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Cygnus Gold Limited (ASX:CY5) is into mineral exploration and development. The Company focuses on exploration and discovery of gold deposits. Cygnus Gold serves customers in Southwest Western Australia.
The company has through the latest release on ASX disclosed their quarterly activities report, the key highlights of which are as follows:
Stanley Project:
The Company had carried out drilling programs for testing gold targets on the 20km of the proposed Stanley greenstone which comprised of:
- An aircore (AC) program drilled a total of 65 holes for 2,661 meters.
- Reverse circulation (RC) drilling of interpreted extensions of the Bottleneck Prospect and other targets at the Brays and McDougall Prospects with eight holes drilled for 866m.
- Overall drilling intersected the targeted geology with varying levels of alteration typical of mineralization encountered elsewhere at Stanley. Assay results from the above programs are anticipated in late January and early February 2019.
Burracoppin Project:
The airborne electromagnetic (EM) survey has identified various new priority targets. These targets are associated with previously identified zones of Au-Ag-Pb-Zn (Gold-silver-lead-zinc) mineralization. The geophysical and geochemical signs which have been found are comparable to the known Volcanogenic Massive Sulphide (âVMSâ) belts globally. This drill testing is of high priority targets, which are planned for Q1 2019
Bencubbin Project:
This project has a regionally extensive surface nickel geochemical anomaly, which is more than 18km strike length identified on newly acquired tenements at Bencubbin North and Bencubbin South. It has been discovered as a prime target for sulfide-hosted nickel-copper mineralization identified, in addition to the previously confirmed gold potential, at the Jeffries Prospect. Copper, lead, and zinc mineralization with outcropping gossans over 3.3km has been identified at the adjacent Mandiga prospect. The follow-up mapping and infill surface sampling on the base metals targets are scheduled for implementation in early 2019.
Earn-in and Joint Venture Projects (with Gold Road Resources):
- Drilling of gravity and pathfinder gold targets planned for early 2019 on targets on the Lake Grace and Wadderin Earn-in projects
- Airborne magnetics collected over the Yandina JV
- Three new tenements were applied for which will form the Hyden JV (Cygnus 25%)
Cash Position and Movements:
   As at 31 December 2018, Cygnus Gold held $3.5m in cash (September 2018: $3.3m). Cash has increased due to the reimbursement of exploration expenditure on the Gold Road Earn In Projects from Gold Road, and a cash call received in advance for exploration programs due to be conducted in the first quarter of 2019.
Now let us quickly look at the companyâs stock performance over the last few months. The stock last traded at $ 0.075, with a market capitalization of circa $4.55 Mn as on 23 Jan. 2019. The stock has delivered a YTD return of 15.38%. The company has posted returns of -28.57%, -13.79 over the last six months & three months period respectively, as on 17 January 2019. It has a 52-week high price of $0.375, with an average volume of ~50,776.
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