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Cygnus Metals Provides Strong Drill Results from Golden Eye Deposit in Canada

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Cygnus Metals (CYG.V) reported early Monday strong drilling results from the Golden Eye deposit at the Chibougamau copper-gold project in Canada.

Highlights include 39.5 grams per tonne (g/t) of gold equivalent over 3 meters, 8.4 m at 16.3 g/t gold equivalent, and 3.6 m at 15.7g/t gold equivalent.

The mineral estimate for the deposit now stands at 500,000 tonnes grading 5.6 g/t gold equivalent for 91,000 ounces of gold equivalent in the indicated category, and 1.2 million tonnes at 4.6 g/t gold equivalent for 182,000 ounces of gold equivalent in the inferred category.

"These results are consistent with our strategy to upgrade more of the inferred resource to the more valuable indicated category," Executive Chairman David Southam said.

Cygnus expects assays from the Gwillim prospect at the end of the second quarter, with joint venture partner Alamos Gold (AGI.TO) funding the program.

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