Cygnus Gold Limited announced assay results from initial mapping and sampling at the Pontax Lithium Project in the James Bay region of Quebec, Canada. Results from surface sampling have returned high grade assays of up to 3.3% Li2O and 857ppm Ta2O5, significantly expanding the potential scale of the mineralised system at Pontax. At Pontax Central results of up to 3.3% Li2O have expanded the known strike length of mineralisation to 700m which remains open along strike under shallow cover.

Ongoing drilling will focus on stepping out along strike and beneath cover over the coming months. At Pontax North, results of up to 2.5% Li2O highlight the prospectivity of this new interpreted trend and will be an immediate major drill target. Outside of the main target areas, significant tantalum grades have been returned from pegmatites exposed in sparse outcrop from areas which are mainly undercover.

Tantalum is highly promoted with up to 857ppm Ta2O5 recorded in new pegmatites outside of the main target area. These results indicate significant upside potential for the project with LCT type pegmatites now identified over more than 20km strike. Drilling is ongoing as the Company continues to execute its rapid exploration strategy, with 10,000m of drilling planned.

Further rigs are expecting to be mobilised in late January with improved access to more remote areas of the project during the Canadian winter. Drilling will continue to target the main Pontax Central trend to deliver a maiden resource for mid-2023 while additional drilling will target major step-outs and discovery along strike. Details of Recent Surface Results: In October 2022, Cygnus Gold completed an initial on ground reconnaissance mapping and sampling program of the Pontax project following up on targets generated from early-stage LiDAR and airborne magnetics.

This initial work is the first time the wider Pontax area has been systematically explored for lithium using fundamental exploration tools. Results from surface sampling have now been received, with significant results of up to 3.3% Li2O and 857ppm Ta2O5. Samples were taken across the project focussing on areas of pegmatite outcrop interpreted from the aerial photography as well as targets generated from the LiDAR thought to represent outcrop beneath thin vegetation.

Results were received from Pontax Central with a new 4m wide spodumene-bearing pegmatite identified 80m southwest of the current extent of the known mineralisation, returning results of 3.3% Li2O, 2.3% Li2O,1.8% Li2O and 1.4% Li2O. These results expand the known mineralised envelope at Pontax Central to 700m, with mineralisation remaining completely open along strike and at depth. This strongly mineralised pegmatite exposure is the last outcrop before the trend is covered by fluvial glacial sediments.

Exploration drilling to test the along-strike extents of Pontax Central is planned for this current program. At Pontax North multiple spodumene-bearing pegmatites up to 5m wide have returned results of up to 2.5% Li2O, 1.4% Li2O and 1.3% Li2O. This is the first time spodumene has been identified in the Pontax North pegmatites which have not previously been the focus of exploration.

The pegmatites at Pontax North are exposed over 160m with significant potential to expand the strike length through ongoing exploration drilling. These pegmatites have now become a priority drill target for this coming drilling program. Outside of the main targets at Pontax Central and Pontax North, rock chip samples have returned significant tantalum grades from pegmatites exposed in sparse outcrop in areas which are mainly undercover.

High grade tantalum (Ta2O5) in pegmatite rock chips is highly significant as one of the diagnostic signature elements of LCT pegmatites. Results include up to 857ppm Ta2O5 with numerous significant results of +50ppm Ta2O5 from areas adjacent and along strike from Pontax Central, increasing the current envelope of LCT type pegmatites to over 2.5km of strike in the main Pontax Central target area. The recent results are also highly significant for the greater potential of the Pontax area with LCT pegmatites now recorded over a 20km strike length, indicating the potential for a large LCT pegmatite system that to date has only been explored around the major outcrop.

This is particularly important taking into consideration the amount of cover across the project (with less than 2% visible outcrop). These areas undercover will be systematically explored by step out drilling targeting the mafic host stratigraphy identified through the project magnetics, and through an intensive summer mapping and stripping campaign which is scheduled for August. 2023 Drill Program: Drilling is ongoing at Pontax with the aim of establishing a maiden resource for mid-2023, with the current program focussing on step out drilling around Pontax Central.

Additional rigs are expected to arrive in late January following the construction of the winter road, which will enable the continued aggressive exploration strategy that aims to step out significantly from Pontax Central, focussing on regional targets along strike and drilling the first drillholes into Pontax North. Results from the drilling completed late last year are expected in late January. Pontax Lithium Project (CY5 Earning Up To 70%): Located in one of Canada's most prolific lithium Provinces: The Pontax Lithium Project was acquired for its potential to host a substantial lithium Resource.

The Project is located in the prolific Superior Province of Quebec, with the James Bay region one of the most endowed lithium terranes in the world, even though only minimal modern exploration has been seen over the past 20 years. Significant Land Holding (option to earn up to 80-100% CY5): Cygnus has a significant land holding in the James Bay lithium region of 266km2. The Pontax Lithium Project covers 145km2 and 40km of strike along the highly prospective Chambois Greenstone Belt.

This ground is host to known LCT pegmatites with limited historical rock chip sampling returning high grades of up to 2.8% Li2O and 532ppm Ta2O5.4 The exploration package also includes the 121km2 Mitsumis Project which is just 12km from the 34Mt @ 0.9% Li2O Rose Deposit, currently in feasibility with Critical Elements Lithium. The newly acquired area is hugely underexplored with only minor amounts of mapping and sampling. Given the proximity to Rose, the comparable geology and the lack of exploration to date there is high potential for similar style LCT pegmatite mineralisation within the Mitsumis Project.