07:18 AM EDT, 08/12/2025 (MT Newswires) -- Cygnus Metals ( CYGGF ) said overnight Monday that it identified drilling targets near the historical Cedar Bay mine within the Chibougamau copper-gold project in Quebec.

The company said Cedar Bay has a high-grade unmined resource totaling 130,000 tonnes at 8.9% copper equivalent in the indicated category and 230,000 tonnes at 8.5% copper equivalent in the inferred category.

Drill intersections outside of the current resource include 3.4 meters at 16.8% copper equivalent, and 2.9 meters at 9.6% copper equivalent.

The company said it will mobilize an additional drill rig next week to test these prospective targets.

"These latest targets, supported by historical drilling data, are located right next to a high-grade mine, making them compelling," said David Southam, Cygnus' executive chairman.

"Given their potential to help drive resource growth, we are mobilising another rig with the aim of drilling the targets ASAP," Southam said.

Cygnus also reported final infill results at Corner Bay, which will be fed into next month's resource update. Highlights include 3.5 meters at 4.9% copper equivalent and 1.8 meters at 7.7% copper equivalent.