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Cygnus Metals' Drilling Results at Canada Deposit 'Incredible,' Euroz Hartleys Says

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Cygnus Metals' (ASX:CY5) drilling results at the Golden Eye deposit, within its Chibougamau project in Canada, are "incredible," Euroz Hartleys said in a Monday note.

The results include 8.4 meters at 16 grams per tonne grade of gold equivalent, including three meters at 40 g/t gold equivalent, 3.6 meters at 16 g/t gold equivalent, including 2.5 meters at 22 g/t gold equivalent.

Its proximity to an existing twin decline and just three kilometers away from a 900,000 tonnes-per-annum processing plant offers a high-grade supplementary or starter option to development scenarios.

The investment firm retained its speculative buy rating on Cygnus Metals and reduced its price target to AU$0.53 per share from AU$0.70 per share.

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