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Fabled Copper Corp. ("Fabled" or the "Company") (CSE:FABL)(FSE:XZ7) is pleased to announce two concurrent non-brokered private placements (collectively, the "Offerings") to raise aggregate gross proceeds of up to CAD$1,500,000
Fabled Copper
Overview
Fabled Copper (CSE:FABL) is a Vancouver-based mineral exploration and development company exploring and defining high-level and high-grade copper, gold and silver resources in Canada. The company’s flagship Muskwa copper project is located in British Columbia, the top copper-producing province in Canada.
British Columbia produced 57.4 percent of Canada’s total copper production in 2021. The northwest sector of BC is considered a world-class region for metal endowments, with more than 220 million ounces of gold and 93 billion pounds of copper. Yet, only 3 percent of these deposits have been mined, indicating the potential for future projects in the region.
The company has three projects targeting specific critical and precious metals. First, the Muskwa project has significant blue sky potential for additional copper discoveries and future production. The TJ project has known occurrences of high-grade gold and silver. Finally, the recently acquired Ohm project has known lithium pegmatites yet has not received significant exploration attention.
Fabled Copper's flagship Muskwa project has already produced significant assays returning up to 26.1 percent copper. Initially, the asset contained 22 known occurrences of copper, but this has been expanded to 90 known copper occurrences. The company is awaiting permitting and consultation to proceed with its maiden exploratory drilling campaign.
An experienced management team with experience throughout the natural resources industry leads the company towards fully exploring its assets and increasing shareholder value. Peter Hawley, CEO and director, has over 35 years of mining experience, from exploration to full production. Company director Louis Martin has been a major contributor to the co-discovery of several gold and base metal deposits during his more than 35-year career working for major, mid-tier and junior mining companies. Additional experts in geology, metallurgy, and corporate administration lead the company toward increasing shareholder value.
Company Highlights
- Fabled Copper is a Vancouver-based exploration and development company focusing on its critical and precious metals assets. The company’s portfolio includes copper, gold, and silver deposits.
- The Muskwa copper asset, the company's flagship project, is located in British Columbia, Canada's top copper-producing province.
- BC is responsible for over half of Canada's copper deposits, yet geologists believe only 3 percent of the province's deposits have been mined.
- Fabled Copper operates three projects targeting precious and critical metals: the Muskwa copper project, the TJ gold-silver project, and the newly acquired Ohm lithium property.
- The company has expanded known copper occurrences at the Muskwa project from 22 to 90 known occurrences.
- Fabled Copper is awaiting permitting and consultation before moving forward with its maiden drill campaign at the Muskwa project.
- An expert team with experience throughout the natural resources industry leads the company toward exploring its assets and improving shareholder value.
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Exploring the Untapped Potential of Critical and Precious Metal Assets in British Columbia
Fabled Copper Receives Drill Permit and Outlines Proposed 2024 Drill Program on Davis Keays Eagle Vein
Fabled Copper Corp. ("Fabled Copper" or the "Company") (CNSX:FABL)(FRA:XZ7) announces that it has received its Mines Act Permit which entitles the Company to drill from 15 drill stations over a period of 2 years on the Muskwa Copper Project
The Muskwa Project is comprised of the Neil Property, the Toro Property and the Bronson Property located in northern British Columbia. The Neil Property area was granted the drilling permit and in particular the Davis Keays Eagle Vein area is the Company's first priority interest. See Figure 1 below.
Figure 1 - Location Map
Peter Hawley, President, CEO reports; "We at Fabled Copper Corp. are very excited to finally receive our long-awaited drill permit. Subject to funding being available, the Company wishes to embark on a helicopter supported diamond drill program consisting of 3,000 - 5,000 meters on the First Priority Davis Keays Eagle Vein. This will be the first ever surface drilling of the Eagle Vein area known.
As outlined below and through detailed cutting-edge technology we believe the question is not if we will intercept the Eagle vein given our target accuracy is 3 cms BUT how many copper bearing veins will we intercept before hitting the Eagle Vein. Not only is the potential upside redefining the Eagle vein ore body but also evaluating the Eagle vein below the current 5,800 level and the potential of the parallel veins sets evaluated during the 2022 work program."
Background
A May 1990 Feasibility Report to the Davis Keays Mining Co. ("David Keays") outlined a 6 year, 365,000 tons / year mining life of the Eagle Vein based on $0.60 per pound copper.
To support their findings, over period of 3 months, 8 feet high by 9 feet wide adits were driven by Davis Keays into the mountain on the Eagle vein on the 7,300 level, 6,950 level and 6,400 levels, and at every 300 foot centers 110-120 foot cross cuts were excavated for underground diamond drilling where the area was drilled above and below the levels.
In addition, all the entire excavated underground workings were mapped and vein chip sampled at 10 foot intervals and whereever the vein went into the wall, sampled with a test hole.
Based on these findings the Feasibility Report outlines Proven Reserves of 1,007,360 tons grading 3.56% copper, *Probable Reserves of 562,320 tons grading 3.18% copper and Possible Reserves grading 3.18% copper.
As mentioned in the report, "these Reserves are to the 5,800 foot level only but there is no geological reason to expect the vein the terminate at this level. There are excellent possibilities of extending these Reserves, through a continuing of exploration and development to depth on the Eagle Vein and other known veins as well.
Shortly thereafter, and as a result of the development work post Feasibility Study, the 5,800 level was developed. See the Company's press release dated September 28, 2022 to view the entrances of 6400 and 5800 adit portals.
The work carried out under the 1990 Feasibility Report was not carried out or reported using current categories of Mineral Resources or Mineral Reserves under NI 43-101. A Qualified Person has not done sufficient work to classify the abovementioned historical estimate as a current resource. The Company is not treating the historical estimate as a current resource. The Company's proposed 2024 drill program will seek to begin the process of verifying the historical estimate and exploring the Eagle Vein below the 5,800 level.
Fabled Copper's 2022 work on Eagle Vein Area
Below is a summary of the results of Fabled Copper's work on the Eagle Vein undertaken in the summer of 2022. The below dates reference the dates of the Company's press releases in which readers can find further information.
April 27, 2022 - Fabled Copper Corp Reports on the Davis Keays UAV Drone Mission Survey
"16 terrain - following missions were completed over the area with 3-23 cm resolution and grade accuracy of 1-3 cm."
- May 4, 2022 - Fabled Copper Reports on Davis Keays Eagle Vein Area with 6 Additional Parallel Veins discovered and Values as high as 6.73%
- May 11, 2022 - Surface Geophysics outlines Parallel EM Conductor to the Eagle Vein at Davis Keays. Detailed ground VLF - Electromagnetics and Total Field Magnetics. A strong parallel EM conductor was delineated 160 meters northwest of the Eagle Vein."
- May 25, 2022 - Underground Inspection of Eagle Vein does not disappoint.
- June 1, 2022 - Interpretation of Davis Keays Eagle Vein Area Defined Three Structural Corridors. One of which corresponds to the Eagle Vein with at least 5 additional vein sets in addition to the eagle vein and all having the same attitude.
- September 28, 2022 - Fabled Secures Underground Portals.
- October 12, 2022 - Fabled Presents Preliminary Underground LiDAR Survey Findings. 913.93 meters of the 6,400 foot level of the Eagle Vein was surveyed with a maximum error of 3.61 cm and clearly outlines the copper mineralization and veining."
The Company will provide details of the proposed 2024 drill program, which is dependent upon securing additional financing, in due course.
As always Fabled Copper acknowledges that the Muskwa project occurred on lands and in watersheds of importance to Kaska, Fort Nelson First Nation, and Treaty 8 Nations. We are honored to share responsibility for the stewardship of these places.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital
on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE: Fabled Copper Corp.
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FABLED COPPER Samples Three Road Side Lithium Bearing Pegmatite Outcrops on Volt 1 Property, Quebec
Fabled Copper Corp. (" Fabled " or the " Company ") (CSE:FABL; FSE:XZ7) is pleased to announce the first Phase sampling program on the Volt 1 Property in Quebec
The VOLT 1 Property is comprised of 9 contiguous cells with a total size of 504 hectares. The VOLT 2 Property is comprised of 2 contiguous cells nearby with a total size of 112 hectares. Both properties are located due east of the village of Miquelon, Quebec and are surrounded by Mosaic Minerals Corp.'s (CSE: MOC) "Lithium SM Project."
Figure 1 - Volt Property Location
Preamble
The late spring and summer of 2023 has been challenging due to forest fires in northern Quebec and as a result work in the forest was prohibited. In late July 2023 the ban was lifted for one day in the area of the VOLT 1 Property area and a first phase exploration sampling program was conducted over a period of half a day due to locating property access. The main objectives of the program were as follows:
- Accessibility, road conditions, field conditions.
- Do reported pegmatites exist and over what area.
- If pegmatites are found, are they boulders, glacial trains or insitu outcrops.
- Do the boulders and or outcrops contain lithium and or associated subset of minerals and are the concentration of minerals associated with a particular type of texture, fine grained verses coarse grained.
- And finally do the results warrant and more comprehensive field program.
Discussion on the Findings.
During late July, 2023 the VOLT 1 Property was prospected and sampled over a half day and samples 28921 - 28923, were collected over an area of approximately 500 meters in length. See Map 1 below, Table 1 below.
The purpose of the sampling to was obtain typical pegmatite samples over the greatest area possible, in the fasted time possible due to travel distance back to Val D'Or. The 3 samples taken on outcropping pegmatites on a west trending road in the central portion of the property are by no means indicative of the property potential.
The volume of visible surface outcroppings on the higher portion of the property should allow a proper property wide evaluation. See Map 1 - Sample locations and yellow arrows indicating visible outcrops from google earth. Note the extent of outcropping form the road sampled.
Map 1 - Sample Locations
The central 3 outcrops sampled were composed of fine grained pegmatite. LTC pegmatites comprise a compositional defined subset of granitic pegmatites. The majority minerals are quartz, potassium feldspar, albite and muscovite all present in the pegmatites viewed See Photo 3 below.
LTC pegmatites crystallize at remarkably low temperatures (about 350 - 550 C) in a short period of time thus the large crystal sizes of associated minerals.
Photo 1 - Sample No. 28921 of road side pegmatite outcrop
Photo 2 - Sample No. 28922 of road side pegmatite outcrop
Photo 3 - Close Up of Sample No. 28922 , note muscovite content
Photo 4 - Sample No. 28923 of road side pegmatite outcrop
Early stage reconnaissance in the central part of the property has confirmed the presence of lithium (Li), cesium (Cs), tantalum (Ta), rubidium (Rb), beryl (Be), potassium (K) and niobium (Nb) in all 3 samples except for sample 28921 which lacked Ta. See Table 1 below.
Of the 3 samples, No. 28922 was very elevated compared to the other 2 samples.
| Sample Number | Rock Type | Exposure Type | Li ppm | Cs ppm | Ta ppm | Rb ppm | Be ppm | K ppm | Nb ppm |
| 28921 | Medium Grained pegmatite | Surface Out Crop | 21.60 | 2.04 | 0.005 | 21.40 | 0.41 | 0.28 | 0.706 |
| 28922 | Fine Grained pegmatite | Surface Out Crop | 110.50 | 13.10 | 0.010 | 63.10 | 0.41 | 0.28 | 2.630 |
| 28923 | Fine Grained pegmatite | Surface Out Crop | 82.50 | 5.00 | 0.018 | 28.10 | 0.58 | 0.18 | 3.000 |
Next Step Forwards
With only 3 samples taken over the entire property, mineral assays of interest and excellent road access in the central sector and as seen by google earth wide-spread out crop is yet to be sampled a Second Phase Exploration Program has already begun with a team currently in the field. This work will consist of follow:
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
The Company is also seeking to broaden and diversify its portfolio. The Company has acquired the VOLT 2 lithium Property, located in Miquelton, Quebec and has options to acquire the OHM Property, located in Val D'Or, Quebec and the VOLT 1 Property located in the Miquelton, Quebec.
Mr. Peter J. Hawley, President and C.E.O.
Phone: (819) 316-0919
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition, development plans and business plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the failure of the shareholders of the Company to approve the Consolidation Proposal, impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; inability to obtain drilling permits; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
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Fabled Copper Outlines 8 km by 2 km Pegmatite Boulder Field With Pegmatite Outcropping in Central Portion of OHM Property, Quebec
Fabled Copper Corp. ("Fabled" or the "Company") (CSE:FABL)(FSE:XZ7) is pleased to announce the results of the first phase sampling program on the OHM Property (the "Property
The OHM Property consists of 51 contiguous cells comprising of 2,856 hectares located approximately 70 kms south of Val D'Or. The OHM Property can be easily accessed from the main highway, route 117 and forestry roads 43 and 44 with numerous secondary cutting roads. It is estimated that 80% of the Property has been logged thus outcrop visibility is excellent.
A minimum of at least 10 pegmatite outcrops have been documented by the previous operators of the Property. No documented work has been done in the search for lithium within the pegmatite swarms. See Figure 1 below.
Figure 1 - OHM Property
Preamble
The late spring and summer of 2023 was challenging due to forest fires in northern Quebec and as a result work in the forest was prohibited. In late July 2023 the ban was lifted for the OHM Property area and a first phase exploration sampling program was conducted over a period of a week. The main objectives of the program were as follows:
- To determine accessibility, road conditions, field conditions.
- To determine if pegmatites exist on the Property and over what area.
- If pegmatites were found, to determine if they were boulders, glacial trains or insitu outcrops.
- If boulders (not in place), what is the shape (rounded means transported a great distance, angular (meaning not traveled very far or heaved up from frost from outcrop below).
- If coarse grained meaning slow cooling or outer envelope of an intrusive, if fine grained, fast cooling and closer to the heat source.
- To determine if the boulders and or outcrops contained lithium and or associated subsets of minerals and are the concentration of minerals associated with a particular type of texture, fine grained verses coarse grained.
- And finally do the results warrant a more comprehensive field program.
Discussion on the Findings.
During the week of July 17th, 2023 the Property was prospected and 19 samples numbered 28902 - 28920 were collected over an area of approximately 8 kilometers in length and 2 kilometers in width, being 1600 hectares of the 2,856 hectares in total on the property. See Map 1 below, Table 1 below.
The purpose of the sampling to was obtain typical pegmatite samples over as great an area as possible to determine if any one area is more favorable for further exploration. Hundreds of angular and lesser amount of rounded pegmatite boulders were seen. The center location of the property has pegmatite outcropping / sub cropping with the dimensions yet to be determined.
Geologic rock sequences observed were meta - seds traversing the Northwest sector, followed by bands of amphibolite kneiss followed by a 2 kilometer with of pegmatite boulders with outcrop terminated by Lac Rochester to the southeast. All observed trends are approximately N45E, including Lac Rochester.
Map 1 - Sample Locations
The northeast sector contains very course to knobby pegmatite while the southwest sector contains fine grained pegmatite. LTC pegmatites comprise a compositional defined subset of granitic pegmatites. The majority minerals are quartz, potassium feldspar, albite and muscovite all present in the pegmatites viewed except for 5mm garnets present in the knobby and coarse pegmatites. See Photo 1 below.
LTC pegmatites crystallize at remarkably low temperatures (about 350 - 550 C) in a short period of time thus the large crystal sizes of associated minerals.
Photo 1 - Knobby Pegmatite to left, Coarse grained Pegmatite to Right
Outcrop and sub crop in the central section as shown below. See Photo 2 below.
Photo 2 - Outcrop on left, sub crop on right
Early stage reconnaissance in the central part of the property has confirmed promising K / Rb (potassium to rubidium) ratio's in two samples, (28913, 28914) a proven indicator for lithium fertility according to the work of Stelway & al. (2004) for LTC (Lithium - Cesium - Tantalum type pegmatites. As supporting evidence elevated lithium and cesium are contained in the two samples. See Table 1 below.
| Sample Number | Rock Type | Exposure Type | Li ppm | Cs ppm | Rb ppm | Be ppm | K ppm |
| 28902 | Coarse pegmatite | Angular boulder | 4.7 | 0.289 | 8.55 | 0.04 | 0.2 |
| 28903 | Coarse pegmatite | Angular boulder | 8.6 | 0.774 | 27.7 | 0.04 | 0.46 |
| 28904 | Coarse pegmatite | Angular boulder | 6.9 | 0.646 | 23.7 | 0.04 | 0.4 |
| 28905 | Coarse pegmatite | Angular boulder | 2 | 0.093 | 1.09 | 0.02 | 0.04 |
| 28906 | Coarse pegmatite | Angular boulder | 10.8 | 1.035 | 31.1 | 0.04 | 0.61 |
| 28907 | Coarse pegmatite | Angular boulder | 11.6 | 2.45 | 30.5 | 0.08 | 0.42 |
| 28908 | Coarse pegmatite | Angular boulder | 2.6 | 0.241 | 5.07 | 0.04 | 0.14 |
| 28909 | Fine pegmatite | Out crop | 29.4 | 1.175 | 41.1 | 0.07 | 0.37 |
| 28910 | Coarse pegmatite | Angular boulder | 7.3 | 1.075 | 18.75 | 0.05 | 0.35 |
| 28911 | Coarse pegmatite | Angular boulder | 0.8 | 0.282 | 3.9 | 0.04 | 0.09 |
| 28912 | Coarse pegmatite | Angular boulder | 0.1 | 0.19 | 2.9 | 0.02 | 0.11 |
| 28913 | Knobby pegmatite | Out crop | 45.8 | 8.65 | 150 | 0.12 | 3.24 |
| 28914 | Knobby pegmatite | Angular boulder | 15.7 | 2.07 | 62.1 | 0.07 | 1.03 |
| 28915 | Coarse pegmatite | Angular boulder | 3.2 | 0.623 | 11.4 | 0.04 | 0.24 |
| 28916 | Coarse pegmatite | Angular boulder | 0.9 | 0.243 | 3.99 | 0.02 | 0.12 |
| 28917 | Fine pegmatite | Rounded boulder | 4.2 | 0.295 | 12.8 | 0.04 | 0.23 |
| 28918 | Fine pegmatite | Rounded boulder | 4.6 | 0.289 | 12.9 | 0.05 | o.24 |
| 28919 | Coarse pegmatite | Angular boulder | 2.7 | 0.57 | 10.35 | 0.02 | 0.16 |
| 28920 | Fine pegmatite | Rounded boulder | 2.8 | 0.553 | 10.3 | 0.02 | 0.17 |
Next Steps
With only 19 samples taken over the entire property and given mineral assays of interest located in the central sector and hundreds of pegmatite boulders on the Property yet to be sampled, plus out cropping and sub cropping pegmatites that have not yet been systematically sampled the Company proposes to undertake a Second Phase Exploration Program that it currently believes will consist of following:
- An in-depth review of Quebec Ministere des Ressources naturelles et des Forets SIGEOM data base with particular attention to gradient and residual magnetics; magnetic tilt angle, magnetic analytic and magnetic analytic signal and the shadow relief LIDAR over the property.
- A Property wide detailed sampling program using diamond blade rock saws to obtain both insitu and channel samples due to the hardness of the pegmatites.
- Detailed structural and pegmatite composition and size mapping of outcrops in the central area.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
The Company is also seeking to broaden and diversify its portfolio. The Company has acquired the VOLT 2 lithium Property, located in Miquelton, Quebec and has options to acquire the OHM Property, located in Val D'Or, Quebec and the VOLT 1 Property located in the Miquelton, Quebec.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition, development plans and business plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the failure of the shareholders of the Company to approve the Consolidation Proposal, impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; inability to obtain drilling permits; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE: Fabled Copper Corp.
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Fabled Copper Closes Debt Settlement and Terminates Proposed Acquisition of the TJ Property
(TheNewswire)
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Vancouver, British Columbia TheNewswire August 18, 2023 - Fabled Copper Corp. (" Fabled " or the " Company ") (CSE:FABL ) ; ( FSE:XZ7) announces that it closed, on August 10, 2023, its previously announced debt settlement pursuant to which the Company settled an aggregate amount of C$30,000 in outstanding debt (the " Debt Settlement ") in exchange for the issuance of 375,000 units at a price of C$0.08 per unit (each a " Unit ").
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Fabled Copper Agrees Debt Settlement
Fabled Copper Corp. ("Fabled" or the "Company") (CSE:FABL)(FSE:XZ7) announces that it proposes to enter into a debt settlement agreement with a consultant, pursuant to which the Company will agree to settle an aggregate amount of C$30,000 in outstanding debt (the "Debt Settlement") in exchange for the issuance of 375,000 units at a price of C$0.08 per unit (each a "Unit
Each Unit will consist of one common share (each a "Common Share") and one common share purchase warrant (each a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at the price of $0.12 per share for a period of 24 months from closing.
The securities issued in connection with the Debt Settlement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
Pursuant to the policies of the Canadian Securities Exchange, the Debt Settlement will close five business days from the date of this press release.
About Fabled Copper Corp.
Fabled is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing drill ready copper properties located in northern British Columbia. The Company's current property package consists of the Muskwa Project and the Bronson Property and comprises approximately 16,219 hectares in three non-contiguous blocks and located in the Liard Mining Division in northern British Columbia.
The Company is seeking to broaden and diversify its portfolio. The Company has acquired the VOLT 2 lithium Property, located in Miquelon, Quebec and has options to acquire the OHM Property, located in Val D'Or, Quebec and the VOLT 1 Property located in the Miquelon, Quebec. The Company is also seeking to add an additional high grade gold and silver property, the TJ Ridge Property in British Columbia for which it has entered into a letter of intent.
Mr. Peter J. Hawley, President and C.E.O.
Fabled Copper Corp.
Phone: (819) 316-0919
peter@fabledcopper.org
For further information please contact:
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition, development plans and business plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: the failure of the shareholders of the Company to approve the Consolidation Proposal, impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; inability to obtain drilling permits; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
SOURCE: Fabled Copper Corp.
View source version on accesswire.com:
https://www.accesswire.com/771688/Fabled-Copper-Agrees-Debt-Settlement
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Silver47 Exploration - OTC Markets Request
Silver47 Exploration Corp. (TSXV: AGA,OTC:AAGAF) (OTCQB: AAGAF) ("Silver47" or the "Company") confirms that, as previously announced on September 4, 2025, it has engaged Sideways Frequency LLC ("SFLLC") as an arms-length, third party firm contractually retained by the Company in accordance with routine industry practices to provide investor relations services for a 12 month term.
As part of the Company's efforts towards investor awareness, SFLLC organizes and facilitates the creation and distribution of promotional material concerning the Company and its common shares traded on the OTCQB marketplace (the "Promotional Material") on behalf of the Company. On September 10, 2025, the Company became aware that SFLLC had commenced distribution of Promotional Material which discussed the Company, its business and a general assessment of, and commentary on, the broader market for silver and silver exploration globally. The Promotional Material was available via email and online via click-through of digital media ads.
The Company has editorial control over the Promotional Material for accuracy but is not directly involved in its creation or distribution, other than fact checking the final versions for accuracy. The content of the Promotional Material was taken from publicly available disclosure, including the Company's press releases, corporate presentation and financial statements. The statements made in the promotional material were not false or misleading.
The OTC Markets Group Inc ("OTC Markets") has requested the Company issue this statement regarding the Promotional Material.
The effect of the Promotional Material is impossible to judge precisely but may have led to an increase in trading volumes of the Company's common shares on the OTCQB.
After inquiring with its management, directors, officers, control persons and third-party service providers, the Company confirms that none of such parties have:
- directly or indirectly been involved in any way (including payment of a third-party) with the creation, distribution, or payment of promotional materials related to the Company or its securities, except as described in this press release; or
- sold or purchased the Company's securities in the past 90 days, other than the purchase of 100,000 units by one director in connection with the Company's recently closed private placement.
In the last 12 months, the Company has not engaged any third party to provide investor relations, public relations, marketing or related services, other than SFLLC, High Tide Consulting Corp. ("High Tide"), and Market One Media Group ("Market One"). The engagement of High Tide was disclosed in the Company's April 4, 2025 news release.
The Company entered into a media services agreement (the "Market One Agreement") dated September 2, 2025, with Market One. Market One, with offices in Vancouver and Toronto, is a multi-platform media solution for the capital markets operating in editorial, video and digital media. The media message is distributed via broadcast, digital, and social media channels including media platforms such as BNN Bloomberg. Market One's engagement is for a term of 12 months. Market One will provide services including investor lead generation buildout, a social media campaign, banner ads and articles. The Company will pay Market One a fee of $75,000 plus GST for the services provided. There are no performance factors contained in the Market One Agreement and Market One will not receive common shares or options as compensation. Further, Market One and the Company are unrelated and unaffiliated entities and, at the time of the Market One Agreement, neither Market One nor any of its principals have an interest, directly or indirectly, in the securities of the Company. The Market One Agreement is subject to TSX Venture Exchange approval.
Other than as previously disclosed in the Company's public continuous disclosure filings, the Company has not issued any shares or convertible instruments allowing conversion to equity securities at prices constituting a discount to the current market rate at the time of the issuance.
About Silver47 Exploration
Silver47 Exploration Corp is a mineral exploration company, focused on uncovering and developing silver-rich deposits in North America. The Company is creating a leading high-grade US-focused silver developer with a resource totaling 236 Moz AgEq at 334 g/t AgEq inferred and 10 Moz at 333 g/t AgEq indicated. With operations in Alaska, Nevada and New Mexico, Silver47 Exploration is anchored in America's most prolific mining jurisdictions. For detailed information regarding the resource estimates, assumptions, and technical reports, please refer to the NI 43-101 Technical Report and other filings available on SEDAR+ at www.sedarplus.ca. The Company trades on the TSXV under the ticker symbol AGA and OTCQB under the ticker symbol AAGAF.
For more information about the Company, please visit www.silver47.ca and see the Technical Report filed on SEDAR+ at www.sedarplus.ca and titled "Technical Report on the Red Mountain VMS Property Bonnifield Mining District, Alaska, USA with an effective date January 12, 2024, and prepared by APEX Geoscience Ltd."
Follow us on social media for the latest updates:
- X: @Silver47co
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On Behalf of the Board of Directors
Mr. Galen McNamara
CEO & Director
For investor relations
Giordy Belfiore
604-288-8004
gbelfiore@silver47.ca
No securities regulatory authority has either approved or disapproved of the contents of this release. Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this news release are forward-looking statements that involve risks and uncertainties. Forward-looking statements in this press release include, but are not limited to, statements regarding exploration of the Company's projects. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, the inherently unpredictable nature of resource exploration, market conditions and the risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect, and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266923
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Vertex Minerals Limited Corporate Presentation Mining Forum Americas
Perth, Australia (ABN Newswire) - Flagship Project for Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) - Reward Gold Mine, Hill End Corporate Presentation to Mining Forum Americas.
- Commenced Gold processing with new Gekko Gravity Gold Plant
- 100% owned
- No hedge - No Secured debt - fully funded
- Low operating Cost
- High Grade Gold Resource and Reserve 225 ozs at 16.7g/t + more
- Inherited >AUD $50m of underground development
- 1.8M Au oz historically mined
- Reward sits below the Hawkins Hill Mine 435kozs at 309 g/t
- Up to 95% recovery by gravity processes only
- Big Gold System, ~21Miles (34km) with >3,000 old workings
*To view the presentation, please visit:
https://abnnewswire.net/lnk/484ZF4X8
- Commenced Gold processing with new Gekko Gravity Gold Plant
- 100% owned
- No hedge - No Secured debt - fully funded
- Low operating Cost
- High Grade Gold Resource and Reserve 225 ozs at 16.7g/t + more
- Inherited >AUD $50m of underground development
- 1.8M Au oz historically mined
- Reward sits below the Hawkins Hill Mine 435kozs at 309 g/t
- Up to 95% recovery by gravity processes only
- Big Gold System, ~21Miles (34km) with >3,000 old workings
*To view the presentation, please visit:
https://abnnewswire.net/lnk/484ZF4X8
About Vertex Minerals Limited:
Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.
Source:
Vertex Minerals Limited
Contact:
Roger Jackson
Executive Chairman
Tully Richards
Technical Director
tully@vertexminerals.com.au
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Canada One Commences 2025 Field Work Program at Flagship, Copper Dome Project
Canada One Mining Corp. (TSXV: CONE) (OTC Pink: COMCF) (FSE: AU31) ("Canada One" or the "Company") is pleased to announce the launch of its 2025 field exploration program at its flagship Copper Dome Project ("Copper Dome", "Property" or "Project"), located 18 km south of Princeton, British Columbia.
2025 FIELD WORK PROGRAM HIGHLIGHTS
- Priority target: Boundary Zone — 1 × 2 km Cu-Au soil anomaly
- Follow-up targets: Friday Creek, Combination, Haul Road zones (mapping + rock sampling)
- Workstreams: detailed geological mapping, systematic rock geochemistry, alteration mapping
- Core program: re-log, catalogue, reinterpret historical core around key intercepts
- Outcome: ranked, data-driven target matrix to guide next steps toward drill-targeting
Peter Berdusco, President & CEO of the Company, commented: "We are excited to kick off our 2025 field work at Copper Dome. The Boundary Zone—a recently identified 1 × 2 km Cu–Au anomaly with historical rock samples up to 43% Cu—will anchor our systematic mapping and geochemistry. In parallel, we will refine the Friday Creek, Combination, and Haul Road zones and re-log historical core to deliver a ranked, data-driven target matrix."
2025 Field Work Program Summary
The 2025 program will prioritize exploration of the Boundary Zone, a newly defined target characterized by a 1 km by 2-km copper-gold soil geochemical anomaly (See Figure 1: "Map of Copper Dome Zones with Historical Work and Prospective Area"). Historical rock sampling on the western margin of the Boundary Zone returned exceptional assays of up to 43% Cu, 28.16 g/t Au, and 18.19 g/t Pd. Given the limited historical work in this area, the Company's field efforts will focus on systematic geochemical rock sampling and detailed geological mapping. This work aims to better understand the nature of copper-gold mineralization, identify alteration assemblages, and evaluate the proximity of potential porphyry centers relative to the Boundary Zone.
In addition, follow-up rock sampling and geological mapping will be conducted on the Friday Creek, Combination, and Haul Road zones which are adjacent to the Boundary Zone (See Figure 2: "Location Map of the Copper Dome Project"). The Friday Creek and Combination zones have seen limited historical diamond drilling that tested both geophysical and geochemical anomalies, with notable results including:
- DDH FC-01: 8.0 m grading 0.55% Cu and 2.8 g/t Au
- DDH FC-02: 15.0 m grading 0.32% Cu and 0.98 g/t Au
- DDH FC-12: 42.5 m grading 0.28% Cu, including 6.0 m grading 1.5% Cu and 0.70 g/t Au
- DDH FC-10-17: 19.5 m grading 0.71% Cu, including 2.0 m grading 4.08% Cu
- DDH FC-18: 102.7 m grading 0.14% Cu, including 20.0 m grading 0.64% Cu
Understanding the geological framework of these zones will be critical in developing a comprehensive target matrix for future drill testing. The Company's objective is to define the specific geological settings of each target and identify those with the most favourable characteristics for copper-gold porphyry centers.
As part of the 2025 program, field crews will also evaluate the condition of historical drill core for relogging, cataloguing, and reinterpretation, with particular attention to the most significant historical intercepts.
Figure 1:Â Map of Copper Dome Zones with Historical Work and Prospective Area
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/266816_26aa7d8bd440baae_002full.jpg
Figure 2: Location Map of the Copper Dome Project
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/10074/266816_26aa7d8bd440baae_003full.jpg
About The Copper Dome Project
Copper Dome is located in the lower Quesnel Trough porphyry belt, one of British Columbia's most prolific mining districts. The Project directly adjoins Hudbay Minerals Inc.'s (TSX: HBM) producing Copper Mountain Mine to the north which hosts Proven and Probable Reserves of 702 million tonnes grading 0.24% Cu, 0.09 g/t Au, and 0.72 g/t Ag. Multiple mineralized zones have been identified across the Property, with historical drilling confirming high-grade copper associated with northeast-trending structures similar to those hosting mineralization at Copper Mountain.
The Project benefits from excellent infrastructure, enabling year-round access, cost-efficient exploration, and a stable, low-risk jurisdiction.
Historical Work Completed
- Geophysics: 51 km of induced polarization (IP); airborne magnetic and electromagnetic (EM) coverage over ~50% of the Property.
- Sampling: 2,253 soils and 378 rocks collected.
- Drilling: 8,900+ metres of diamond drilling.
- Trenching: Over 1 km excavated.
With a five-year drill permit in place, the Company is focused on advancing the Project toward drill-ready target definition.
About Canada One
Canada One Mining is a Canadian junior exploration company focused on copper and other critical metals needed for the energy transition. The Company advances projects from discovery through resource definition using disciplined, data-driven exploration and responsible practices. Its flagship Copper Dome Project, near Princeton, British Columbia, is targeting a porphyry-style copper-gold system in a Tier-1 jurisdiction. Canada One's goal is to deliver sustainable growth and long-term value for shareholders and local communities.
Acknowledgement
Canada One acknowledges that the Copper Dome Project is located within the traditional, ancestral and unceded territory of the Smelqmix People. We recognize and respect their cultural heritage and relationship to the land, honoring their past, present and future.
Qualified Person
The technical information contained in this news release has been reviewed and approved by David Mark, P.Geo., a Qualified Person for the purposes of National Instrument 43-101.
Contact Us
For further information, interested parties are encouraged to visit the Company's website at www.canadaonemining.com, or contact the Company by email at info@canadaonemining.com, or by phone at 1.877.844.4661.
On behalf of the Board of Directors of
Canada One Mining Corp.
Peter Berdusco
President
Chief Executive Officer
Interim Chief Financial Officer
Forward-Looking Statements
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operating or financial performance of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this press release relate to, among other things: statements relating to the anticipated timing thereof and the intended use of proceeds. Actual future results may differ materially. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, technical, economic, and competitive uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the timing, completion and delivery of the referenced assessments and analysis. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, the Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
TSX Venture Exchange Disclaimer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/266816
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Cygnus reports a 78% increase in M&I resource at its Chibougamau Copper-Gold Project
HIGHLIGHTS:
- Global Measured & Indicated Mineral Resource ("M&I") estimate of 6.4 Mt at 3.0% CuEq for 193kt CuEq and Inferred Mineral Resource of 8.5 Mt at 3.5% CuEq for 295 kt CuEq in accordance with JORC 2012 and CIM Definition Standards (CIM, 2014)
- Total contained metal is exclusively Copper, Gold and Silver:
- M&I: 149kt Cu, 167 koz Au & 1.6 Moz Ag (for 193 kt CuEq or 884 koz AuEq)
- Inferred: 182 kt Cu, 454 koz Au & 2.2 Moz Ag (for 295 kt CuEq or 1.3 Moz AuEq)
- This update includes an initial Mineral Resource Estimate ("MRE") for the new Golden Eye deposit and the other existing hub-and-spoke deposits of Corner Bay, Cedar Bay, Devlin, and Joe Mann
- The initial high-grade Golden Eye resource contains:
- Indicated: 91 koz @ 5.6 g/t AuEq
- Inferred: 182 koz @ 4.6 g/t AuEq
- The 78% tonnage increase in M&I Resources will underpin an updated Scoping Study / Preliminary Economic Assessment ("PEA"), which will also reflect the significant increase in commodity prices on the economics of the Project since the 2022 PEA completed by Doré Copper 1
- Today's announcement demonstrates proven upside at the Chibougamau Project with two diamond drill rigs still turning and additional potential to add to the resource base
- Chibougamau Project is a premier near-term development copper-gold opportunity with established infrastructure including a 900 ktpa processing facility, sealed highway, airport, regional rail infrastructure, and 25 kV hydro power to the processing site
- The Project has excellent metallurgy with test work recoveries of up to 98.2% producing a high-quality clean copper concentrate of up to 29.6% 2
- Cygnus is continuing to generate an exciting pipeline of exploration targets using its in-house AI-driven solution for the compilation of historic drill logs and maps; This work has proven highly successful and has helped deliver the initial Golden Eye MRE
- The Company remains fully funded to drive further growth and the ongoing study work with A$23M cash at 30 June 2025
- A new fly through video and resource presentation will be available in the coming week, given the finalisation of the MRE as announced today
Cygnus Executive Chairman David Southam said: "Within just nine months of acquiring the Chibougamau Project, we have been able to deliver a significant resource upgrade with substantial scope for further growth.
"Importantly, it comes at a time of rising demand for copper projects in attractive jurisdictions with real scale and a clear pathway to production and cashflow. With this increased resource base, and the ongoing growth outlook, Cygnus is now clearly in that league.
"Being able to deliver a brand-new resource at Golden Eye in such a short space of time speaks volumes. It should not be lost that our total gold resources have increased substantially in a gold price environment in excess of US$3,500/oz.
"Given the potentially significant benefits of the increased resource on a production profile and the sharp rises in our commodity prices since the previous studies done three years ago, the attractions of the Chibougamau Project are now very clear to us."
TORONTO and PERTH, Australia, Sept. 16, 2025 (GLOBE NEWSWIRE) -- Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) ("Cygnus" or the "Company") is pleased to announce a MRE update for the Chibougamau Copper-Gold Project in Quebec (Table 1).
This updated MRE is comprised of:
- 6.4 Mt at 3.0% CuEq (2.3% Cu, 0.8 g/t Au, 7.6 g/t Ag) for 193 kt CuEq (149 kt Cu, 167 koz Au, and 1.6 Moz Ag) or 4.3 g/t AuEq for 884 koz AuEq in the Measured and Indicated categories; and
- 8.5 Mt at 3.5% CuEq (2.1% Cu, 1.7 g/t Au, 7.9 g/t Ag) for 295 kt CuEq (182 kt Cu, 454 koz Au, 2.2 Moz Ag) or 4.8 g/t AuEq for 1.3 Moz AuEq in the Inferred category.
Overall, this results in a significant increase in the total resource base for the Chibougamau Hub and Spoke Project.
The MRE update for the Chibougamau Project includes the Corner Bay, Cedar Bay, Joe Mann, and Devlin deposits and the new Golden Eye deposit, all located within a 60 km radius from Cygnus' 100%-owned existing processing facility. The increase in the MRE is the result of drilling programs completed by Doré Copper in 2022 & 2024 at Corner Bay and Cygnus in 2025 at Corner Bay and Golden Eye. In the nine months since Cygnus acquired Doré Copper on 1 January 2025, Cygnus has completed 17,183 m of drilling.
A major part of the increased MRE is due to a successful exploration drilling campaign at Golden Eye which was a focus of early target generation and exploration work by the Cygnus exploration team. The initial resource at Golden Eye includes Indicated Mineral Resources of 91 koz at 5.6 g/t AuEq and Inferred Mineral Resources of 182 koz at 4.6 g/t AuEq. The Company sees further opportunity to grow this resource, which remains open at depth below 400 m and in multiple directions.
The increase in the global MRE (see Figure 1) in a short timeframe proves that significant growth opportunities exist at the Chibougamau Project. Diamond drill rigs are continuing to turn while the Company continues to execute its in-house AI driven solution for the compilation of historic drill logs and maps, some of which have never been viewed in modern 3D software. This background work has successfully assisted Cygnus in targeting Golden Eye and resulted in the delivery of an initial MRE, as well as identifying new drill targets at Cedar Bay (currently being drilled), and will be fundamental to generating additional drill targets within the camp.
Significant exploration potential is centred around the high-grade Chibougamau mineral system, which has a production history of 945,000 t of copper and 3.5 Moz of gold. 3 This endowment, combined with a fractured ownership history and premature mine closure, provides Cygnus with the first opportunity to conduct modern systematic exploration in over 20 years.
The MRE update provides the foundation for advancing the economic studies of the Chibougamau Project. Well established infrastructure provides the project a significant head start along the pathway to production with a 900,000 tpa processing facility, local mining town, sealed highway, airport, regional rail infrastructure, and 25 kV hydro power to the processing site. Significantly, the Chibougamau processing facility is the only base metal processing facility within a 250 km radius. There are a number of other advanced copper and gold projects within this reach.
The MRE was prepared by SLR Consulting (Canada) Ltd. ("SLR"), in accordance with Canadian Institute of Mining Metallurgy and Petroleum Definition Standards ("CIM 2014") as incorporated in National Instrument 43-101 Standard of Disclosures for Mineral Projects ("NI 43-101") and the Joint Ore Reserves Committee's 2012 edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves ("JORC Code"). A Technical Report, documenting the Chibougamau Project Mineral Resource Estimate, will be filed on SEDAR+ ( www.sedarplus.ca ) within 45 days of this news release and will also be available on the Company's website ( www.cygnusmetals.com ).
Table 1: Mineral Resource Estimate ("MRE") for the Chibougamau Copper-Gold Project as at 16 September 2025.
| Cu Project | Classification | COG CuEq | Tonnage | Average Grade | Contained Metal | ||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| % | Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | ||
| Corner Bay | Indicated | 1.2 | 4.9 | 2.5 | 0.3 | 8.4 | 2.8 | 4.1 | 124 | 43 | 1,316 | 137 | 638 |
| Inferred | 5.4 | 2.7 | 0.2 | 8.9 | 3.0 | 4.3 | 146 | 41 | 1,543 | 159 | 744 | ||
| Devlin | Measured | 1.5 | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 |
| Indicated | 0.6 | 2.0 | 0.2 | 0.2 | 2.1 | 3.4 | 13 | 4 | 5 | 13 | 69 | ||
| M&I | 0.8 | 2.1 | 0.2 | 0.3 | 2.3 | 3.6 | 16 | 5 | 7 | 17 | 88 | ||
| Inferred | 0.3 | 2.0 | 0.2 | 0.3 | 2.1 | 3.4 | 7 | 2 | 3 | 7 | 36 | ||
| Total | Measured | 1.2-1.5 | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 |
| Indicated | 5.5 | 2.5 | 0.3 | 7.5 | 2.7 | 4.0 | 137 | 47 | 1,321 | 150 | 707 | ||
| M&I | 5.6 | 2.5 | 0.3 | 7.3 | 2.7 | 4.0 | 140 | 48 | 1,323 | 154 | 726 | ||
| Inferred | 5.7 | 2.7 | 0.2 | 8.4 | 2.9 | 4.2 | 153 | 43 | 1,546 | 166 | 780 | ||
| Au Project | Classification | COG AuEq | Tonnage | Average Grade | Contained Metal | ||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| g/t | Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | ||
| Joe Mann | Inferred | 2.0 | 0.7 | 0.2 | 6.0 | - | 4.6 | 6.3 | 2 | 143 | - | 34 | 151 |
| Cedar Bay | Indicated | 1.8 | 0.3 | 1.6 | 6.0 | 9.9 | 6.4 | 8.1 | 4 | 50 | 82 | 16 | 67 |
| Inferred | 0.8 | 2.0 | 5.1 | 11.8 | 6.1 | 7.8 | 17 | 134 | 309 | 50 | 205 | ||
| Golden Eye | Indicated | 0.5 | 1.0 | 4.3 | 9.9 | 4.4 | 5.6 | 5 | 69 | 161 | 22 | 91 | |
| Inferred | 1.2 | 0.9 | 3.4 | 7.9 | 3.6 | 4.6 | 11 | 134 | 313 | 45 | 182 | ||
| Total | Indicated | 1.8-2.0 | 0.8 | 1.2 | 4.9 | 9.9 | 5.1 | 6.5 | 9 | 119 | 243 | 39 | 158 |
| Inferred | 2.8 | 1.0 | 4.6 | 6.9 | 4.6 | 6.0 | 29 | 411 | 622 | 129 | 538 | ||
| Project | Classification | Tonnage | Average Grade | Contained Metal | |||||||||
| Cu | Au | Ag | CuEq | AuEq | Cu | Au | Ag | CuEq | AuEq | ||||
| Mt | % | g/t | g/t | % | g/t | kt | koz | koz | kt | koz | |||
| Hub and Spoke | Measured | 0.1 | 2.7 | 0.3 | 0.5 | 2.9 | 4.7 | 4 | 1 | 2 | 4 | 19 | |
| Indicated | 6.3 | 2.3 | 0.8 | 7.8 | 3.0 | 4.3 | 146 | 166 | 1,563 | 189 | 865 | ||
| M&I | 6.4 | 2.3 | 0.8 | 7.6 | 3.0 | 4.3 | 149 | 167 | 1,565 | 193 | 884 | ||
| Inferred | 8.5 | 2.1 | 1.7 | 7.9 | 3.5 | 4.8 | 182 | 454 | 2,168 | 295 | 1,318 | ||
Notes:
- Cygnus' Mineral Resource Estimate for the Chibougamau Copper-Gold project, incorporating the Corner Bay, Devlin, Joe Mann, Cedar Bay, and Golden Eye deposits, is reported in accordance with the JORC Code and the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") (2014) definitions in NI 43-101.
- Mineral Resources are estimated using a long-term copper price of US$9,370/t, gold price of US$2,400/oz, and silver price of US$30/oz, and a US$/C$ exchange rate of 1:1.35.
- Mineral Resources are estimated at a CuEq cut-off grade of 1.2% for Corner Bay and 1.5% CuEq for Devlin. A cut-off grade of 1.8 g/t AuEq was used for Cedar Bay and Golden Eye; and 2.0 g/t AuEq for Joe Mann.
- Corner Bay bulk density varies from 2.85 tonnes per cubic metre (t/m 3 ) to 3.02t/m 3 for the estimation domains and 2.0 t/m 3 for the overburden. At Devlin, bulk density varies from 2.85 t/m 3 to 2.90 t/m 3 . Cedar Bay, Golden Eye, and Joe Mann use a bulk density of 2.90 t/m³ for the estimation domains.
- Assumed metallurgical recoveries are as follows: Corner Bay copper is 93%, gold is 78%, and silver is 80%; Devlin copper is 96%, gold is 73%, and silver is 80%; Joe Mann copper is 95%, gold is 84%, and silver is 80%; and Cedar Bay and Golden Eye copper is 91%, gold is 87%, and silver is 80%.
- Assumptions for CuEq and AuEq calculations (set out below) are as follows: Individual metal grades are set out in the table. Commodity prices used: copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz. Assumed metallurgical recovery factors: set out above. It is the Company's view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
- CuEq Calculations are as follows:
- Corner Bay = grade Cu (%) + 0.68919 * grade Au (g/t) + 0.00884 * grade Ag (g/t).
- Devlin = grade Cu (%) + 0.62517 * grade Au (g/t) + 0.00862 * grade Ag (g/t).
- Joe Mann = grade Cu (%) + 0.72774* grade Au (g/t).
- Golden Eye and Cedar Bay = grade Cu (%) + 0.78730* grade Au (g/t) + 0.00905 * grade Ag (g/t).
- AuEq Calculations are as follows:
- Corner Bay = grade Au (g/t) + 1.45097* grade Cu(%)+0.01282* grade Ag (g/t).
- Devlin = grade Au (g/t) + 1.59957* grade Cu(%)+0.01379* grade Ag (g/t).
- Joe Mann = grade Au (g/t) + 1.37411* grade Cu (%).
- Cedar Bay and Golden Eye = grade Au (g/t) + 1.27016 * grade Cu (%) + 0.01149 * grade Ag (g/t).
- Wireframes were built using an approximate minimum thickness of 2 m at Corner Bay, 1.8 m at Devlin, 1.2 m at Joe Mann, and 1.5 m at Cedar Bay and Golden Eye.
- Mineral Resources are constrained by underground reporting shapes.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Totals may vary due to rounding.
Figure 1: Comparison of current MRE (Sep 2025) with previous MRE (Mar 2022) for the Chibougamau Copper-Gold Project. Note: The previous MRE is considered a foreign estimate and was not prepared in accordance with the JORC Code. Refer to CY5's ASX release dated 15 October 2024 for further details of the Foreign Estimate.
Figure 2: The Chibougamau Project located in Central Quebec on major road, rail and hydropower infrastructure.
Figure 3: Location of high-grade Corner Bay, Devlin, Cedar Bay, Joe Mann and Golden Eye deposits in hub and spoke model.
Future Drilling
With this significant milestone now achieved, in line with the Company's value creation strategy, the focus moves to the next 12 months (refer Figure 4). The MRE increase in contained metal clearly highlights the opportunity for continued growth and this remains one of the core drivers for value creation. Cygnus will continue exploration drilling across the camp utilising its in-house AI-driven solution for historic data to deliver priority drill targets. This approach will focus on known deposits and extensions to known mineralisation, continuing to unlock this historic district through low-risk brownfield exploration. In conjunction with exploration, the Company will also continue infill drilling to de-risk the Project and further provide confidence in the mineral resources to conduct more detailed study work.
Scoping Study/ Preliminary Economic Assessment
With the MRE update resulting in a 78% increase in the Measured and Indicated Mineral Resources, the Company also sees significant value in continuing to advance the Project with an updated Scoping Study / PEA (Doré Copper had previously completed a PEA in 2022) 1 as there is significant opportunity to enhance the economics of the Project by using an updated MRE with updated costs (particularly treatment and refining charges), the inclusion of silver, exchange rates and metal prices to reflect the current commodity price environment. This updated study has commenced and is currently scheduled for completion in Q1 CY2026 (refer Figure 4).
Figure 4: Indicative timetable of Cygnus' strategy and news flow. The above timetable is indicative only and subject to change.
ABOUT THE MINERAL RESOURCE ESTIMATE
The Chibougamau Project Mineral Resource update consists of existing deposits Corner Bay, Cedar Bay, Joe Mann and Devlin and an initial MRE for the Golden Eye deposit (Table 1 on page 3 sets out the Mineral Resource Estimate for the Chibougamau Project).
The MRE has been prepared in accordance with the JORC Code and the 2014 CIM Definition Standards and were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum's ("CIM") 2019 Best Practices Guidelines, as required by NI 43-101 . Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Key additional work that has resulted in the MRE increase includes, but is not limited to:
- Additional 17,183 m of drilling by Cygnus at Corner Bay and Golden Eye since the acquisition of the Project on 1 January 2025;
- Discovery of a new mineralised zone to the east of Corner Bay resulting in new Inferred Mineral Resources;
- An increase in the Indicated Mineral Resources at Corner Bay due to infill drilling on the upper Main Vein, which successfully upgraded Inferred to Indicated Resources (recent drilling by Cygnus and 2022 & 2024 drilling by Doré Copper);
- Compilation and validation of 21,371 m of historical drilling at Golden Eye;
- Revised geological interpretation at Cedar Bay based upon additional drilling and compilation of historic data; and
- Revised cut-off values to reflect current long-term consensus commodity prices.
SUMMARY OF THE RESOURCE PARAMETERS
In accordance with ASX Listing Rule 5.8.1, a fair and balanced representation of the information contained in JORC Table 1 (refer Appendix B), including a summary of all information material to understanding the reported MRE is provided below.
Project Geology and Geological Interpretation
Regional and Local Geology
The Project is located at the northeastern extremity of the Abitibi Sub province in the Superior province of the Canadian Shield. The Abitibi Sub-province is considered to be one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits.
The Chibougamau region is located in the northeastern part of the Abitibi Greenstone Belt of the Superior Province. The Archean rocks of the Chibougamau region were deformed and metamorphosed from greenschist to amphibolite facies during the Kenoran orogeny.
The Chapais-Chibougamau area recorded major intrusive activities of various nature, genetically linked to the volcanism and tectonism periods of the geological history of the region. The three important intrusive bodies of the region are: 1) the Doré Lake Complex ("DLC"); 2) the Chibougamau Pluton; and 3) the differentiated mafic to ultramafic sills of the Cumming Complex that formed in the second volcanic cycle.
The DLC hosts the Corner Bay, Cedar Bay and Golden Eye deposits as well as several other regional copper-gold deposits. It dates to 2,728.3 ± 1.2 Ma (Mortensen, 1993) and is a synvolcanic layered intrusion emplaced during the first volcanic cycle in the region between the Obatogamau and Waconichi Formations. DLC is an anorthositic complex with mafic to ultramafic intrusions with a tholeiitic to calc-alkaline magmatic affinity (Allard, 1976; Daigneault and al., 1990; Ahmadou and al., 2019).
The Chibougamau Pluton hosts the Devlin deposit. The pluton was emplaced in the DLC and part of the Waconichi Formation; however, it is coeval with the second volcanic cycle of the Roy Group. The Chibougamau Pluton is composed of an abundance of tonalite and diorite dikes, pegmatites, feldspar-phyric units, as well as hydrothermal and magmatic breccia; all of which point to a shallow emplacement depth (Mathieu and Racicot, 2019). The pluton occupies the core of the Chibougamau anticline, which is part of the major folding structures of the region.
The Joe Mann deposit is a structurally controlled deposit hosted by the Opawica-Guercheville deformation zone. This major east-west trending deformation corridor is approximately 2km wide and extends for over 200km (Tait, 1992a; Pilote 1998; Leclerc et al. 2012). The structure cuts the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment.
Mineralization
The Corner Bay, Cedar Bay and Golden Eye deposits are located on the flanks of the DLC. These deposits are typical shear hosted copper-gold veins situated within the host anorthosite which is sheared and sericitized over widths of 2 m to 25 m. The mineralization is characterized by veins and/or lenses of massive to semi-massive sulphides associated with a brecciated to locally massive quartz-calcite material. The sulphides assemblage is composed of chalcopyrite, pyrite, and pyrrhotite, with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a common wide halo around the main mineralization zones.
The Devlin deposit is hosted in the Chibougamau Pluton and is characterized by flat-lying undulating magmatic massive sulphide veins occurring at a depth of less than 100 m from surface. The deposit is hosted by a hydrothermal breccia, consisting of massive chalcopyrite-pyrite-quartz +/- carbonate vein, which pinches and swells. Minor hematite and magnetite are present locally; both being erratically distributed.
The gold mineralization at the Joe Mann mine is hosted by decimetre scale quartz-carbonate veins. The veins are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and veinlets parallel to schistosity, and occasionally visible gold. The veins are dominated by vitreous white quartz with minor plagioclase and iron carbonate. They are intensely brecciated and often boudinaged and folded. Furthermore, these veins are characterized by their laminated or banded structure, consisting of alternating ribbons of quartz and mineralized wall rock. The majority of the vein sulphide mineralization is contained in these wall-rock fragments.
Drilling and Sampling Techniques
Drilling at the Chibougamau Project has been conducted exclusively by diamond drilling. A total of 768 drill holes for a total of 308,314 m have been included for the purposes of the MRE. The distribution of drilling by deposit is summarised below.
| Deposit | Holes | Metres |
| Corner Bay | 403 | 207,920 |
| Cedar Bay | 37 | 33,360 |
| Joe Mann | 51 | 17,622 |
| Devlin | 176 | 19,112 |
| Golden Eye | 101 | 30,300 |
| Total | 768 | 308,314 |
All 35 holes for 17,183 m of diamond drilling completed by Cygnus were NQ2 (50.6 mm diameter) and surveyed using DeviGyro OX NQsupplied by IMDEX out of Val-d'Or, Québec.
Cygnus established a sampling protocol whereby core is typically sampled to a maximum length of one metre and a minimum of 0.3 m to accommodate geological boundaries or changes in mineralization. While this protocol was followed for current drilling, some historical drill holes include intervals shorter than 0.3 m or longer than 1 m.. All Cygnus core was cut in half, with the non-assayed portion stored for future reference if required.
For further detail regarding drilling and sampling, please refer to Appendix B (Table 1 – Section 1).
Sample Analysis Method
All assays completed by Cygnus were conducted by Bureau Veritas Commodities Canada Ltd ("BV"). Sample preparation and fire assay analysis were done at BV in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C.
Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm. Samples are fire assayed for gold (Au) (50 g and 30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo). Samples with visible gold or likely to have gold grains are analysed with metallic screen fire assay. Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 50 g and 30 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.
QA/QC is done in-house by Cygnus' geologists with oversight from the Senior Geologist. The check samples (blanks and standards – 4% of total samples with another 2% of core duplicates taken on half split core) that were inserted into the sample batches are verified against their certified values and are deemed a pass if they are within 3 standard deviations of the certified value. The duplicates are evaluated against each other to determine mineralization distribution (nugget). If there are large discrepancies in the check samples, then the entire batch is requested to be re-assayed.
For further details regarding drilling and sampling, please refer to Appendix B (Table 1 – Section 1).
Estimation Methodology
Geological and mineralisation constraints were generated in Leapfrog by Cygnus staff, reviewed by the Competent Person, and applied to geostatistics, variography, block modelling, and grade interpolation. Projects are not operational, and results have not been validated against reconciliation data. Post-mineralisation dykes and overburden were assigned zero grade. Parent block sizes were sub-celled and, where appropriate, rotated. Block model validation used standard industry methods, including visual inspection, statistical comparison (ID, NN, OK), swath plots, and wireframe-to-block volume checks. No assumptions were made about correlations between variables.
Grade interpolation followed inverse distance methods (ID² or ID³) with progressively larger search passes. Search ellipses were anisotropic or isotropic depending on the deposit, oriented using dynamic anisotropy or the default coordinate system. Assay capping was applied using basic statistics, histograms, log probability plots, and decile analysis, with composites generally formed at either 2 m or full-width intercepts.
Corner Bay includes nine domains (CBAD1 to CBAD4, CBAD3a, CBUD, WV, WV2, WV3) built using a 1% CuEq cut-off and a 2 m minimum thickness. Parent blocks are 5×5×5 m, sub-celled to 1.25×0.625×1.25 m, and rotated 5°. Capping levels are 16% for Cu, 5 g/t for Au, and 80 g/t for Ag. The composites are 2 m lengths, except full width for CBUD.
Cedar Bay has four domains based on a 1% CuEq cut-off and approximately a 1.5 m minimum thickness. Parent blocks are 5×5×5m, sub-celled to 1.25 m. Capping levels are 40 g/t for Au, 12% for Cu, and 60 g/t for Ag. Composites are full width.
Joe Mann has three domains with a 2 g/t Au cut-off and 1.2 m minimum thickness. Capping levels are 45 g/t for Au, and 2.5% for Cu, with high-grade restrictions of 20 g/t Au over 18.75 m in the x-axis and 75 m in the y-axis of the second interpolation pass. Parent blocks are 5×1×5 m, sub-celled to 1.25×0.25×1.25 m in two block models with different rotations. Composites are full width.
Devlin has four domains (three upper, one lower) based on a 1% Cu cut-off and a 1.8 m minimum thickness. Capping levels are 2.5 g/t for Au and 15% for Cu in the Lower Zone and 1.5 g/t for Au and 10% for Cu in the Upper Zone. Parent blocks are 10×10×2.5 m, sub-celled to 5×5×1.25 m. Composites are full width.
Golden Eye has ten domains based on a 1% CuEq cut-off and a 1.5 m minimum thickness. Parent blocks are 5×5×5 m, sub-celled to 1.25 m. Capping levels are 40 g/t for Au, 12% for Cu, and 60 g/t for Ag. Composites are full width.
Bulk Density
At Corner Bay, 1,667 water immersion density measurements were collected. Mineralisation domains ranged from 2.85 g/cm³ to 3.02 g/cm³, while overburden was assigned 2.0 g/cm³.
| Corner Bay Density Domains | Density (g/cm³) | Domains | Density (g/cm³) |
| Overburden | 2.00 | WV | 2.86 |
| CBAD1 | 3.02 | WV2 | 2.85 |
| CBAD2 | 3.02 | WV3 | 2.93 |
| CBAD3 | 3.00 | CBAD4 | 2.95 |
| CBUD | 2.97 | CBAD3a | 2.90 |
| Adjacent Material | 2.90 |
At Cedar Bay, 23 density measurements from two drill holes gave an average of 2.90 g/cm³, applied to all mineralised blocks.
At Joe Mann, 603 density measurements (2020–2021) ranged from 2.78 g/cm³ to 3.07 g/cm³ in mineralization and 1.28 g/cm³ to 3.24 g/cm³ in adjacent material; 2.90 g/cm³ was assigned to mineralization.
At Devlin, 52 samples (2013–2014) averaged 2.87 g/cm³; densities were set at 2.90 g/cm³ (Lower Zone), 2.85 g/cm³ (Upper Zone), and 2.77 g/cm³ (background).
At Golden Eye, similar to Cedar Bay, 2.90 t/m³ was assigned to mineralised blocks, consistent with host rock and limited density data.
It is the Competent Person's opinion that with the exception of a small number of outliers, these are reasonable densities for these types of mineralization and host rocks.
Classification
At Corner Bay, Indicated Mineral Resources are defined by areas with at least three drill holes spaced up to approximately 60 m (100% variogram range), and Inferred Mineral Resources by drill holes spaced from approximately 60 m to 120 m. Class boundaries were locally adjusted where the drill spacing criteria were not met to consider geological understanding, grade continuity, zone thickness, and the creation of cohesive class boundaries.
At Cedar Bay, Indicated Mineral Resources are defined by drill holes spaced at up to approximately 60 m apart and Inferred Mineral Resources by drill holes spaced at approximately 60 m to 120 m apart, with modifications for geological understanding, grade continuity, and cohesive boundaries. Some lower-grade material was included to preserve continuity.
At Golden Eye, Indicated Mineral Resources are defined by drill holes spaced at up to approximately 50 m apart and Inferred Mineral Resources by drill holes spaced at approximately 50 m to 100 m apart, with adjustments for geological understanding, grade continuity, and cohesive boundaries. Some lower-grade material was included to preserve continuity.
At Devlin, Measured Mineral Resources are defined within 15 m of underground openings, Indicated Mineral Resources by drill holes spaced at up to approximately 60 m apart, and Inferred Mineral Resources by drill holes spaced at approximately 60 m to 100 m apart. Boundaries were adjusted for geological understanding, copper grade continuity, and cohesion, with some lower-grade material included.
At Joe Mann, only Inferred Mineral Resources are defined due to wider drill spacing (20 m to 100 m) and in consideration of observed grade continuity and variability based on historical mining. Lower-grade material was included in the Main01 wireframe design to preserve continuity.
Mining Factors
The anticipated mining method for sub-vertical dipping deposits: Corner Bay, Cedar Bay, Golden Eye and Joe Man is longitudinal long hole with pillar ("LHP"). This mining method has been used to identify sensible SMU units when determining block sizes in the model.
The anticipated mining method for Devlin is either 1) drift and fill with slash; and 2) room and pillar with partial pillar recovery.
SLR prepared underground reporting shapes from indicator shells built at the respective deposit breakeven cut-off grade for Mineral Resource reporting. Some incremental material within the shapes was included to preserve continuity. Minimum thickness was considered and applied at the wireframing stage.
Resources are calculated as in-situ resources. Conservative factors used to calculate the underground reporting cut-off are based on previous operating cost basis for the mill, recoveries and general and administration (G&A) costs and metal prices below:
- Exchange Rate US$1.00 = C$1.35
- Metal Price Copper: US$9,370/t
- Metal Price Gold: US$2,400/oz
| Costs | Cedar Bay | Golden Eye | Corner Bay | Devlin | Joe Mann | |||||
| Mining Cost (C$/t milled) | $125 | $125 | $110 | $155 | $122 | |||||
| Processing Cost (C$/t milled) | $27 | $27 | $31 | $23 | $27 | |||||
| Transport (C$/t milled) | $2 | $1 | $12 | $18 | $19 | |||||
| G&A (C$/t milled) | $6 | $6 | $8 | $0 | $6 | |||||
- Metal Price Silver: US$30/oz
Note: G&A at Devlin was transferred to Corner Bay.
Metallurgical Assumptions
Metallurgical assumptions vary by deposit and element; assumed metallurgical recoveries by deposit and element are summarised in the table below.
| Metallurgical Assumptions | |||||
| Element | Cedar Bay | Golden Eye | Corner Bay | Devlin | Joe Mann |
| Au | 87% | 87% | 78% | 73% | 84% |
| Cu | 91% | 91% | 93% | 96% | 95% |
| Ag | 80% | 80% | 80% | 80% | 80% |
Metallurgical recovery factors have been applied based upon historical production at the Chibougamau Processing Facility and recent metallurgical testing results (refer to announcement dated 28 January 2025).
Other modifying factors considered to date
Other modifying factors such as permitting, environmental considerations, and social/community impacts are still being considered. The Competent Person considers the modifying factors to be sufficiently understood to support the classification of Mineral Resources.
Metal Equivalents
Metal equivalents for the MRE have been calculated based on the following assumptions:
- Individual metal grades: Refer to Appendix A.
- Commodity prices: Copper price of US$9,370/t, gold price of US$2,400/oz and silver price of US$30/oz.
- Metallurgical recovery factors: See above. These are specific to the different deposits and have been individually applied to the metal equivalents calculations by deposit.
The following copper and gold equivalents formulas have been used:
- Corner Bay
- CuEq(%) = Cu(%) + (Au(g/t) x 0.68919) + (Ag(g/t) x 0.00884)
- AuEq (g/t) = Au(g/t) + (Cu(%) x 1.45097) + (Ag(g/t) x 0.01282)
- Cedar Bay
- CuEq(%) = Cu(%) + (Au(g/t) x 0.78730) + (Ag(g/t) x 0.00905)
- AuEq (g/t) = Au(g/t) + (Cu(%) x 1.27016) + (Ag(g/t) x 0.01149)
- Devlin
- CuEq(%) = Cu(%) + (Au(g/t) x 0.62517) + (Ag(g/t) x 0.00862)
- AuEq (g/t) = Au(g/t) + (Cu(%) x 1.59957) + (Ag(g/t) x 0.01379)
- Golden Eye
- CuEq(%) = Cu(%) + (Au(g/t) x 0.78730) + (Ag(g/t) x 0.00905)
- AuEq (g/t) = Au(g/t) + (Cu(%) x 1.27016) + (Ag(g/t) x 0.01149)
- Joe Mann
- CuEq(%) = Cu(%) + (Au(g/t) x 0.72774)
- AuEq (g/t) = Au(g/t) + (Cu(%) x 1.37411)
It is the Company's view that all elements in the metal equivalent calculations have a reasonable potential to be recovered and sold.
Reporting Cut-Off Values
The following copper equivalent (CuEq) and gold equivalent (AuEq) cut-off values have been applied for reporting:
- 1.2% CuEq for Corner Bay
- 1.5% CuEq for Devlin
- 1.8 g/t AuEq for Cedar Bay and Golden Eye
- 2.0 g/t Au Eq for Joe Mann
This announcement has been authorised for release by the Board of Directors of Cygnus.
| David Southam | Ernest Mast | Media: |
| Executive Chair | President & Managing Director | Paul Armstrong |
| T: +61 8 6118 1627 | T: +1 647 921 0501 | Read Corporate |
| E: info@cygnusmetals.com | E: info@cygnusmetals.com | 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.
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
- The outcomes of the PEA were first announced by Doré Copper Mining Corp. on 10 May 2022 and the comprehensive technical report underpinning the PEA was announced by Doré in accordance with the requirements of NI 43-101 on 15 June 2022. The Technical Report was prepared by BBA Inc. with several consulting firms contributing to sections of the study, including SLR, SRK Consulting (Canada) Inc. and WSP Inc. The Technical Report and the announcement are available on Doré's website (www.dorecopper.com/en/investors/newsreleases) and SEDAR. Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts.
- Refer to Cygnus' TSXV/ASX announcement dated 28 January 2025.
- 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.
- Refer to Cygnus' ASX announcement "Copper Merger and Equity Raise" dated 15 October 2024.
Competent Persons and Compliance Statements
The independent Competent Person for the 2025 MRE is Ms Marie-Christine Gosselin, P.Geo., of SLR Consulting (Canada) Ltd. The information in this announcement that relates to the 2025 MRE is based on information compiled by Ms Marie-Christine Gosselin, a member of the Ordre des Géologues du Québec (P.Geo.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules. Ms Gosselin is employed by SLR Consulting (Canada) Ltd. and is Independent of Cygnus. Ms Gosselin has sufficient experience which is relevant to the style of mineralization and type of deposit 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",. and as a Qualified Person as defined in the CIM Guidelines and NI43-101. References to Competent Person in this document refer to Ms. Gosselin's role as the QP for Canadian related disclosure and as Competent Person for Australian related disclosure. Ms Gosselin has approved the scientific and technical content in this announcement.
The scientific and technical information in this announcement that relates to Exploration Results is based on information compiled by Louis Beaupré, a Competent Person who is a member of the Ordre des Ingénieurs du Québec (P.Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules. Mr Beaupré is employed by the Company as its Quebec Exploration Manager and holds options in Cygnus. Mr Beaupré has sufficient experience which is relevant to the style of mineralization and type of deposit 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 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.
Inferred Mineral Resources are resources that have not been defined in sufficient detail to be characterized as Measured or Indicated Mineral Resources. Mineral Resources have not had economic considerations applied to them and are therefore not characterized as Mineral Reserves.
Historical Data: The MRE for Golden Eye includes a significant portion of historical drill hole information that has been reviewed by SLR's CP -SLR's review of the historical records and information reasonably substantiate the validity of the information presented in the MRE; however, SLR cannot directly verify the accuracy of the historical data, including (but not limited to) the procedures used for sample collection and analysis. Therefore, any conclusions or interpretations borne from use of this data should be considered too speculative to suggest that additional exploration will result in mineral resource delineation. SLR encourages readers to exercise appropriate caution when evaluating these data and/or results.
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.
Figures accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/188c74ad-2e84-44c1-a03d-7b698220d34d
https://www.globenewswire.com/NewsRoom/AttachmentNg/d85697f2-77f2-45da-840e-cbd244645631
https://www.globenewswire.com/NewsRoom/AttachmentNg/40f4be28-107e-4487-9f8b-6ff9f6456148
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbd817c8-2244-4bc6-89a5-e750d3388e05
PDFs accompanying this announcement are available at:
http://ml.globenewswire.com/Resource/Download/3d2facc7-1fcb-49d5-82f5-c05b5998a6e8
http://ml.globenewswire.com/Resource/Download/aae349ec-0243-4cc1-8c00-d5268339c521
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