Cygnus Metals has successfully completed the exercise of its options for acquiring 100% of the Sakami and Beryl Lakeproperties, in James Bay, Québec.
The company issued three-million fully paid ordinary shares on conversion of an equivalent number of vested performance rights and a total of 1.05-million fully paid ordinary shares to the vendors under the respective option agreements for the properties.
Cygnus advises that with the issue of the final 1.05-million shares and following satisfaction of the exploration expenditure commitments, it has now completed the exercise of the options for each of the properties and acquired an undivided 100% right, title and interest in the properties.
Cygnus ultimately issued 4.05-million shares with respect to the properties, which together form part of the company’s Auclairlithium project.
For now, the company remains focused on advancing its Chibougamau copper/gold project in Québec with the pending assay results from an ongoing drill programme.
The Sakami project alone is a significant landholding of 118 km2covering the highly prospective La Grande Greenstone Belt. The property is located just 44 km west of ASX-listed Patriot Battery Metals’ Corvette deposit and adjacent to ASX-listed Winsome Resources’ Cancet discovery.
The project has excellent infrastructure being located on the Trans-Taiga all weather access road and Hydro Québec power lines running through the property.
Historically, the project has seen limited exploration activity for gold and base metals, with no lithium exploration ever undertaken. Cygnus considers the project to have immense potential for the discovery of significant lithium mineralisation with the right geology, surrounding discoveries and lack of lithiumexploration to date.
Initial exploration by Cygnus, including airborne magnetics, has delineated multiple targets for follow-up exploration.