Cygnus Metals Limited announced more high-grade assays from four holes at the Pontax Lithium Project in the James Bay region of Québec, Canada. Drilling is continuing with three drill rigs targeting resource definition at Pontax Central and step out exploration. The drill program has been designed to systematically step out from known mineralisation at Pontax Central.

This is a stacked spodumene-bearing pegmatite swarm which is continuous over 700m of strike, only drilled to 230 metres below surface and importantly open in all directions. The recent intersections include: 11.1m @ 1.2% Li2O from 146.3m (including 2.5m @ 2.6% Li2O), 3.6m @ 1.4% Li2O from 65.6m & 6.3m @ 1.0% Li2O from 94.9m (DDH975-22-029); 5.5m @ 1.4% Li2O from 178.7m & 5.9m @ 1.0% Li2O from 262.0m (DDH975-22-032); and 3.3m @ 2.8% Li2O from 107m (including 1.0m @ 5.0% Li2O) & 4.2m @ 0.9% Li2O from 124.4m (DDH975-22-026). These results confirm the continuity of spodumene mineralisation at Pontax Central, with multiple spodumene- bearing pegmatite intervals in each drillhole extending the area of the known mineralisation at depth and along strike with 100m spaced drill sections.

All intersections highlighted are shallow and demonstrate continuity of mineralisation from surface down to 230m vertical depth. These intersections support previously announced1&2 high grade results including: 16.5m @ 1.1% Li2O from 239.8m, 15.6m @ 1.6% Li2O from 83.9m, 13.3m @ 1.3% Li2O from 300.2m, 13.0m @ 1.4% Li2O from 36.0m, 12.0m @ 1.4% Li2O from 83.0m, 12.0m @ 1.1% Li2O from 99.5m and 9.0m @ 1.7% Li2O from 46.9m. Recent results also include high grade intervals of up to 5.0% Li2O from individual samples.

These high-grade results are associated with densely concentrated centimetric spodumene mineralisation rather than large individual crystals, resulting in a representative and even grade distribution. Planned Exploration: Drilling is ongoing with three drill rigs on site to complete the current program, which is planned to continue into April. This program is focussed on both resource definition drilling at Pontax Central and step out exploration along the Pontax mineralised trend with the aim of delivering the inaugural Mineral Resource by mid-2023.

During the summer months, field exploration will resume at Pontax to systematically map and sample along previously identified targets generated through geophysics. This work will also include stepping out on the regional ground, including the recently acquired ground to the NE of Pontax Central which expanded the project to over 180km2.