Osisko Metals Reports Preliminary Metallurgical Testwork Results From Gaspé Copper

Osisko Metals Reports Preliminary Metallurgical Testwork Results From Gaspé Copper

Osisko Metals Incorporated (the " Company " or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to announce preliminary metallurgical and grindability testwork results from the Gaspé Copper Project located near Murdochville in the Gaspé peninsula in Québec. Testwork was performed on eighteen composite samples of mineralized drill core from selected intersections of the 2023 drill program at Copper Mountain, and employed a conventional copper-molybdenum flotation flowsheet and reagents.

Highlights

  • Copper recoveries averaged 91.9% from nineteen bulk Cu-Mo locked-cycle flotation tests (including one composite sample) and averaged 94.2% from three locked-cycle Cu-Mo separation tests.
  • Copper concentrate grades averaged 24.1% Cu from nineteen bulk Cu-Mo locked-cycle flotation tests and averaged 28.0% Cu from three locked-cycle Cu-Mo separation tests.
  • Molybdenum recoveries averaged 84.3% and concentrate grades averaged of 1.18% Mo from nineteen locked-cycle Cu-Mo bulk tests. Molybdenum recoveries averaged 72.3% and concentrate grades averaged of 0.85% Mo from three bulk Cu-Mo locked-cycle Cu-Mo separation test. Molybdenum stage recoveries average 87.2% and concentrate grade averaged 58.8% Mo. The overall combined molybdenum recoveries averaged 65.2%.
  • Silver recoveries averaged 71.1% from nineteen bulk Cu-Mo locked-cycle flotation tests and averaged 71.8% from the three locked-cycle Cu-Mo separation tests, with concentrate grades averaging 120 g/t Ag for all locked-cycle tests.
  • Eighteen grindability tests produced an average Bond Rod Mill Work index (RWi) of 13.8 kWh/t and an average Bond Ball Mill Work Index (BWi) of 10.5 kWh/t, indicating average hardness of mineralized material.

Robert Wares, CEO and Chairman of the Board, commented: "Preliminary testwork on Copper Mountain material has produced excellent numbers. At approximately 92% average copper recoveries and 65% molybdenum recoveries, these results indicate that Gaspé Copper should produce both copper and molybdenum concentrates with excellent metal grades and a payable silver credit added to the copper concentrate. These results have surpassed expectations relative to historical numbers from past production at Copper Mountain and will provide positive input into ongoing PEA work. Pending multi-element analyses of final concentrates will provide trace element data that will establish if any smelter penalty thresholds are reached, and this additional information will be disclosed as soon as possible. Work on the updated Mineral Resource Estimate (MRE) for Copper Mountain is also progressing well and we expect to release the new MRE in the coming weeks."

Metallurgical Testwork

A bench-scale metallurgical test work program was undertaken at Base Metallurgical Laboratories located in Kamloops British Columbia. The testwork program included:

1) Sample Characterization;
2) Grindability;
3) Conventional flotation flowsheet and reagent schemes;
4) Batch and locked-cycle Cu-Mo bulk flotation tests to produce copper (Cu) and molybdenum (Mo) concentrates;
5) Composite Cu-Mo bulk flotation followed by Cu-Mo separation tests;
6) Head grades tested ranged from 0.21% to 0.90% copper, 44 to 1347 g/t molybdenum and 0.9 to 5.0 g/t silver;

Sample Selection

Eighteen composite samples, totaling of 1100 kg, produced from drill core providing a suitable range of copper grades were selected for metallurgical testing. Head assays for the eighteen composite samples ranged from 0.21% to 0.90% copper, 44 to 1347 g/t molybdenum, 0.9 to 5.0 g/t silver and 0.01 to 0.07 g/t gold. Table 1 provides drill hole intervals and composite head grades for the metallurgical samples:

Table 1 – Details of Metallurgical Sample Selection

Metallurgical
Sample #
Hole ID Interval
From (m) -To (m)
Cu % Mo (g/t) Ag (g/t)
MGMET23-01 30-1005 225.0 - 244.5 0.43 49 2.5
MGMET23-02 30-1005 868.5 - 891.0 0.90 721 4.6
MGMET23-03 30-1003 388.5 - 405.0 0.38 21 4.0
MGMET23-04 30-1003 717.0 - 744.0 0.52 1347 3.5
MGMET23-05 30-1003 1171.5 - 1191.0 0.26 122 1.1
MGMET23-06 30-1012 513.0 - 531.0 0.47 152 2.2
MGMET23-07 30-1006 547.5 - 565.5 0.32 197 1.2
MGMET23-08 30-1008 546.0 - 564.0 0.47 486 3.2
MGMET23-09 30-1011 424.5 - 442.5 0.47 247 1.3
MGMET23-10 30-1024 702.0 - 717.0 0.29 272 0.9
MGMET23-11 30-1021A 388.5 - 408.0 0.33 312 1.4
MGMET23-12 30-1019 412.5 - 429.0 0.23 163 1.4
MGMET23-13 30-995 351.0 - 369.0 0.22 66 2.1
MGMET23-14 30-999 741.0 - 765.0 0.31 300 1.6
MGMET23-15 30-984 273.0 - 291.0 0.21 63 1.2
MGMET23-16 30-988 235.5 - 253.3 0.30 111 1.9
MGMET23-17 30-979 216.5 - 236.0 0.39 125 5.0
MGMET23-18 30-993 199.5 - 217.5 0.22 44 1.5


Testing Procedures

Composites were created based on the selected drill core intervals (Table 2). Once created each composite was stage crushed to nominal 1.5 inch (3.8 cm), representative mass was split out for SMC testing at the -31.5 mm and +26.5 mm range. Once SMC testing was completed the products were returned and the composites were again stage crushed to -½ inch (-1.3 cm) where 15 kg was removed for Rod Mill Work Index testing. The remaining mass was stage-crushed to -6 mesh. The crushed material was blended and split into 24 kg sub-lots, each sub-lot was rotary split into 2 kg charges. A single test charge was riffle split to remove 250 g for head assay. The head cuts were pulverized to 80% passing 75 µm.

Metallurgical samples comprising drill core were crushed, split and sub-sampled for comminution testwork and head assays. Samples were wet-grinded in a closed batch mill at 65% solids targeting the required grind size. Ground samples were discharged into a flotation cell and pulp-level adjusted to the appropriate volume and density for flotation testing. The pulp was conditioned with reagents before beginning flotation. A series of open-circuit batch rougher and cleaner flotation tests were undertaken to optimize flotation conditions prior to operating locked-cycle flotation tests. The combined rougher concentrate was dewatered ahead of regrinding while retaining the process water for the cleaner stage. The rougher concentrate was reground to a target size with the regrind discharge size confirmed by laser particle sizing. The reground product was cleaned in successive dilution stages. The final concentrate and intermediate tails were filtered and dried separately in a low temperature oven before assaying.

The general approach to locked cycle testing was conducted as per the batch tests. Each cycle test was completed with 5 cycles, the rougher and 1 st cleaner were completed open circuit, the intermediate cleaner tailings were recirculated to the feed of each subsequent stage for the following cycle; that is the 3 rd cleaner tailing of cycle A was recirculated to the 2 nd cleaner Feed of cycle B, the 2 nd cleaner tail A was recirculated to the feed of the 1 st cleaner Feed B. This process continued for cycles C, D and E. All final products and final intermediate streams were filtered, dried, and assayed for metallurgical balancing. Locked cycle testing provides a methodology to best estimate steady-state metallurgical projections for a full-scale operation.

Reagents used for bulk Cu-Mo flotation included lime, potassium amyl xanthate (PAX), 3418A, and methyl isobutyl carbinol (MIBC). Nitrogen sparging, fuel oil, sodium hydrosulfide (NaHS) and MIBC were used for Cu-Mo separation.

Analysis was completed on pulverized sample splits using wet digestion methods for copper, molybdenum and silver. In each case, the samples were digested by a strong oxidization using a combination of Aqua-Regia, potassium chlorate and bromine. Copper was analyzed using atomic adsorption (AA) spectroscopy, and molybdenum and silver by inductively coupled plasma – optical emission spectroscopy (ICP-OES).

Metallurgical tests assay quality is evaluated by producing material balances of all products reconciled head which is compared to the direct head for all elements in consideration.

Grindability

Grindability tests were performed on each of the metallurgical samples. The average SMC Axb value was 46.6, average Bond Ball Mill Work index (BWi) was 10.49 kWh/t, average Rod Mill Work Index (RWi) was 13.89 kWh/t and average Abrasion index (Ai) was 0.384.

Batch Flotation Tests

A composite sample was initially tested with average copper grade to determine the optimal grind size for further flotation tests. Four (4) grind sizes ranging from 80% passing (P 80 ) of 66 microns to 125 microns were tested. P 80 of 75 microns was selected as the primary grind size for further testing.

Bulk Cu-Mo Locked-Cycle Flotation

Cu-Mo locked cycle tests (LCT) were performed at a grind size of 75 microns for the rougher stage with regrind to a target of 30 microns for the cleaner stages. Table 2 shows the bulk Cu-Mo concentrate grades and recovery results. Copper concentrate grades ranged from 17.1% to 30.9% with recoveries ranging from 86.1% to 95.7%. Molybdenum grades ranged from 0.08% to 2.74% with recoveries ranging from 75.7% to 92.3%.

Table 2. Bulk Cu-Mo LCT Results

Test ID
Sample ID
Concentrate grade Recovery (%)
Cu % Mo % Ag (g/t) Cu Mo Ag
LCT25 LOM Comp 20.6 0.74 98 94.5 83.6 75.6
LCT66 MGMET23-01 30.4 0.35 182 94.5 88.2 85.3
LCT49 MGMET23-02 22.9 1.81 80 94.8 85.8 78.1
LCT59 MGMET23-03 24.0 0.08 193 93.3 76.3 84.4
LCT67 MGMET23-04 17.1 1.25 96 96.5 93.1 78.2
LCT60 MGMET23-05 25.5 1.06 64 95.1 85.0 66.5
LCT50 MGMET23-06 23.1 0.63 48 87.2 82.3 42.6
LCT61 MGMET23-07 24.8 1.57 47 94.6 89.8 60.4
LCT62 MGMET23-08 24.5 2.74 115 93.8 92.8 71.1
LCT51 MGMET23-09 24.8 1.17 40 92.0 86.5 47.8
LCT52 MGMET23-10 23.0 2.53 71 86.1 88.0 62.7
LCT65 MGMET23-11 17.1 1.12 67 87.1 75.7 74.0
LCT53 MGMET23-12 19.9 1.42 99 87.4 84.8 67.1
LCT56 MGMET23-13 25.3 0.61 165 90.1 79.6 70.2
LCT64 MGMET23-14 24.5 1.68 102 95.7 81.3 72.2
LCT57 MGMET23-15 29.3 1.10 139 90.4 84.3 76.2
LCT68 MGMET23-16 21.7 0.84 120 91.3 80.5 76.2
LCT54 MGMET23-17 28.0 0.75 334 94.7 75.4 86.8
LCT55 MGMET23-18 30.9 1.05 205 87.8 89.2 77.2
Average: 24.1 1.18 119 91.9 84.3 71.1


Cu-Mo Separation

To produce molybdenum concentrates, due to the low feed concentrations, metallurgical samples were combined to produce three larger composite samples (low-, medium- and high-grade copper samples) for batch bulk flotation tests and subsequent Cu-Mo separation testing. Table 3 shows the composite sample head grades. Copper head grades ranged from 0.26% to 0.55%, molybdenum grades ranged from 135 to 234 g/t and silver head were consistently 2.2 g/t.

Table 3. Composite Sample Assays for Cu-Mo Separation Tests

Composite
Sample

Metallurgical Samples

Head Grades
Cu % Mo (g/t) Ag (g/t)
MGMET23-02, MGMET23-06,
1 MGMET23-09 0.55 1 198 1 2.2 1
MGMET23-03, MGMET23-05,
MGMET23-07, MGMET23-08,
2 MGMET23-11, MGMET23-14, 0.32 234 2.2
MGMET23-16
MGMET23-10, MGMET23-12,
3 MGMET23-13, MGMET23-15, 0.26 135 2.2
MGMET23-17, MGMET23-18

1 Calculated head grade


Multiple large batch flotation tests were performed for each composite sample to produce bulk Cu-Mo concentrates followed by Cu-Mo separation tests. Three Cu-Mo separation locked-cycle tests were performed at a grind size of 30 microns for the rougher stage with regrind to a target of 15 microns for the cleaner stages. Table 4 shows final copper concentrate grades and recoveries for the locked-cycle tests. Copper grade ranged from 22.2% to 30.9% with recoveries ranging from 92.3% to 96.6%.

Table 4. Copper Concentrate Assays and Recoveries

Composite
Sample
Assay Recoveries %
Cu % Mo % Ag (g/t) Cu Mo Ag
1
2
3
30.9
22.2
28.6
0.1
0.1
0.1
92
76
162
96.6
92.3
92.7
8.1
9.1
9.5
70.1
58.2
75.5


Table 5 shows final molybdenum concentrate grades and recoveries for the locked-cycle tests. Molybdenum grade ranged from 55.7% to 60.7% with recoveries ranging from 57.7% to 70.7%.

Table 5. Molybdenum Concentrate Assays and Recoveries

Composite
Sample
Assay Recoveries %
Cu, % Mo, % Ag (g/t) Cu Mo Ag
1
2
3
0.35
1.03
0.55
60.0
55.7
60.7
29
33
48
0.01
0.08
0.02
57.7
67.3
70.7
0.3
0.5
0.3


Full multi-element analyses of final concentrates are pending and further testing is planned during 2024 to further optimize metallurgical performance.

Qualified Person

Christian Laroche is a consultant for Synectiq Inc. and the independent Qualified Person ("QP") responsible for the technical data related to all testing reported in this press release. Mr. Laroche is a registered member of the Ordre des Ingénieurs du Québec.

About Osisko Metals

Osisko Metals Incorporated is a Canadian exploration and development company creating value in the critical metals space, more specifically copper and zinc. The Company is a joint venture partner with Appian Capital Advisory LLP for the advancement of one of Canada's premier past-producing zinc mining camps, the Pine Point Project, located in the Northwest Territories, for which the 2022 PEA (as defined herein) has indicated an after-tax NPV of C$602 million and an IRR of 25%, based on long-term zinc price of US$1.37/lb and the current mineral resource estimates that are amenable to open pit and shallow underground mining. The current mineral resource estimate in the 2022 PEA consists of 15.7 Mt grading 5.55% ZnEq of Indicated Mineral Resources and 47.2 Mt grading 5.94% ZnEq   of Inferred Mineral Resources . Please refer to the technical report entitled "Preliminary Economic Assessment, Pine Point Project, Hay River, Northwest Territories, Canada" dated August 26, 2022 (with an effective date of July 30, 2022), which was prepared for Osisko Metals and PPML by representatives of BBA Engineering Inc., HydroRessources Inc., PLR Resources Inc. and WSP Canada Inc. (the "2022 PEA"). Please refer to the full text of the 2022 PEA, a copy of which is available on SEDAR ( www.sedar.com ) under the Osisko Metals' issuer profile, for the assumptions, methodologies, qualifications and limitations described therein. The Pine Point Project is located on the south shore of Great Slave Lake in the Northwest Territories, near infrastructure, with paved highway access, an electrical substation, as well as 100 kilometres of viable haulage roads.

In addition, the Company also acquired in July 2023, from Glencore Canada Corporation, a 100% interest in the past-producing Gaspé Copper Mine, located near Murdochville in the Gaspé peninsula of Québec. The Company is currently focused on resource evaluation of the Mount Copper Deposit that hosts (in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects) an Inferred Mineral Resource of   456Mt grading 0.31% Cu (see April 28, 2022 news release of Osisko Metals entitled "Osisko Metals Announces Maiden Resource at Gaspé Copper – Inferred Resource of 456 Mt Grading 0.31% Copper"). Gaspé Copper hosts the largest undeveloped copper resource in Eastern North America, strategically located near existing infrastructure in the mining-friendly province of Québec.

For further information on this news release, visit www.osiskometals.com or contact:

Robert Wares, Chairman & CEO of Osisko Metals Incorporated

Email: info@osiskometals.com
www.osiskometals.com

Follow Osisko Metals on Facebook at https://www.facebook.com/osiskometals/ , on LinkedIn at https://www.linkedin.com/company/osiskometals/ , and on X at https://twitter.com/osiskometals .

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Any statement that involves predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance are not statements of historical fact and constitute forward-looking information. This news release may contain forward-looking information pertaining to the Pine Point and Gaspé Copper Projects, including, among other things, the results of the 2022 PEA on Pine Point and the IRR, NPV and estimated costs, production, production rate and mine life; the ability to identify additional resources and reserves (if any) and exploit such resources and reserves on an economic basis; the expected high quality of the metal concentrates; the potential economic impact of the projects on local communities, including but not limited to the potential generation of tax revenues and contribution of jobs; the timing and ability for Projects to reach construction decision (if at all); the estimated costs to take the Projects to construction decision (if at all) and the impact to the Company of the disposition of ownership interest and control in the Pine Point Project, which is a material property of the Company; Gaspé Copper hosting the largest undeveloped copper resource in Eastern North America and Glencore becoming a Control Person of the Company.

Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management, in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including, without limitation, assumptions about: favourable equity and debt capital markets; the ability and timing for the Pine Point joint-venture parties to fund cash calls to advance the development of the Pine Point Project and pursue planned exploration and development; future spot prices of copper, zinc, lead and molybdenum; the timing and results of exploration and drilling programs; the accuracy of mineral resource estimates; production costs; political and regulatory stability; the receipt of governmental and third party approvals; licenses and permits being received on favourable terms; sustained labour stability; stability in financial and capital markets; availability of mining equipment and positive relations with local communities and groups. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information are set out in the Company's public disclosure record on SEDAR (www.sedar.com) under Osisko Metals' issuer profile. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward- looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.


Primary Logo

News Provided by GlobeNewswire via QuoteMedia

OM:CA
Osisko Metals

Osisko Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Osisko Metals (TSXV:OM)

Osisko Metals


Keep reading...Show less
Osisko Metals Announces Award Grants

Osisko Metals Announces Award Grants

Osisko Metals Incorporated (the " Company " or " Osisko Metals ") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) announces that that it has granted (i) an aggregate 12,500,000 restricted share units of the Company (" RSUs ") to certain executive directors and officers of the Company, and (ii) an aggregate of 1,750,000 deferred share units of the Company (" DSUs ") to certain independent directors of the Company.

All RSUs are scheduled to vest on the third anniversary of the date of grant and all DSUs are scheduled to vest upon the applicable recipient ceasing to be a director or officer of the Company, in each case, subject to terms of a newly adopted omnibus incentive plan (the " Plan ") and applicable award agreements and the policies of the TSX Venture Exchange (the " Exchange "). All RSUs and DSUs granted under the Plan may only be settled in cash until such time as the Plan and related grants have been approved by the shareholders of the Company and the Exchange.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Osisko Metals Welcomes the Participation of the Quebec Government in Its Gaspé Copper Project

Osisko Metals Welcomes the Participation of the Quebec Government in Its Gaspé Copper Project

Osisko Metals Incorporated (the " Company or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to welcome the participation of the Government of Quebec in its Gaspé Copper Project, located next to the Town of Murdochville in the Gaspé Peninsula, on the traditional territory of the Mi'gmaq First Nation of Gespe'gewa'gi.

The Government of Quebec will lead a pilot project to create a committee that seeks to maximize the economic benefits of the Gaspé Copper Project. The committee will be overseen by the Ministère des Ressources naturelles et des Forêts (Quebec Ministry of Natural Resources and Forests) and aims to optimize socio-economic benefits in the Gaspé Peninsula by ensuring strong collaboration with the business community throughout the project development process.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Osisko Metals Corporate Update

Osisko Metals Corporate Update

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Osisko Metals Incorporated (the " Company " or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: OB51 ) announces, further to its news release dated November 18, 2024 (entitled " Osisko Metals Expands Leadership Team and Announces C$100 Million Bought Deal Financing " ), the following changes to Osisko Metals' leadership team:

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Osisko Metals Announces Closing of C$107.4 Million "Bought Deal" Private Placement

Osisko Metals Announces Closing of C$107.4 Million "Bought Deal" Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Osisko Metals Incorporated (the " Company " or " Osisko Metals ") (TSX-V: OM; OTCQX: OMZNF; FRANKFURT: OB51) is pleased to announce that it has closed its previously-announced "bought deal" brokered private placement offering (the " Offering ") for aggregate gross proceeds of C$107.4 million, including the partial exercise the option granted to the Underwriters (as defined herein). In connection with the Offering, the Company issued an aggregate of (i) 70,326,229 flow-through units of the Company (" FT Units ") consisting of 64,215,117 FT Units at an issue price of C$0.50 per FT Unit and 6,111,112 FT Units at an issue price of C$0.54 per FT Unit, for aggregate gross proceeds of C$35,407,558.98 and (ii) 277,051,466 units of the Company (" HD Units ") at a price of C$0.26 per HD Unit, for aggregate gross proceeds of C$72,033,381.16.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Osisko Metals Acquires Additional Claims Near Gaspé Copper

Osisko Metals Acquires Additional Claims Near Gaspé Copper

Osisko Metals Incorporated (the " Company or " Osisko Metals ") ( TSX-V: OM ; OTCQX: OMZNF ; FRANKFURT: 0B51 ) is pleased to announce the acquisition of a group of 199 claims adjacent to its Gaspé Copper Project (the "Claims").

Pursuant to a sales agreement dated October 8, 2024 with the two private holders of the interest in the Claims, Osisko Metals acquired a 100% interest in the Claims in exchange for the issuance of 5,000,000 common shares of its capital stock and the grant of a 2% net smelter return royalty, half of which is redeemable for an amount of $2,000,000.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Awalé Hits 2.5 g/t Gold Eq. over 34 Metres at the BBM Zone, Odienné Project

Awalé Hits 2.5 g/t Gold Eq. over 34 Metres at the BBM Zone, Odienné Project

HIGHLIGHTS

  • 34m @ 2.5 grams per tonne ("g/t") gold equivalent ("AuEq."), including 12m @ 3.5 g/t AuEq. from 323m downhole in OEDD-104.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Cygnus Metals Limited Clarification Announcement

Cygnus Metals Limited Clarification Announcement

-

Cygnus Metals Limited (ASX: CY5; TSXV: CYG) ("Cygnus" or the "Company") refers to its announcement titled "Cygnus increases highly prospective, under-explored ground position by 50%" released to ASX on 9 January 2025 ("First Announcement") and its announcement titled "Cygnus' first drill hole returns up to 9.1% Cu outside Resource" released to ASX on 23 January 2025 ("Second Announcement").

Clarifications regarding First Announcement

In discussions with the Company subsequent to the release of the First Announcement, the Australian Securities Exchange ("ASX") has requested the below:

  • Clarification regarding the assumptions used in the copper metal equivalents calculations provided by Cygnus on the NI 43-101 compliant Foreign Mineral Resource Estimate for the Chibougamau Project in the First Announcement; and
  • Further information regarding metallurgical test work completed to support the Company's metallurgical recovery assumptions provided in this clarification announcement.

The Company wishes to provide further information on these assumptions and the metallurgical test work previously completed by Doré Copper Mining Corp ("Doré"), but emphasises that the clarification does not affect the Foreign Mineral Resource Estimate or the Copper Equivalent ("CuEq") figures as set out in Appendix A of the First Announcement and as first disclosed by the Company on 15 October 2024.

Note 6 of Appendix A on page 6 of the First Announcement is replaced with the following ("First Clarification"):

"Metal equivalents for the foreign estimate have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz. Copper equivalent was calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258). Metallurgical recovery factors have been applied to the copper equivalents calculation, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility and more recent metallurgical test work. It is the Company's view that all elements in the copper equivalent calculations have a reasonable potential to be recovered and sold."

The Company confirms that the Foreign Mineral Resource Estimate and metal equivalents calculation do not contain any other metals, including silver. In fact, the inclusion of silver represents a further opportunity for the Company and will be reviewed in future work.

Other than the First Clarification above, there are no changes to the First Announcement.

In support of the First Clarification, attached to this announcement are the results of metallurgical test work previously completed by Doré.

Clarifications regarding Second Announcement

In discussions with the Company subsequent to the release of the Second Announcement, the ASX has requested that the Company provide further information regarding two of the three electromagnetic ("EM") plates referred to in Figures 1 and 2 of the Second Announcement in accordance with ASX Listing Rules 5.6 and 5.7.

The Company wishes to note that the two additional untested EM plates to the south of the new EM plate referred to in the Second Announcement were identified from geophysics programs conducted by previous owners of the Chibougamau Project and provides the additional information set out in the Appendix to this clarification announcement ("Second Clarification").

A fixed loop EM ("FLEM") survey was conducted in 2007 by Crone Geophysics for Novawest Resources. Results from this survey, which Southern Geoscience Consultants ("SGC") has reprocessed for Cygnus, highlighted a conductor to the south of the Corner Bay deposit. A downhole EM ("DHEM") survey was conducted by Doré in 2021 on drillhole CB-21-93. The survey, which SGC has reprocessed for Cygnus, highlighted a further conductor to the south of the Corner Bay deposit.

Other than the Second Clarification, there are no changes to the Second Announcement.

This announcement has been authorised for release by the Board of Directors of Cygnus.

David Southam
Managing Director
T: +61 8 6118 1627
E: info@cygnusmetals.com
Ernest Mast
President & Managing Director
T: +1 647 921 0501
E: info@cygnusmetals.com
Media:
Paul Armstrong
Read Corporate
+61 8 9388 1474


About Cygnus Metals

Cygnus Metals Limited (ASX: CY5, TSXV: CYG) 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.

Qualified Persons and Compliance Statements

The scientific and technical information relating to metal equivalents in this news release has been reviewed and approved by Ms Laurence Huss, the Quebec In-Country Manager of Cygnus, a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024. The Company confirms that the supporting information included in the announcement of 15 October 2024 continues to apply other than in respect of the Clarification, and (notwithstanding the Clarification) has not materially changed.

Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the estimates or Cygnus' ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.

The scientific and technical information relating to exploration results in this news release has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P Eng), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Appendix – Second Clarification

Section 1 (Sampling Techniques and Data) and Section 2 (Reporting of Exploration Results) of Appendix C (2012 JORC Table 1) of the Second Announcement are deleted and replaced as follows:

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary
Sampling techniques



Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.
  • All current drilling conducted at the Chibougamau Project was completed under the supervision of a registered professional geologist as a Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting.
  • All drilling reported is NQ2 (47.8 mm diameter)
  • DHEM surveys have been completed on surface drillholes
  • Historic FLEM surveys were acquired from surface
  • Historic FLEM stations were planned along survey lines perpendicular to geological strike
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
  • All sample collection, core logging, and specific gravity determinations were completed by Cygnus Metals under the supervision of a professionally qualified registered geologist.
  • NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves.
  • Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag.
  • QA/QC is done in house by Cygnus Metals 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. The samples are then placed in bags for shipment to the offsite laboratory's facility.
  • The remaining half of the core is retained and incorporated into Cygnus's secure, core library located on the property
  • No samples were taken for the electromagnetic survey work.
Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where ‘industry standard' work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

  • Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database.
  • Sampling practice is considered to be appropriate to the geology and style of mineralisation
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).
  • Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
  • Drilling was conducted using NQ core size
  • Directional surveys have been taken at 50m intervals
Drill sample recovery Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

  • Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval.
  • Overall, the core recoveries are excellent in the Chibougamau area
  • No drilling was undertaken for the electromagnetic survey work.
Logging



Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.
  • All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database
  • No logging was undertaken for the electromagnetic survey work.
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.
  • Geological logging of core is qualitative and descriptive in nature.
The total length and percentage of the relevant intersections logged.
  • 100% of the core has been logged
Sub-sampling techniques and sample preparation If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

  • The NQ2 diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist
  • Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries.
  • This sampling technique is industry standard and deemed appropriate.
  • No subsampling was undertaken for the electromagnetic survey work.
Quality of assay data and laboratory tests



The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.
  • Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd ("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) (30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo).
  • Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 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.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
  • CY5 commissioned Southern Geoscience Consultants (SGC) of Perth to supervise and plan the recent DHEM surveys that were acquired by Géophysique TMC
  • SGC were also commissioned to reinterpret some DHEM collected by Géophysique TMC from 2021
  • Survey Details for DHEM
    • Survey Configuration: Downhole TEM (DHTEM)
    • TX Loop Size: 620 x 450m
    • Transmitter: Crone Geophysics Pulse Transmitter
    • Receiver: Crone Geophysics Pulse Receiver
    • Sensor: Crone Geophysics 3 component dB/dt induction coil
    • Component Directions: Axial (A), and cross-hole (U and V)
    • Station Spacing: 10m with 5m infill
    • TX Frequency: 5 Hz
    • Duty cycle: 50%
    • Current: 20 Amps
    • Powerline Frequency: 60 Hz
    • Base frequency: 50 msec
    • Stacks: 256 stacks per reading
  • CY5 also commissioned SGC to reprocess the historic FLEM that was conducted in 2007 under the supervision of Crone Geophysics and Exploration Ltd
    • The equipment used on this project was a Crone Pulse EM Surface system. This includes a 4.8kW transmitter with a 240V voltage regulator powered by an 11 hp motor generator. The Crone Digital Receiver was used to collect the field data. The synchronization between the Transmitter and the Receiver was maintained by crystal clock synchronization for surface work
      • TX Loop Size: 900 x 800m
      • Ramp Time: 1.5ms
      • Current: 15 amps
      • Time Base: 16.66 msec
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.
  • Laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates
  • Geophysical data was recorded on a Crone Geophysics Pulse Receiver then emailed to SGC for analysis and verification
Verification of sampling and assaying





The verification of significant intersections by either independent or alternative company personnel.
  • Verification of sampling was made by Cygnus Metals and other professional consultant geologists
  • No sampling was undertaken for the electromagnetic survey work.
The use of twinned holes.
  • No hole is twinned
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.
  • All logging data was completed, core marked up, logging and sampling data was entered directly into the database.
  • The logged data is stored on the site server directly.
Discuss any adjustment to assay data.
  • There was no adjustment to the assay data
Location of data points



Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
  • The location of the drillholes and the aiming points for the orientation of the drillholes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model "GPSmap 62s" (4m accuracy)
  • Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole
  • Surface geophysical measurement locations were determined using a hand-held GPS. The accuracy of this unit at most sample sites was +/- 3m to 5m
  • The DHEM station positions are estimated using a winch counter that measures to the nearest cm accuracy with gyro survey files to accurately locate the survey stations in space.
  • FLEM stations were planned perpendicular to geological strike, and all were surveyed with hand-held GPS
Specification of the grid system used.
  • The grid system used is UTM NAD83 (Zone 18)
Quality and adequacy of topographic control.
  • A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes
Data spacing and distribution



Data spacing for reporting of Exploration Results.
  • The drill spacing is considered appropriate for this type of exploration
  • DHEM is 10m stations with 5m and 1m infill and FLEM data is 100m station spacing
  • The station spacings are considered to be sufficient for sampling the anomalous response for detailed quantitative modelling
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

  • No resource estimation is made
Whether sample compositing has been applied.
  • No sample compositing has been applied
Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.
  • Drilling is orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation. Reported intersections appear close to true width
  • FLEM stations were planned perpendicular to geological strike
  • DHEM surveys records 3D data and target orientation relative to the survey orientation is not deemed to be important in the modelling
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

  • No bias is considered to have been introduced by the existing sampling orientation
Sample security The measures taken to ensure sample security.
  • Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates
Audits or reviews The results of any audits or reviews of sampling techniques and data.
  • No audits have been undertaken, therefore information on audits or reviews is not yet available


Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria JORC Code Explanation Commentary
Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.
  • The data reported within this announcement is from the Chibougamau Project. The Chibougamau project consists of 3 properties which includes:
    • Copper Rand (1 mining license, 19 mining concession and 147 exploration claims)
    • Corner Bay – Devlin (1 mining license, 111 exploration claims)
    • Joe Mann (2 mining concessions, 74 exploration claims)
  • Copper Rand and Corner Bay – Devlin are held 100% by CBAY minerals Inc, a wholly owned subsidiary of Dore Copper.
  • 767ha of the Joe Mann property is held by CBAY with the remaining 1965ha held under option agreement with Resources Jessie.
  • The properties collectively making up the Project are in good standing based on the Ministry of Energy and Natural Resources (Ministère de l'Énergie et des Ressources Naturelles) GESTIM claim management system of the Government of Québec.
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
  • All tenure is in good standing
Exploration done by other parties Acknowledgment and appraisal of exploration by other parties.
  • The Chibougamau Copper and Gold project comprising Corner Bay, Devlin, Cedar Bay and Joe Mann have seen an extensive exploration history dating back to the early 1900s. The PEA (as referred to in the Company's announcement of 15 October 2024) provides a detailed history of the exploration activities undertaken by previous explorers.
  • Corner Bay was first identified as a prospect in 1956
    • 1956 – 1972 eight drilling programs totalling 1,463 m and various geophysical and electromagnetic (EM) surveys
    • 1973 – 1981 Riocanex and Flanagan McAdam: ground geophysical surveys and 43 diamond drill holes
    • 1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical test work
    • 1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with initial MRE
    • 1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling
    • 1994 Explorations Cache Inc and Ressources MSV Inc: diamond drilling
    • 2004 – 2006 GéoNova and MSV: 98 diamond drill holes and first Technical Report on the Corner Bay project reporting a MRE
    • 2007 – 2009 Campbell: diamond drilling and bulk sample
    • 2012 - 2019 CBAY / AmAuCu: diamond drilling and MRE
  • Devlin identified in 1972 by airborne survey flown by the MERN
    • 1979 – 1981 diamond drilling, geophysical surveys
    • 1981 development commenced
  • Joe Mann identified in 1950 with the commencement of mining activities occurring in 1956
    • The Joe Mann mine operated underground during three different periods from 1956 to 2007
    • In July 2012, Ressources Jessie acquired the Joe Mann mine property, but conducted only surface exploration work
  • Cedar Bay was discovered prior to 1927 by Chibougamau McKenzie Mines Ltd
    • From initial discovery to 2013 various surface and underground drilling campaigns and geophysical surveys undertaken by various companies
Geology Deposit type, geological setting and style of mineralisation.
  • Corner Bay and Devlin are located at the northeastern extremity of the Abitibi subprovince in the Superior province of the Canadian Shield and are examples of Chibougamau-type copper-gold deposits. The Abitibi subprovince is considered as one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits.
  • The Corner Bay deposit is located on the southern flank of the Doré Lake Complex (DLC). It is hosted by a N 15° trending shear zone more or less continuous with a strong 75° to 85° dip towards the west. The host anorthosite rock is sheared and sericitized over widths of 2 m to 25 m. The deposit is cut by a diabase dyke and is limited to the north by a fault structure and to the south by the LaChib deformation zone.
  • The Corner Bay deposit consists of three main mineralized lodes (subparallel Main Lode 1 and Main Lode 2 above the dyke, and Main Lode below the dyke that make up the bulk of the deposit. The Corner Bay deposit has been traced over a strike length to over 1,100 m to a depth of 1,350 m and remains open at depth.
  • 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 sulphide assemblage is composed of chalcopyrite, pyrite, and pyrrhotite with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a wide halo around the main mineralization zones.
  • Devlin is a flat-lying, copper-rich lodes-hosted deposit in a polygenic igneous breccia that is less than 100 m from the surface. The tabular bodies have been modelled as four nearly horizontal lodes: a more continuous lower zone and three smaller lodes comprising the upper zone. Mineralization is reflected as a fracture zone often composed of two or more sulphide-quartz lodes and stringers. Thickness of the mineralized zones range from 0.5 m to 4.4 m. It has been diluted during modelling to reflect a minimum mining height of 1.8 m.
  • The Joe Mann deposit is characterized by east-west striking shear hosted lodes that extend beyond 1,000 m vertically with mineralization identified over a 3 km strike length. These shear zones form part of the Opawica-Guercheville deformation zone, a major deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone at the mine, while the South Zone is found in the rhyolite. These three subvertical E-W (N275°/85°) ductile-brittle shear zones are sub-parallel to stratigraphy and to one another, with up to 140 m to 170 m of separation between them. These shear zones are hosted within a stratigraphic package composed of iron-magnesium (Fe-Mg) carbonate and sericite altered gabbro sills, sheared basalts, and intermediate to felsic tuffs intruded by various felsic intrusions. The Joe Mann gold mineralization is hosted by decimetre scale quartz-carbonate lodes (Dion and Guha 1988). The lodes are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and lodelets parallel to schistosity, and occasionally visible gold. There are some other minor, mineralized structures, e.g., North and South-South Zones, with limited vertical and horizontal extensions.
Drill hole Information A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

  • easting and northing of the drill hole collar
  • elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
  • dip and azimuth of the hole
  • down hole length and interception depth
  • hole length.
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
  • All requisite drillhole information is tabulated elsewhere in this release. Refer Appendix A of the body text.
  • The location of the DHEM and FLEM is set out in "Diagram" below.
Data aggregation methods



In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
  • All drill hole intersections are reported above a lower cut-off grade of 0.5% copper.
Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
  • A maximum of 1m internal waste was allowed
The assumptions used for any reporting of metal equivalent values should be clearly stated.
  • No metal equivalents reported
Relationship between mineralisation widths and intercept lengths These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known').
  • All intersections reported in the body of this release are down hole.
  • The majority of the drill holes in the database are drilled as close to orthogonal to the plane of the mineralized lodes as possible.
  • Only down hole lengths are reported.
Diagrams Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
  • For Drill Results included elsewhere in this release refer figures in the body text
  • Image 1 below shows DHEM loop on CB-24-100
  • Image 2 below shows DHEM loop on CB-21-93 (red outline illustrates the EM loop and white line the location of drillhole CB-21-93)
  • Image 3 below illustrating loop and planned survey lines from 2007 FLEM (blues lines illustrate the planned survey lines for the anomaly outlined in the announcement)
Balanced reporting Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.
  • All results greater than 0.5% Cu and 0.5g/t Au have been reported at greater than 1m width
Other substantive exploration data Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
  • Appropriate plans are included in the body of this release.
Further work The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
  • The Company will be conducting drill testing of additional mineralisation as well as step out drilling of existing lodes to further enhance the resources quoted in this release. More information is presented in the body of this report.
  • Diagrams in the main body of this release show areas of possible resource extension on existing lodes. The company continues to identify and assess multiple other target areas within the property boundary for additional resources.


Image 1 below shows DHEM loop on CB-24-100

DHEM Loop CB-24-100

Image 2 below shows DHEM loop on CB-21-93 (red outline illustrates the EM loop and white line the location of drillhole CB-21-93)

DHEM loop on CB-21-93

Image 3 below illustrating loop and planned survey lines from 2007 FLEM (blues lines illustrate the planned survey lines for the anomaly outlined in the announcement)

Planned survey lines


Chibougamau Copper-Gold Project, Canada

Flotation copper recoveries of
up to 98.2% at Corner Bay

Metallurgical test work conducted at the Chibougamau Project indicates a high-quality clean concentrate with low impurities from the Corner Bay flagship asset

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Noble Minerals More Than Triples the Size of the Cere Villebon Copper, Nickel, Cobalt, Platinum Group Property, Quebec

Noble Minerals More Than Triples the Size of the Cere Villebon Copper, Nickel, Cobalt, Platinum Group Property, Quebec

(TheNewswire)

Noble Mineral Exploration Inc.

Toronto, Ontario TheNewswire - January 27, 2025 Noble Mineral Exploration Inc. ( "Noble" or the "Company" ) (TSX-V:NOB, FRANKFURT: NB7, OTCQB:NLPXF) is pleased to report acquisition of additional claims on the wholly owned Cere Villebon Property located southeast of Val d'Or, Quebec.  The claims were acquired by map staking and the new property area is now approximately 1,573 Hectares.  The new area staked is currently being evaluated for the potential to host similar mineralization to that found in 2023.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
Osisko Metals

Osisko Metals Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×