353.1 | 354.4 | SED | |||
| 354.4 | 359.16 | CGO | Traces | ||
| 359.16 | 367.63 | 8.47 | MMS/MSU | 15-80% | |
| 367.63 | 371.33 | 3.7 | GAB | 10% | |
| 371.33 | 375.25 | 3.92 | MMS/MSU | 65% | |
| 375.25 | 389.23 | SED |
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Quick lithology log of drill holes: Overburden (OB) Meta-sedimentary rocks (SED); Coarse-grained Orthocumulate (CGO); Fine-grained Orthocumulate/ Mixed Zone (FGO/MZNO); Gabbro (GAB); Massive and mixed sulphide (MMS/MSU).
Table 3: Assay Table for Drill Hole 24TK0507
| Drill Hole (#) | From (m) | To (m) | Length (m) | Assay | NiEq (%) | CuEq (%) | |||||
| Ni (%) | Cu (%) | Co (%) | Pd (g/t) | Pt (g/t) | Au (g/t) | ||||||
| 24TK0507 | 274.95 | 292.00 | 17.05 | 0.47 | 0.26 | 0.02 | 0.17 | 0.28 | 0.13 | 0.74 | 1.82 |
| and | 382.50 | 422.59 | 40.09 | 0.72 | 0.51 | 0.02 | 0.27 | 0.48 | 0.22 | 1.15 | 2.90 |
| including | 402.00 | 418.00 | 16.00 | 0.96 | 0.67 | 0.02 | 0.41 | 0.69 | 0.28 | 1.50 | 3.84 |
| and | 456.95 | 457.88 | 0.93 | 7.57 | 4.30 | 0.06 | 8.41 | 22.00 | 7.10 | 14.42 | 39.63 |
| and | 485.45 | 487.40 | 1.91 | 1.15 | 0.87 | 0.02 | 0.95 | 1.53 | 0.61 | 2.01 | 5.20 |
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Length refers to drill hole length and not True Width.
True Width is unknown at the time of publication.
All samples were analysed by ALS Minerals. Nickel, copper, and cobalt grades were first analysed by a 4-acid digestion and ICP AES (ME-MS61). Grades reporting greater than 0.25% Ni and/or 0.1% Cu, using ME-MS61, trigger a sodium peroxide fusion with ICP-AES finish (ICP81). Platinum, palladium, and gold are initially analyzed by a 50g fire assay with an ICP-MS finish (PGM-MS24). Any samples reporting >1g/t Pt or Pd trigger an over-limit analysis by ICP-AES finish (PGM-ICP27) and any samples reporting >1g/t Au trigger an over-limit analysis by AAS (Au-AA26).
For Ni and Cu recoveries, please refer to the formulae in the November 2022 Technical Report. Recovery of Ni to the Cu concentrate was excluded from the NiEq calculation.
The following recoveries were used for the other metals: 64.1% for Co, 82.5% for Pt, 69.3% for Pd and 72.6% for Au.
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WESTERN COPPER AND GOLD STRENGTHENS STRATEGIC PARTNERSHIP WITH MITSUBISHI MATERIALS
western copper and gold corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) is pleased to announce that it has strengthened its relationship with Mitsubishi Materials Corporation ("Mitsubishi Materials").
Western has entered into an amended and restated investor rights agreement (the "Agreement") with Mitsubishi Materials, most notably extending the rights and obligations thereunder until May 30, 2026 , subject to Mitsubishi Materials acquiring 2 million common shares of the Company through open market purchases. These purchases will be non-dilutive to existing shareholders, as no new shares will be issued by the Company. Upon completion, Mitsubishi Materials' equity ownership in Western is expected to return to approximately 5%.
"Mitsubishi Materials have been a supportive partner, and we are pleased to see them grow their ownership in Western," said Sandeep Singh , President and CEO. "Their continued support through this proposed new investment, made through non-dilutive, open market purchases, is another vote of confidence in the team and the Casino Project. The corresponding extension of rights reflects the productive and aligned relationship we've built, and we look forward to continuing to collaborate as we advance one of Canada's most important critical minerals projects."
ABOUT western copper and gold corporation
western copper and gold corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world.
The Company is committed to working collaboratively with our First Nations and local communities to progress the Casino Project, using internationally recognized responsible mining technologies and practices.
For more information, visit www.westerncopperandgold.com .
On behalf of the board,
"Sandeep Singh"
Sandeep Singh
President and CEO
western copper and gold corporation
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "opportunities", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Such forward-looking statements herein include statements regarding Mitsubishi Materials acquiring additional common shares of the Company.
Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual events to be materially different from those expressed or implied by such statements. Such factors include but are not limited to the risk of unforeseen challenges in advancing the Casino project, potential impacts on operational continuity, changes in general market conditions that could affect the Company's performance; and other risks and uncertainties disclosed in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure documents.
Forward-looking statements are based on assumptions management believes to be reasonable, such assumptions and factors as set out herein, and in the Company's annual information form and Form 40-F for the most recently completed financial year and its other publicly filed disclosure document.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, other factors may cause results to be materially different from those anticipated, described, estimated, assessed or intended. These forward-looking statements represent the Company's views as of the date of this news release. There can be no assurance that any forward-looking statements will be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not intend to and does not assume any obligation to update forward-looking statements other than as required by applicable law.
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SOURCE western copper and gold corporation
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