Cygnus Metals Limited (ASX:CY5) has increased the size of the Pontax Lithium Project in the highly prospective James Bay lithium district, Québec to over 180sq. km.
The additional land, comprising 70 individual claims covering 40sq. km, was acquired from TSXV-listed Sirios Resources Inc. and sits immediately north-east of, and adjacent to, Cygnus’ Pontax Project. The acquisition provides Cygnus a further ~nine km of continuous strike length (now 20km continuous) of the highly prospective Chambois Greenstone Belt which hosts the spodumene-bearing pegmatites at Pontax, taking the Company’s total strike length to ~44km.
“We are poised to create substantial shareholder value over the next six months. We have already demonstrated our credentials in-country by acquiring Pontax and obtaining additional ground immediately adjacent and along strike. This deal with Sirios Resources ensures we secure the most favourable ground immediately to the North and adjacent to Pontax,” Managing Director, David Southam, said.
“Prior to this deal, we had already established the presence of spodumene-bearing pegmatites over a 700m strike length. Assays from the first two holes demonstrated multiple high grade mineralized zones and, importantly, more than doubled the last known depth extension from historical drilling to 230m vertical.
“The current 15,000m diamond drill programme has been supported by additional rigs which are now at work following the successful completion of ice road access. The drilling is aimed at both infilling the known spodumene area, extending it and making new discoveries along what is a highly prospective belt in a world-class lithium province.”
Exploration by previous explorers has focused on silver-lead-zinc anomalies to the south-east of the greenstone belt with no lithium exploration recorded on the property.
As with the Pontax project area, much of the newly acquired property is covered by shallow glacial cover and thick vegetation with very little outcrop. This is particularly notable along the trend of the greenstone belt and provides potential for utilising modern geophysics to target pegmatites under cover. An initial program planned for Spring 2023 comprising magnetics and LiDAR will be carried out to assist with regional targeting and follow- up reconnaissance mapping.
For further information please visit: https://www.cygnusmetals.com/
