• Ongoing drilling at Cedar Bay intersected a wide zone of mineralisation in a potential new parallel zone, returning 28.9m at 2.5g/t AuEq
• The result highlights the strong potential to keep growing the resource base within the well-endowed Chibougamau District
• Follow-up drilling is set to start next week to test the extent of this new mineralised zone

Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is pleased to announce a potential new mineralised zone intersected outside of the Mineral Resource Estimate (MRE) at its Chibougamau Copper-Gold Project in Quebec. Ongoing drilling targeting the down dip extension of the Cedar Bay deposit has intersected a wide zone of strong mineralisation just 200m from surface, which returned 28.9m at 2.5g/t AuEq (1.0g/t Au, 1.0% Cu & 12.0g/t Ag). This new mineralised zone sits between the Cedar Bay and Copper Cliff historic mines in an area which has seen little exploration and may represent an underexplored parallel lode. The result highlights the strong discovery potential of the well-endowed Chibougamau District that has a standout production record of 945,000t of copper and 3.5Moz of gold. Follow up drilling is expected to commence in the coming weeks to test the extent of the mineralisation. Recent drilling has also been targeting the down plunge continuation of the Cedar Bay deposit, aiming to grow the MRE. The current Cedar Bay Mineral Resource is gold-dominant and contains 67koz at 8.1g/t AuEq (Indicated) and 205koz at 7.8g/t AuEq (Inferred). Drill intersections already included within the Cedar Bay Mineral Resource highlight the significant grade and potential at Cedar Bay, with results such as 15.5m at 11.0g/t AuEq and 4.3m at 19.7g/t AuEq. Cygnus' first drill hole targeting extensions to this Mineral Resource intersected a wide gold-rich zone of mineralisation grading 10.6m at 4.1g/t AuEq, with subsequent follow-up drilling continuing to delineate gold and copper rich mineralisation. These results, with the addition of a potential new mineralised zone, highlight the potential for continued resource growth across Cedar Bay. Drilling is ongoing at Cedar Bay and will continue until the end of the year. Cygnus is continuing its exploration strategy, focussed on resource growth and resource conversion, to drive the Chibougamau Project forward towards development and deliver maximum returns to shareholders.

Cygnus has not provided any high-importance, price-sensitive forward-looking financial metrics or guidance in the announcement.

Cygnus has not provided any forward-looking outlook statements in the announcement.