Cygnus Gold announced highly promising preliminary results from the recently completed magnetics and LiDAR surveys at the Pontax Lithium Project located in the prolific James Bay lithium province, Quebec. The LiDAR and magnetics were completed over the Pontax main project that was acquired in July 20221. This recent work is the first regional exploration to be conducted on the project in over a decade and signifies the first steps in a comprehensive and systematic exploration program to be carried out by Cygnus.

The ongoing detailed magnetics interpretation and LiDAR has generated numerous walk-up targets which will be mapped in the coming month as Cygnus geologists start work on the ground for the first time. The autumn mapping and sampling program aims to generate further regional drill targets to be followed up in the upcoming drilling campaign expected to commence in early November 2022. The Pontax project has the potential to create significant value for shareholders because high-grade lithium spodumene bearing pegmatites have already been identified through drilling and there is significant scope to continue growing the economic potential through exploration.

The spodumene bearing pegmatites at Pontax outcrop at surface, with limited diamond drilling returning numerous high-grade lithium intersections. This early-stage exploration will underpin the 10,000m drilling campaign commencing in early November where Cygnus plans to complete both resource definition and step out drilling over the next six months. Results from the first stage of exploration at the Pontax Lithium Project have now been received ahead of the mapping campaign due to commence later this month.

This work includes recently flown detailed magnetics alongside LiDAR and high-resolution aerial photography. This is the first time the project has been systematically explored using fundamental exploration tools, in particular for regional targeting. Results from this work has delivered numerous walk-up targets which the Cygnus team will map and sample over the next month, delivering further regional drill targets ahead of the 10,000m drill campaign.

Detailed airborne magnetics is crucial in understanding project scale geology especially in areas where there is limited outcrop. The recently acquired magnetics is currently being interpreted and will be used to underpin the geological interpretation of the belt and to assist with regional targeting. A main focus is delineating the metavolcanic-metasedimentary belts which are known to be the preferred host rock for LCT pegmatite emplacement.

Already with the preliminary results the geological understanding has been significantly improved, with the team able to delineate multiple repetitions of the prospective mafic horizon throughout the 10km trend which to date had not been formal y recognised. LiDAR and high-resolution imagery have also provided a comprehensive assessment of the terrane and outcrop coverage throughout the Pontax Lithium Project. Multiple walk-up targets have been generated that appear to represent outcropping pegmatites that have never been mapped or sampled.

These outcrops are a high priority for the upcoming mapping campaign.