Cygnus Gold announced that it has significantly increased its land position in the prolific James Bay lithium province, Quebec to 266sqkm. The additional ground, which has been acquired through strategic agreements, includes highly prospective ground along strike and adjacent to the Pontax Lithium Project. Cygnus' ground now hosts 40km of prospective strike length.

It also includes the 121sqkm Mitsumis Project, which is just 12km from the 34Mt @ 0.9% Li2O Rose Depositiii, currently in feasibility with Critical Elements Lithium. The additional ground in a prolific lithium province provides Cygnus with 40km of outcropping pegmatites and a number of walk-up drill targets which include rock chips grading 2.8% Li2O. Cygnus has entered into the following two option agreements to acquire the additional ground with: MegaWatt Lithium and Battery Minerals Corp.

Under the terms of the MegaWatt Option Agreement, Cygnus is granted an exclusive option to acquire an 80% interest in the 40 mining claims known as the Route 381 Project and an additional 229 claims known as the Mitsumis project located in Quebec, Canada Canadian Mining House. Under the terms of the CMH Option Agreement, Cygnus is granted an exclusive option to acquire a 100% interest in the 166 mining claims known as the Pontax Extension Property located in Quebec, Canada. The Pontax project has the potential to create significant value for shareholders because high-grade lithium spodumene bearing pegmatites have already been identified through drilling and there is significant scope to continue growing the economic potential through exploration.

The spodumene bearing pegmatites at Pontax outcrop at surface, with limited diamond drilling returning numerous high-grade lithium intersections. This ground acquisition increases the regional exploration upside around Pontax and establishes a strong ground position in a world class terrane. Early-stage exploration is already underway with geophysics and LiDAR recently completed which will underpin a 10,000m drilling campaign in the December quarter.

Cygnus plans to complete both resource definition and step out drilling over the next six months. Additional ground has now been secured adjacent and along strike to the Pontax Lithium Project with the entire project now covering 145km2 and 40km of strike along the highly prospective Chambois Greenstone Belt. This ground is host to known LCT pegmatites with limited historical rock chip sampling returning high grades of up to 2.8% Li2O and 524ppm Ta2O5.

High grade tantalum in pegmatite rockchips is highly signficant, indicating enrichement in incompatible elements which is likely to include lithium and caesium, part of the diagnostic signature elements of LCT pegmatites. These rockchip results are significant for the regional pontential of the project with LCT pegmatites identified over an area of at least 15km of strike length, with no follow up work completed. This is highly encouranging for the exploration team as they embark on the first systematic exploration of Pontax.

The new exploration package also includes the 121km 2 Mitsumis Project which is just 12km from the 34Mt @ 0.9% Li2O Rose Depositiii, currently in feasibility with Critical Elements Lithium. The newly acquired area is hugely underexplored with only minor amounts of mapping and sampling. Given the proximity to Rose, the comparable geology and the lack of exploration to date there is high potential for similar style LCT pegmatite mineralisation within the Mitsumis Project.

The Pontax Lithium Project was acquired for it's potential to host a substantial lithium Resource. The Project covers 36km2 located in the prolific Superior Province of Quebec, with the James Bay region one of the most endowed lithium terranes in the world, even though only minimal modern exploration has been seen over the past 20 years.