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On 16 January 2019, Cygnus Gold Limited (ASX:CY5) provided an update about the current field activity which is currently underway in its wholly owned project in the Wheatbelt district, in Western Australia. On December 2018, the company already underwent testing of gold targets in the area covering twenty kilometers of prospective Greenstone in the Stanley project through air core and reverse circulation drilling programs.
The Stanley air-core program drilled approximately 65 holes at a depth of 2,661 meters and reverse circulation was used to targets at Brays and McDougall with eight holes at a depth of 866 meters. The assay results of these programs are expected during this month.
The reverse circulation program had a plan of drilling six holes, including holes in the Stanley Hill prospect. However, these were rescheduled to match the harvesting activity. The rig will be remobilized to the site later during the week to start further drilling with the expected results to arrive approximately within 3-4 weeks post completion of the drilling.
After the completion of the Stanley program, the reverse circulation rig will be used to drill the Jeffries prospect on the Bencubbin project that the company has. The WA government is supporting this project with its co-funding initiative.
The Managing Director of the company, Mr. James Merrillees mentioned the proactive approach of the company in drilling over the past few months and the same approach to be followed in this quarter. He assured to update the market with the arrival of any drilling results.
The company however in its last announcement as on 6 December 2018 updated about the commencement of drilling gold targets at Stanley. It used the aircore drilling program to test priority targets on the Stanley greenstone belt covering an area of 20 kilometer. The depth of the drilling was at 3,500 meters. Moreover, it was engaged in a 1,500 meter reverse calculation drilling to test extended high-grade areas with bottleneck, as well as McDougall and Stanley Hill prospects.
Now, let us quickly have a look at the stock performance of Cygnus Gold Limited and the returns it has produced over the past few months. The stock is currently trading at $0.066 decreasing by almost 5.714% during the day's trade, with a market capitalization of $4.25 million. The stock opened at $0.067 which is the dayâs high as well, however it touched a day low of $0.063. It has a 52-week high price of $0.375 and a 52-week low of $0.058, with an average trading volume of 42,647. In the time span of previous three months and six months, the stock had delivered the return of -33.33% and -18.60%, respectively.
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