Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Cygnus Gold (CY5) and joint venture (JV) partner Gold Road Resources (GOR) have received anomalous gold results from the Lake Grace JV
  • The 336 hole program focused on the Hammerhead Prospect where previous drilling has intersected anomalous gold
  • This program confirmed at least eight gold anomalous areas with the best results coming from the Hammerhead, Gunsmoke, and Lakeside prospects
  • Best results include 1.06 grammes per tonne gold
  • Cygnus and Gold Road are now planning an infill drilling program to better define the source of gold at Hammerhead
  • In midday trade Cygnus has jumped 26.2 per cent to 5.3 cents while Gold Road has dropped a slight 2.52 per cent to $1.55

Cygnus Gold (CY5) and joint venture (JV) partner Gold Road Resources (GOR) have received anomalous gold results from the Lake Grace JV.

This program, which consisted of 336 holes for 15,737 metres, targeted the Hammerhead Prospect where previous drilling intersected widespread anomalous gold.

Hammerhead is part of a highly prospective greenstone belt than spans more than 20 kilometres in length.

It was identified from regional aircore (AC) drilling over a zone of surface gold anomalism and drilling in 2019 identified further gold and pathfinder mineralisation such as arsenic, copper, and molybdenum.

This recently completed drilling program has confirmed at least eight gold anomalous areas with the best results coming from the Hammerhead, Gunsmoke, and Lakeside prospects.

Hammerhead

Significant results from Hammerhead are in weathered in cover and are associated with widespread gold-in-soil surface anomalism.

Results include three metres at 0.24g/t gold from surface and two metres at 0.15g/t gold from 32 metres, and three metres at 0.23g/t gold from surface and two metres at 0.12g/t gold from 30 metres.

Gunsmoke

The mineralisation at Gunsmoke comes from isolated mafic rocks.

Results include 12 metres at 0.78g/t gold from 30 metres including eight metres at 1.06g/t gold from 30 metres.

Lakeside

Drilling at Lakeside identified a western gold, arsenic and copper-lead-zinc zone, and an easter gold-arsenic zone.

Intercepts include six metres at 0.59g/t gold from 49 metres, three metres at 0.20g/t gold from 25 metres, and three metres at0.15g/t gold from three metres.

“These latest results are an encouraging development on Cygnus’ JVs with Gold Road,” Managing Director James Merrillees commented.

“With anomalous gold now identified over multiple kilometres of strike, the identification of a number of promising gold prospects is focusing our efforts and we look forward to getting out there in the coming months to follow up these exciting results,” he said.

Cygnus and Gold Road are now planning an infill AC drilling program to better define the source of anomalous gold at Hammerhead.

This will be subject to discussions with local communities and relevant COVID-19 restrictions.

Currently, it is expected that this program will begin late in the June quarter or early in the September one.

In midday trade Cygnus has jumped 26.2 per cent to 5.3 cents while Gold Road has dropped a slight 2.52 per cent to $1.55.

CY5 by the numbers
More From The Market Herald

" Anova Metals (ASX:AWV) begins drilling at Big Springs

Anova Metals (AWV) has begun the 2021 reverse circulation (RC) drilling program at its Big Springs gold project in Nevada.
Raiden Resources (ASX:RDN) - Managing Director, Dusko Ljubojevic

" Raiden Resources (ASX:RDN) completes tenement acquisition

Raiden Resources (RDN) has completed the acquisition of the nickel-copper-platinum group element (PGE) tenements adjacent to its Mt Sholl project.

" Alkane Resources (ASX:ALK) hits further gold at Molong

Alkane Resources (ALK) has received the latest batch of assay results from its Northern Molong Porphyry Project in New South Wales.
The Market Herald Video

" De Grey Mining (ASX:DEG) raises $125m for Mallina

De Grey Mining (DEG) has received firm commitments to raise $125 million for its Mallina Gold Project.