only

High-Grade Silver, Lead and Zinc Surface Samples

include 89g/t Ag, 3% Pb and 6.7% Zn;

Results pending for exploration at Julimar East, Bencubbin and Panhandle

ASX ANNOUNCEMENT:

Cygnus Gold ("Cygnus" or the "Company") (ASX:CY5) is pleased to

announce high grade silver-lead-zinc rock chips from the Bonnie Rock

24 January 2022

Project. This is a priority target with immediate follow up work planned for

February. Highlights include:

ASX: CY5 useCORPORATE DIRECTORY

Executive Chairman

Raymond Shorrocks

Non-Executive Directors

Michael Bohm personalSimon Jackson

Shaun Hardcastle

Joint Company Secretaries

Michael Naylor

Susan Field

Major Shareholders

Steve Parsons 6.9%

Merk Investments 6.9%

Southern Cross 6.7%

Michael Naylor 5.2%

Michael Bohm 5.1%

Advancing 2,100km2 in the Forhighly sort after Yilgarn region

of West Australia

Prospective for Nickel, Copper, Gold, Silver, Zinc & PGE's

$2.8m Cash (31/12/2021)

-

Ground Floor

24 Outram Street

West Perth WA 6005

-

  1. +61 8 6118 1627
  1. info@cygnusgold.com
  1. www.cygnusgold.com

Bonnie Rock ~129km² (100% CY5)

  • Field reconnaissance rock chips have confirmed significant Ag-Pb-Zn mineralisation over 1.2km of strike and remains open;
  • Results include samples grading up to 89g/t Ag, 3% Pb and 6.7% Zn;
  • These results align with limited early-stage historic exploration drilling over the area with grades of up to 760g/t Ag, 1.9% Pb and 1.7% Zn; and
  • Follow up exploration programmes have been scheduled for February.

Exploration programmes have also progressed at Julimar East, Bencubbin and Panhandle Projects, targeting Nickel, Copper, PGE's and Gold. Highlights include:

Julimar East Project ~325km² (100% CY5)

  • New previously untested tenure located in close proximity and similar geological setting as Chalice Mining's (ASX:CHN) Julimar Ni-Cu-PGE discovery;
  • Reconnaissance soils programmes have now been completed to test areas of geophysical anomalism analogous to the Julimar Ni-Cu-PGE intrusion, with results pending; and
  • Ground gravity survey commencing shortly to assist in drill targeting.

Bencubbin Project ~800km² (100% CY5)

  • Completed ground electro-magnetic survey over ultramafic lithologies in the north of the tenement, prospective for nickel-copper-PGE sulphides. Results pending.
  • Field reconnaissance and rock chipping has confirmed prospective greenstone belt lithologies in the south the tenement. This will be followed up with an auger geochemical programme ahead of drilling.

Panhandle Project ~100km² (100% CY5)

  • Initial soil sampling over prospective lithologies has been completed. Results pending.

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Cygnus Gold Limited

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Cygnus Gold's Executive Chairman Mr Shorrocks said "We are very pleased to be progressing exploration activities across the Cygnus tenement holding with a number of exciting early-stageresults received from the field work to date.

There is a significant volume of assays still pending which the Company is looking forward to receiving over the coming weeks. We have already started follow up on groundwork based on what we have already seen in the field.

This terrane, the Southwest Yilgarn, has been overlooked for too long and only since Chalice Mining's Julimar nickel and PGE discovery has the focus come back to the region. Cygnus with its 2,100km² tenement package is in a great position to explore its highly prospective tenure and uncover value within this region."

Figure 1: Cygnus current tenure relative to major gold deposits and the recent Julimar discovery

(Chalice Mining ASX:CHN) with background geology from GSWA mapped regional geology (1:500,000)

Cygnus Gold Limited

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EXPLORATION AT BONNIE ROCK (100% CY5)

Cygnus Gold's Bonnie Rock Project (E70/5196) is located within the Youanmi Terrane of the Yilgarn Craton, around 25km north of the major terrane bounding Koolanooka fault.

The project covers 129km² and was initially explored during the late 1970s and early 1980s but has seen very little modern exploration since. Previous explorers identified the Dam Gossan Target, an area of outcropping silver-lead-zinc mineralisation associated with manganese rich gossanous veins in 150m long suite of outcropping felsic intrusives. Limited subsequent drilling from the Dam Gossan confirmed grades of up to 760g/t Ag, 1.9% Pb and 1.7% Zn which remains open along strike and at depth with only 200m of strike extent tested by drilling within a larger 1.2km area of anomalous silver-lead-zinc rock chips.

Cygnus Gold's exploration has included confirmation rock chipping and field mapping with results to date returning significant grades of up to 89g/t Ag, 3% Pb and 6.7% Zn from 35 samples. These samples displayed in Figure 2 show anomalism over 1.2km, indicating the scale of the anomaly has yet to be tested with historic exploration only focussed on 200m of strike. To date 10 short holes have been completed on the prospect which was last drilled in 1981. Of the 10 holes drilled, 3 failed to meet target depth due to drilling conditions (RC).

The next step for exploration will include an auger geochemical programme over the Dam Gossan area to better understand the scale of the anomalism and generate follow up drill targets. This programme will commence in February.

Figure 2: Bonnie Rock Project: Dam Gossan anomaly (E70/5196).

Rockchip samples with anomalous grades over 1.2km as well as location of historic drillholes. Drilling only covers 200m of strike within 1.2km of anomalous rock chips. Mineralisation remains open.

Inset: Location of Dam Gossan within larger Bonnie Rock Tenement (E70/5196) with background magnetics (GSWA RTP).

Cygnus Gold Limited

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EXPLORATION AT THE JULIMAR EAST, BENCUBBIN AND PANHANDLE PROJECTS

(100% CY5)

For personal use only

JULIMAR EAST PROJECT:

First pass geochemical sampling has been completed over geophysical anomalies analogous to Chalice Mining's (ASX:CHN) Julimar Ni-Cu-PGE discovery.

These tenements (E70/5492 and E70/5397), like Julimar, sit on the margin of the Jimperding metamorphic belt and are considered prospective for mafic-ultramafic lithologies with potential Ni-Cu-PGE mineralisation.

This first pass geochemical programme will be used in conjunction with ground gravity, commencing this week, to generate follow up drill targets.

BENCUBBIN PROJECT:

A ground electromagnetic survey (EM) has now been completed at Bencubbin North, targeting an area of prospective ultramafic lithology with potential for nickel-copper-PGE sulphides.

This survey covered an area of 3km over previously identified elevated Ni, Cu, Co, Cr soil geochemistry. Results are pending.

Recent geological mapping and rockchipping confirmed the presence of prospective greenstone belt lithologies in the south of the extensive 800km² tenement package.

Follow up auger is scheduled for early in 2022 aiming to infill and extend existing anomalism over this interpreted ultramafic-BIF contact ahead of drill testing.

PANHANDLE PROJECT:

Soil sampling has been completed across prospective trends continuous from Cobre Limited's (ASX:CBE) adjacent Perrinvale Project, where recent drill intersection include 5m @ 9.75% Cu, 3.2g/t Au, 34g/t Ag, 3.1% Zn (refer Cobre ASX Announcement 31 January 2020) i. Results are pending.

Follow up geochemical sampling is planned and will include reconnaissance drilling to target areas covered by thin alluvial sheetwash.

About Cygnus Gold

Cygnus is targeting the discovery of gold and base metals deposits within the Southwest Terrane, in the Wheatbelt region of Western Australia. The Southwest Terrane is an underexplored package of high metamorphic-grade rocks forming part of the well mineralised Yilgarn Craton.

Cygnus Gold's tenements ranges from early-stage exploration areas through to advanced drill-ready targets.

Competent Persons Statement

The information in this announcement that relates to Exploration Targets and Exploration Results is based on information and supporting documentation compiled by Mr Duncan Grieve, a Competent Person who is a member of The Australasian Institute of Geoscientists. Mr Grieve is Exploration Manager and a full-time employee of Cygnus Gold and holds shares in the Company.

Mr Grieve has sufficient experience relevant to the style of mineralisation under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Grieve consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Cygnus Gold Limited

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For and on behalf of the Board.

For personal use only

Ray Shorrocks

Executive Chairman

T: +61 8 6118 1627

    1. info@cygnusgold.com
  1. Refer ASX announcement on the said date for full details of these results. Cygnus Gold is not aware of any new information or data that materially effects the information in the said announcements.

For further information please visit www.cygnusgold.comor contact:

Michael Naylor - Joint Company Secretary

Susan Field - Joint Company Secretary

  1. +61 8 6118 1627
  1. info@cygnusgold.com

Cygnus Gold Limited

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Cygnus Gold Ltd. published this content on 23 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 January 2022 22:43:08 UTC.