08:02 AM EST, 01/23/2025 (MT Newswires) -- Cygnus Metals ( CYGGF ) , trading near 52-week lows, overnight Wednesday said the first hole at its exploration campaign at the Chibougamau Copper-Gold Project in Quebec returned assays of up to 2.5m at 9.1% copper.

Prior to the closing of the merger of Cygnus and Dore Copper Mining (DCMC.V), both teams executed a targeted exploration program to test the immediate areas around the Corner Bay deposit, looking for both additional structures and extensions to the current resource.

Cygnus said the first drill hole of the program targeting the footwall of the Corner Bay deposit, returned an intersection of 7.3m at 4.2% Cu, 0.3g/t Au and 16.6g/t Ag from 317.8m, which includes 2.5m at 9.1% Cu, 0.5g/t Au and 31.4g/t Ag. The result highlighted the potential for multiple sub-parallel lodes at the Corner Bay deposit analogous to other well-known deposits in the region.

Follow up downhole electromagnetics has since defined a significant off hole electromagnetic anomaly to the north and down dip of the intersection that has yet to be tested by drilling.

"We are delighted to hit the ground running with an excellent intersection from a previously undrilled area which is only 250m away from main Corner Bay Deposit," said Cygnus Executive Chairman David Southam. "This result supports our view that there is much more to find at Chibougamau, both near the existing deposits and in the wider region and is consistent with our strategy to create shareholder value by growing the resource."