Key facts about Cygnus Metals' successful drilling at Pegasus prospect

Cygnus Metals Limited (ASX: $CY5) has reported highly successful results from the first drilling at the Pegasus prospect within the Auclair Lithium Project in James Bay, Canada. The drilling has returned numerous thick and shallow spodumene-bearing pegmatite intersections, with the best mineralised intersection of 43.7m of pegmatite with an average 10-12% estimated spodumene mineralisation from 46.4m in hole DDH1557-24-041. The Pegasus pegmatite, forming one large continuous dyke with a shallow dip towards the north-west, remains open. The company cautions that visual estimates of mineral abundance should never be considered a proxy or substitute for laboratory analyses, and laboratory analytical results of the intersections are expected in Q2 CY24.

Executive commentary on the successful drilling at Pegasus prospect

This is an outstanding start to our maiden drilling program at Pegasus. To hit such thick spodumene-bearing pegmatites with estimated mineralisation up to 70% in places highlights the significant upside at Pegasus. Auclair clearly has all the hallmarks of a well-endowed and fertile lithium district and one that has seen less than one year of exploration. This includes significant potential at Pegasus but also undercover between the Pegasus and Lyra outcrops with proven blind and shallow dipping pegmatites in the recent drilling. Drilling is ongoing to test the extents of mineralisation at Pegasus and prospecting is set to resume in June to pick up where we left off at Pegasus and Lyra when snow brought an early end to the planned program.

Summary of Cygnus Metals' successful drilling at Pegasus prospect

The initial drilling at the Pegasus prospect within the Auclair Lithium Project has delivered highly successful results, with numerous thick and shallow spodumene-bearing pegmatite intersections. The Pegasus pegmatite, forming one large continuous dyke with a shallow dip towards the north-west, has been defined over 300m of strike and remains open. The recent success beneath cover reaffirms the Company's belief that Auclair is a highly fertile lithium district with significant potential for further discovery. Ongoing drilling and prospecting activities are expected to contribute to the continued exploration and potential expansion of the project. The laboratory analytical results of the intersections are anticipated in Q2 CY24, and the Company remains highly active with its exploration endeavors.