Cygnus Metals Limited Clarification Announcement

David Southam
Managing Director
T: +61 8 6118 1627
E: info@cygnusmetals.com
Ernest Mast
President & Managing Director
T: +1 647 921 0501
E: info@cygnusmetals.com
Media:
Paul Armstrong
Read Corporate
+61 8 9388 1474

Criteria
JORC Code explanation
Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

All current drilling conducted at the Chibougamau Project was completed under the supervision of a registered professional geologist as a Qualified Person (QP) who is responsible and accountable for the planning, execution, and supervision of all exploration activity as well as the implementation of quality assurance programs and reporting.
All drilling reported is NQ2 (47.8 mm diameter)
DHEM surveys have been completed on surface drillholes
Historic FLEM surveys were acquired from surface
Historic FLEM stations were planned along survey lines perpendicular to geological strike

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

NQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves.
Half of the cut core is placed in clean individual plastic bags with the appropriate sample tag.
The remaining half of the core is retained and incorporated into Cygnus’s secure, core library located on the property
No samples were taken for the electromagnetic survey work.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database.
Sampling practice is considered to be appropriate to the geology and style of mineralisation

Drilling techniques
Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Diamond core was drilled using surface diamond rigs with industry recognised contractors Miikan Drilling. Miikan is a joint venture between Chibougamau Diamond Drilling Ltd., the First Nations community of Ouje-Bougoumou and the First Nations community of Mistissini both located in the Eeyou Istchee territory.
Drilling was conducted using NQ core size
Directional surveys have been taken at 50m intervals

Drill sample recovery
Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval.
Overall, the core recoveries are excellent in the Chibougamau area
No drilling was undertaken for the electromagnetic survey work.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database
No logging was undertaken for the electromagnetic survey work.

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

Geological logging of core is qualitative and descriptive in nature.

The total length and percentage of the relevant intersections logged.

100% of the core has been logged

Sub-sampling techniques and sample preparation
If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

The NQ2 diameter the core was sawn in half following a sample cutting line determined by geologists during logging and submitted for analysis on nominal 1m intervals or defined by geological boundaries determined by the logging geologist
Each core sample is assigned a tag with a unique identifying number. Sample lengths are typically one metre but can be depending on zone mineralogy and boundaries.
This sampling technique is industry standard and deemed appropriate.
No subsampling was undertaken for the electromagnetic survey work.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

Sample (NQ size half core) preparation and fire assay analysis were done at Bureau Veritas Commodities Canada Ltd (‘BV’) in Timmins, Ontario, and ICP-ES multi-elements analysis was done at BV in Vancouver, B.C.
Samples were weighed, dried, crushed to 70% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 µm.
Samples are fire assayed for gold (Au) (30 g) and multi-acid digestion ICP-ES finish, for 23 elements (including key elements Ag, Cu, Mo).
Samples assaying >10.0 g/t Au are re-analysed with a gravimetric finish using a 30 g charge. Samples assaying >10% Cu are re-analysed with a sodium peroxide fusion with ICP-ES analysis using a 0.25 g charge.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

CY5 commissioned Southern Geoscience Consultants (SGC) of Perth to supervise and plan the recent DHEM surveys that were acquired by Géophysique TMC
SGC were also commissioned to reinterpret some DHEM collected by Géophysique TMC from 2021
Survey Details for DHEM

Survey Configuration: Downhole TEM (DHTEM)
TX Loop Size: 620 x 450m
Transmitter: Crone Geophysics Pulse Transmitter
Receiver: Crone Geophysics Pulse Receiver
Sensor: Crone Geophysics 3 component dB/dt induction coil
Component Directions: Axial (A), and cross-hole (U and V)
Station Spacing: 10m with 5m infill
TX Frequency: 5 Hz
Duty cycle: 50%
Current: 20 Amps
Powerline Frequency: 60 Hz
Base frequency: 50 msec
Stacks: 256 stacks per reading

CY5 also commissioned SGC to reprocess the historic FLEM that was conducted in 2007 under the supervision of Crone Geophysics and Exploration Ltd

The equipment used on this project was a Crone Pulse EM Surface system. This includes a 4.8kW transmitter with a 240V voltage regulator powered by an 11 hp motor generator. The Crone Digital Receiver was used to collect the field data. The synchronization between the Transmitter and the Receiver was maintained by crystal clock synchronization for surface work

TX Loop Size: 900 x 800m
Ramp Time: 1.5ms
Current: 15 amps
Time Base: 16.66 msec

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates
Geophysical data was recorded on a Crone Geophysics Pulse Receiver then emailed to SGC for analysis and verification

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

No sampling was undertaken for the electromagnetic survey work.

The use of twinned holes.

No hole is twinned

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All logging data was completed, core marked up, logging and sampling data was entered directly into the database.
The logged data is stored on the site server directly.

Discuss any adjustment to assay data.

There was no adjustment to the assay data

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

The location of the drillholes and the aiming points for the orientation of the drillholes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model ‘GPSmap 62s’ (4m accuracy)
Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole
Surface geophysical measurement locations were determined using a hand-held GPS. The accuracy of this unit at most sample sites was +/- 3m to 5m
The DHEM station positions are estimated using a winch counter that measures to the nearest cm accuracy with gyro survey files to accurately locate the survey stations in space.
FLEM stations were planned perpendicular to geological strike, and all were surveyed with hand-held GPS

Specification of the grid system used.

The grid system used is UTM NAD83 (Zone 18)

Quality and adequacy of topographic control.

A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes

Data spacing and distribution

Data spacing for reporting of Exploration Results.

The drill spacing is considered appropriate for this type of exploration
DHEM is 10m stations with 5m and 1m infill and FLEM data is 100m station spacing
The station spacings are considered to be sufficient for sampling the anomalous response for detailed quantitative modelling

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

No resource estimation is made

Whether sample compositing has been applied.

No sample compositing has been applied

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

Drilling is orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation. Reported intersections appear close to true width
FLEM stations were planned perpendicular to geological strike
DHEM surveys records 3D data and target orientation relative to the survey orientation is not deemed to be important in the modelling

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

No bias is considered to have been introduced by the existing sampling orientation

Sample security
The measures taken to ensure sample security.

Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates

Audits or reviews
The results of any audits or reviews of sampling techniques and data.

No audits have been undertaken, therefore information on audits or reviews is not yet available

Criteria
JORC Code Explanation
Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The data reported within this announcement is from the Chibougamau Project. The Chibougamau project consists of 3 properties which includes:

Copper Rand (1 mining license, 19 mining concession and 147 exploration claims)
Corner Bay – Devlin (1 mining license, 111 exploration claims)
Joe Mann (2 mining concessions, 74 exploration claims)

Copper Rand and Corner Bay – Devlin are held 100% by CBAY minerals Inc, a wholly owned subsidiary of Dore Copper.
767ha of the Joe Mann property is held by CBAY with the remaining 1965ha held under option agreement with Resources Jessie.
The properties collectively making up the Project are in good standing based on the Ministry of Energy and Natural Resources (Ministère de l’Énergie et des Ressources Naturelles) GESTIM claim management system of the Government of Québec.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

All tenure is in good standing

Exploration done by other parties
Acknowledgment and appraisal of exploration by other parties.

The Chibougamau Copper and Gold project comprising Corner Bay, Devlin, Cedar Bay and Joe Mann have seen an extensive exploration history dating back to the early 1900s. The PEA (as referred to in the Company’s announcement of 15 October 2024) provides a detailed history of the exploration activities undertaken by previous explorers.
Corner Bay was first identified as a prospect in 1956

1956 – 1972 eight drilling programs totalling 1,463 m and various geophysical and electromagnetic (EM) surveys
1973 – 1981 Riocanex and Flanagan McAdam: ground geophysical surveys and 43 diamond drill holes
1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical test work
1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with initial MRE
1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling
1994 Explorations Cache Inc and Ressources MSV Inc: diamond drilling
2004 – 2006 GéoNova and MSV: 98 diamond drill holes and first Technical Report on the Corner Bay project reporting a MRE
2007 – 2009 Campbell: diamond drilling and bulk sample
2012 – 2019 CBAY / AmAuCu: diamond drilling and MRE

Devlin identified in 1972 by airborne survey flown by the MERN

1979 – 1981 diamond drilling, geophysical surveys
1981 development commenced

Joe Mann identified in 1950 with the commencement of mining activities occurring in 1956

The Joe Mann mine operated underground during three different periods from 1956 to 2007
In July 2012, Ressources Jessie acquired the Joe Mann mine property, but conducted only surface exploration work

Cedar Bay was discovered prior to 1927 by Chibougamau McKenzie Mines Ltd

From initial discovery to 2013 various surface and underground drilling campaigns and geophysical surveys undertaken by various companies

Geology
Deposit type, geological setting and style of mineralisation.

Corner Bay and Devlin are located at the northeastern extremity of the Abitibi subprovince in the Superior province of the Canadian Shield and are examples of Chibougamau-type copper-gold deposits. The Abitibi subprovince is considered as one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits.
The Corner Bay deposit is located on the southern flank of the Doré Lake Complex (DLC). It is hosted by a N 15° trending shear zone more or less continuous with a strong 75° to 85° dip towards the west. The host anorthosite rock is sheared and sericitized over widths of 2 m to 25 m. The deposit is cut by a diabase dyke and is limited to the north by a fault structure and to the south by the LaChib deformation zone.
The Corner Bay deposit consists of three main mineralized lodes (subparallel Main Lode 1 and Main Lode 2 above the dyke, and Main Lode below the dyke that make up the bulk of the deposit. The Corner Bay deposit has been traced over a strike length to over 1,100 m to a depth of 1,350 m and remains open at depth.
The mineralization is characterized by veins and/or lenses of massive to semi-massive sulphides associated with a brecciated to locally massive quartz-calcite material. The sulphide assemblage is composed of chalcopyrite, pyrite, and pyrrhotite with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a wide halo around the main mineralization zones.
Devlin is a flat-lying, copper-rich lodes-hosted deposit in a polygenic igneous breccia that is less than 100 m from the surface. The tabular bodies have been modelled as four nearly horizontal lodes: a more continuous lower zone and three smaller lodes comprising the upper zone. Mineralization is reflected as a fracture zone often composed of two or more sulphide-quartz lodes and stringers. Thickness of the mineralized zones range from 0.5 m to 4.4 m. It has been diluted during modelling to reflect a minimum mining height of 1.8 m.
The Joe Mann deposit is characterized by east-west striking shear hosted lodes that extend beyond 1,000 m vertically with mineralization identified over a 3 km strike length. These shear zones form part of the Opawica-Guercheville deformation zone, a major deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone at the mine, while the South Zone is found in the rhyolite. These three subvertical E-W (N275°/85°) ductile-brittle shear zones are sub-parallel to stratigraphy and to one another, with up to 140 m to 170 m of separation between them. These shear zones are hosted within a stratigraphic package composed of iron-magnesium (Fe-Mg) carbonate and sericite altered gabbro sills, sheared basalts, and intermediate to felsic tuffs intruded by various felsic intrusions. The Joe Mann gold mineralization is hosted by decimetre scale quartz-carbonate lodes (Dion and Guha 1988). The lodes are mineralized with pyrite, pyrrhotite, and chalcopyrite disposed in lens and lodelets parallel to schistosity, and occasionally visible gold. There are some other minor, mineralized structures, e.g., North and South-South Zones, with limited vertical and horizontal extensions.

Drill hole Information
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

All requisite drillhole information is tabulated elsewhere in this release. Refer Appendix A of the body text.
The location of the DHEM and FLEM is set out in ‘Diagram’ below.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

All drill hole intersections are reported above a lower cut-off grade of 0.5% copper.

Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

A maximum of 1m internal waste was allowed

The assumptions used for any reporting of metal equivalent values should be clearly stated.

No metal equivalents reported

Relationship between mineralisation widths and intercept lengths
These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

All intersections reported in the body of this release are down hole.
The majority of the drill holes in the database are drilled as close to orthogonal to the plane of the mineralized lodes as possible.
Only down hole lengths are reported.

Diagrams
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

For Drill Results included elsewhere in this release refer figures in the body text
Image 1 below shows DHEM loop on CB-24-100

Image 2 below shows DHEM loop on CB-21-93 (red outline illustrates the EM loop and white line the location of drillhole CB-21-93)

Image 3 below illustrating loop and planned survey lines from 2007 FLEM (blues lines illustrate the planned survey lines for the anomaly outlined in the announcement)

Balanced reporting
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

All results greater than 0.5% Cu and 0.5g/t Au have been reported at greater than 1m width

Other substantive exploration data
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Appropriate plans are included in the body of this release.

Further work
The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

The Company will be conducting drill testing of additional mineralisation as well as step out drilling of existing lodes to further enhance the resources quoted in this release. More information is presented in the body of this report.
Diagrams in the main body of this release show areas of possible resource extension on existing lodes. The company continues to identify and assess multiple other target areas within the property boundary for additional resources.

Cygnus Executive Chairman, David Southam said: ‘The results demonstrate the viability of the project as we continue along our dual track exploration and development pathway with high recoveries and a clean high grade concentrate’.

Composite / Test
Lock cycle test feed
Concentrate
Recovery

CBSP (sorted mineralized material)
Cu %
Au g/t
Ag g/t
Cu %
Au g/t
Ag g/t
Cu %
Au %
Ag %

Lock Cycle Test 1
3.31
0.30
9
27
1.82
68
98.2
72.1
86.4

Lock Cycle Test 2
3.28
0.55
10
29.6
3.24
72
96.8
62.6
76.9

Composite / Test
Impurity Elements (ppm)

CBSP (sorted
mineralized material)
Arsenic
(As)
Antimony
(Sb)
Bismuth
(Bi)
Cadmium
(Cd)
Lead
(Pb)
Mercury
(Hg)
Zinc
(Zn)

Lock Cycle Test 1
22
3
4
10
102
1
735

Lock Cycle Test 2
10
3
3
10
88
1
777

Chibougamau Project Deposit
Recovery Cu %
Recovery Au %
Metallurgical Testing / Processing

Devlin 1
95.5
72.5
1. 2021 flotation/locked cycle tests at SGS Canada Inc. mineral processing facility in Quebec City, Quebec. Composite sample from 3 HQ drill cores. 2

2. 2022 ore sorting test program at Corem mineral processing facility in Quebec City, Quebec. Composite sample from 4 HQ drill cores. 3

Cedar Bay
91
87
Production data prior to 1987. 4

Joe Mann
94.6
83.6
Production data from 2005-2007, prior to closure of mine.

David Southam
Executive Chair
T: +61 8 6118 1627
E: info@cygnusmetals.com
Ernest Mast
President & Managing Director
T: +1 647 921 0501
E: info@cygnusmetals.com
Media:
Paul Armstrong
Read Corporate
T: +61 8 9388 1474

Hole ID
X
Y
Z
Azi
Dip
Depth (m)
Sample Type
From (m)
To (m)
Interval (m)
Cu %
Au (g/t)
Ag (g/t)
Mo (ppm)

CB-18-03
554555
5510226
380
121.1
-71.6
912.0
Metallurgy
849.5
854.6
5.1
N/A
N/A
N/A
N/A

Assay
850.0
854.15
4.15
4.29
0.13
14.6
na

CB-18-05
544550
5510181
380
125.5
-75.9
1,092.0
Metallurgy
1,022.3
1,030.3
8.0
N/A
N/A
N/A
N/A

Assay
1,023.0
1029.6
6.55
4.11
0.14
8.8
na

CB-18-06
554555
5510181
380
125.9
-74.9
987.0
Metallurgy
948.2
963.2
15.0
N/A
N/A
N/A
N/A

Assay
949.5
961.8
12.3
2.33
0.12
5.5
na

CB-18-07
554555
5510181
380
126.2
-72.8
897.7
Metallurgy
851.6
867.9
16.2
N/A
N/A
N/A
N/A

Assay
853.1
866.4
13.3
3.45
0.29
12.1
na

CB-19-11
554556
5510227
380
97
-60
1011.0
Metallurgy
757.1
759.2
2.1
N/A
N/A
N/A
N/A

Assay
781.2
781.7
0.5
6.16
0.43
30.0
na

CB-20-13
554259
5510036
383
97
-56
945.0
Metallurgy
862.4
863.2
0.7
N/A
N/A
N/A
N/A

Assay
862.5
863.1
0.6
1.89
0.10
4.0
na

Metallurgy
907.1
910.4
3.3
N/A
N/A
N/A
N/A

Assay
907.4
910.1
2.7
1.40
0.05
7.3
na

CB-20-15
554236
5509858
382
77
-66
1,200.0
Metallurgy
1,065.3
1,074.4
9.1
N/A
N/A
N/A
N/A

Assay
1,066.15
1,073.6
7.45
2.38
0.12
4.2
na

Assay
1,068.95
1,072.6
3.65
3.65
0.18
6.2
na

CB-20-16W1
554259
5510036
383
87
-71
1,230.0
Metallurgy
1,156.6
1,159.7
4.0
N/A
N/A
N/A
N/A

Assay
1,156.0
1,158.3
3.3
1.94
0.13
4.5
na

CB-20-18
554236
5509858
382
90
-66
1,049.9
Metallurgy
1,021.2
1,028.9
7.7
N/A
N/A
N/A
N/A

Assay
1,021.9
1,028.2
6.30
3.03
0.11
6.6
na

CB-20-19
554236
5509858
382
84
-70
1,185.0
Metallurgy
1,160.0
1,167.9
7.9
N/A
N/A
N/A
N/A

Assay
1,160.75
1,167.2
6.45
4.06
0.38
13.2
na

Assay
1,164.85
1,167.2
2.35
6.10
0.74
15.3
na

CB-21-25
554572
5510607
378
112
-56
798.0
Assay
634.4
640.4
6.0
1.75
0.09
5.4
na

Assay
636.2
640.4
4.2
2.13
0.11
6.7
na

Metallurgy
766.6
767.6
1.0
N/A
N/A
N/A
N/A

Assay
766.65
767.5
0.85
0.48
0.04
4.7
na

CB-21-28
554199
5509800
383
89
-69
1,164.0
Metallurgy
1,146.3
1,150.8
4.5
N/A
N/A
N/A
N/A

Assay
1,146.7
1,150.4
3.7
5.05
0.15
11.3
na

Assay
1,147.2
1,149.0
1.8
9.12
0.17
19.2
na

CB-21-29
554198
5509781
383
90
-65
1,068.0
Metallurgy
1,050.2
1,054.7
4.5
N/A
N/A
N/A
N/A

Assay
1,050.6
1,054.3
3.7
2.47
0.87
9.3
na

Assay
1,051.6
1,053.1
1.5
5.25
2.05
12.7
na

CB-21-30
554198
5509781
383
90
-65
1,068.0
Metallurgy
1,007.2
1,016.3
9.1
N/A
N/A
N/A
N/A

Assay
1,005.0
1,015.45
10.45
2.23
0.52
7.7
na

Assay
1,010.3
1,014.9
4.6
4.04
1.02
13.7
na

CB-21-32
554673
5510019
396
90
-57
641.4
Metallurgy
1,118.9
1,125.6
6.7
N/A
N/A
N/A
N/A

Assay
1,119.5
1,125.0
5.5
3.46
0.25
8.4
na

Assay
1,120.4
1,124.0
3.6
4.63
0.30
11.4
na

CB-21-32W1
554198
5509781
383
105
-68
1,149.0
Metallurgy
1,069.4
1,086.8
17.3
N/A
N/A
N/A
N/A

Assay
1071.0
1085.2
14.2
2.26
0.18
7.4
na

Assay
1071.8
1078.6
6.8
3.67
0.26
9.7
na

CB-21-32W2
554198
5509781
383
105
-68
1,155.0
Metallurgy
1,035.5
1,047.3
11.7
N/A
N/A
N/A
N/A

Assay
1036.6
1046.2
9.6
2.19
0.20
6.58
na

Assay
1043.6
1046.2
2.6
5.86
0.66
14.75
na

CB-21-34
554257
5510030
381
75.0
-65.0
1204.0
Metallurgy
1,159.8
1,164.2
4.4
N/A
N/A
N/A
N/A

Assay
1,160.2
1,163.8
3.6
4.52
0.12
8.1
na

Assay
1,161.2
1,162.85
1.65
9.75
0.24
14.7
na

CB-21-35
554674
5510020
398
100.0
-56.0
468.0
Metallurgy
427.0
435.9
8.9
N/A
N/A
N/A
N/A

Assay
427.8
435.1
7.3
1.43
0.17
4.9
na

Assay
431.5
434.6
3.1
2.03
0.32
6.6
na

CB-21-36
554618
5510020
394
95.0
-63.0
633.0
Metallurgy
607.5
610.7
3.2
N/A
N/A
N/A
N/A

Assay
607.8
610.4
2.6
1.35
0.22
10.2
na

CB-21-41
554198
5509781
383
92.0
-60.0
1050.0
Metallurgy
967.2
971.5
4.3
N/A
N/A
N/A
N/A

Assay
967.6
971.1
3.5
2.66
0.40
16.6
195

CB-21-42
554198
5509781
383
110.0
-63.0
1125.6
Metallurgy
1,044.7
1,048.3
3.7
N/A
N/A
N/A
N/A

Assay
1,045.0
1,048.0
3.0
2.71
0.18
22.3
–

CB-21-48
554198
5509781
383
95.0
-72.0
1311.0
Metallurgy
1,261.0
1,264.1
3.0
N/A
N/A
N/A
N/A

Assay
1,261.3
1,263.8
2.5
2.42
0.15
–
–

CB-21-51
554257
5510030
381
60.0
-56.0
1188.0
Metallurgy
1,140.9
1,147.5
6.6
N/A
N/A
N/A
N/A

Assay
1,141.5
1,146.9
5.4
2.24
0.10
–
142

Assay
1,144.0
1,146.9
2.9
3.44
0.17
–
262

CB-21-53
554618
5510020
394
135.0
-60.0
804.0
Metallurgy
768.1
770.5
2.4
N/A
N/A
N/A
N/A

Assay
768.3
770.3
2.0
3.34
0.56
15.6
–

CB-21-55
554618
5510020
394
100.0
-68.0
729.0
Metallurgy
673.3
678.0
4.8
N/A
N/A
N/A
N/A

Assay
673.7
677.6
3.9
8.03
0.86
42.1
1,109

CB-21-56
554257
5510030
381
56.0
-66.0
1374.0
Metallurgy
1,293.7
1,297.3
3.7
N/A
N/A
N/A
N/A

Assay
1,294.0
1,297.0
3.0
2.10
0.10
–
–

CB-21-57
554618
5510020
394
118.0
-70.0
747.0
Metallurgy
719.5
724.7
5.1
N/A
N/A
N/A
N/A

Assay
720.0
724.2
4.2
6.18
0.12
26.6
271

CB-22-70
554562
5510292
380
96.0
-52.0
693.0
Metallurgy
628.1
632.4
4.3
N/A
N/A
N/A
N/A

Assay
628.5
632.0
3.5
1.03
0.06
7.4
–

CB-22-74
554264
5510035
384
90.1
-62.0
1041.0
Metallurgy
982.4
984.9
2.6
N/A
N/A
N/A
N/A

Assay
982.6
984.7
2.1
1.19
0.16
4.8
132

CB-22-76
554236
5509858
382
86.5
-61.0
999.0
Metallurgy
954.2
960.8
6.6
N/A
N/A
N/A
N/A

Assay
954.8
960.2
5.4
3.37
1.00
23.7
1,597

CB-22-78
554258
5510033
380
89.5
65.0
1110.0
Metallurgy
1,048.6
1,054.3
5.7
N/A
N/A
N/A
N/A

Assay
1,049.1
1,053.8
4.7
2.30
0.14
7.7
150

Hole ID
X
Y
Z
Azi
Dip
Depth (m)
Sample Type
From (m)
To (m)
Interval (m)

DV-21-01
548063
5511863
380
333
-50
120
Flotation
87.4
89.7
2.3

DV-21-02
548063
5511863
380
360
-90
102
Flotation
65.8
68.1
2.3

DV-21-03
548063
5511863
380
29
-50
111
Flotation
92.8
95.1
2.3

DV-22-04
548083
5511859
380
0
-90
84
Ore Sorting
64.5
66.8
2.3

DV-22-05
548083
5511859
380
0
-90
84
Ore Sorting
64.8
67.1
2.3

DV-22-06
548083
5511859
380
0
-70
84
Ore Sorting
68.8
71.1
2.3

DV-22-07
548083
5511859
380
0
-70
84
Ore Sorting
69
71.3
2.3

Deposit
Category
Tonnes
(k)
Cu Grade
(%)
Au Grade
(g/t)
Cu Metal
(kt)
Au Metal
(koz)
CuEq Grade
(%)

Corner Bay (2022)

Indicated
2,700
2.7
0.3
71
22
2.9

Inferred
5,900
3.4
0.3
201
51
3.6

Devlin (2022)

Measured
120
2.7
0.3
3
1
2.9

Indicated
660
2.1
0.2
14
4
2.3

Measured & Indicated
780
2.2
0.2
17
5
2.4

Inferred
480
1.8
0.2
9
3
2.0

Joe Mann (2022)
Inferred
610
0.2
6.8
1
133
5.5

Cedar Bay (2018)

Indicated
130
1.6
9.4
2
39
8.9

Inferred
230
2.1
8.3
5
61
8.5

Total
Measured & Indicated
3,600
2.5
0.6
90
66
3.0

Total
Inferred
7,200
3.0
1.1
216
248
3.8

Criteria
JORC Code explanation
Commentary

Sampling techniques

Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

Material used for the metallurgical samples was selected from 34 holes at Corner Bay:

Samples were quarter NQ core with a total weight of 202kg. The core material selected represented different rock types: semi and massive sulphides, quartz veins, diorite dyke, and fresh and altered anorthosite.
Diamond core was previously cut using a core saw on site. Trays with the remaining half core selected intervals were sent to Base Metallurgical Laboratories in Kamloops, British Columbia for defined metallurgical test work.

Material used for the metallurgical samples at Devlin:

2021 test: material selected from 3 HQ drill cores; samples were half HQ core weighing 2kg for each sample. Material sent to Corem mineral processing facility in Quebec City, Canada for defined metallurgical test work.
2022 test: material selected 4 HQ drill ½ cores drilled in 2022 and material from three ½ HQ drill cores from 2021. Material sent to SGS Canada Inc. mineral processing in Quebec City, Canada for defined metallurgical test work.
Diamond core was cut using a core saw on site. Trays with the remaining half core remained at site.

Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

NQ and HQ core was marked for splitting during logging and is sawn using a diamond core saw with a mounted jig to assure the core is cut lengthwise into equal halves.

Aspects of the determination of mineralisation that are Material to the Public Report.

In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

Industry standard sampling practices were used with sample lengths ranging from 0.3 m to 1.0 m and respected geological contacts. Sample tags were placed at the beginning of each sample interval and the tag numbers were recorded in an MS Excel database.
Sampling practice is considered to be appropriate to the geology and style of mineralisation.

Drilling techniques
Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

Material for the metallurgical test work used diamond core exclusively.
At Corner Bay the core size was NQ, quarter-cut.
At Devlin the core size was HQ, half-cut.
All samples were originally oriented by Company geologists.

Drill sample recovery
Method of recording and assessing core and chip sample recoveries and results assessed.

Measures taken to maximise sample recovery and ensure representative nature of the samples.

Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

Diamond core recovery was measured for each run and calculated as a percentage of the drilled interval.
Overall, the core recoveries are excellent in the Chibougamau area.

Logging

Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

All core was geologically and geotechnically logged. Lithology, veining, alteration and mineralisation are recorded in multiple tables of the drillhole database

Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

Geological logging of core is qualitative and descriptive in nature.

The total length and percentage of the relevant intersections logged.

100% of the core has been logged.

Sub-sampling techniques and sample preparation
If core, whether cut or sawn and whether quarter, half or all core taken.

If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

For all sample types, the nature, quality and appropriateness of the sample preparation technique.

Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.

Whether sample sizes are appropriate to the grain size of the material being sampled.

Core was cut in half using conventional diamond core saw. Half was sent for initial analysis with the remainder was quarter cored with half retained and half used for metallurgical test work.
Sample intervals are based on geological intervals ranging from 30cm to 1m.
This sampling technique is industry standard and deemed appropriate.

Quality of assay data and laboratory tests

The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

Sample preparation was done at SGS Canada Inc. (‘SGS’) in Val-d’Or, Québec and Burnaby, B.C. and fire assay and ICP analysis was done at SGS in Burnaby, B.C.
Samples were weighed, dried, crushed to 75% passing 2 mm, split to 250 g, and pulverized to 85% passing 75 microns.
Samples were then fire assayed for Au (50 g) and sodium peroxide fusion ICP-MS finish for 34 elements.

For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

None used.

Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.

Laboratory QC procedures involve the use of internal certified reference material as assay standards, along with blanks, duplicates and replicates.

Verification of sampling and assaying

The verification of significant intersections by either independent or alternative company personnel.

The use of twinned holes.

No hole is twinned.

Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

All logging data was completed, core marked up, logging and sampling data was entered directly into the database.
The logged data is stored on the site server directly.

Discuss any adjustment to assay data.

There was no adjustment to the assay data.

Location of data points

Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

The location of the drillholes and the aiming points for the orientation of the drillholes were indicated on the ground using identified stakes. The stakes marking the location of the drillholes were set up and located with a Garmin GPS model ‘GPSmap 62s’ (4m accuracy).
Surveys are collected using a Reflex EZ-Shot® single-shot electronic instrument with readings collected at intervals of approximately every 30 m downhole plus a reading at the bottom of the hole.

Specification of the grid system used.

The grid system used is UTM NAD83 (Zone 18).

Quality and adequacy of topographic control.

A Digital Terrane Model (DTM) has been used to accurately plot the vertical position of the holes.

Data spacing and distribution

Data spacing for reporting of Exploration Results.

The spacing is considered appropriate for this type of metallurgical test work.

Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

No resource estimation is made.

Whether sample compositing has been applied.

No sample compositing has been applied.

Orientation of data in relation to geological structure

Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

Drilling is not always orientated approximately at right angles to the currently interpreted strike of the known interpreted mineralisation. The true width of the structure intersected is estimated at approximately 55-75% of the downhole width (refer to Appendix A).

If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

No bias is considered to have been introduced by the existing sampling orientation.

Sample security
The measures taken to ensure sample security.

Core was placed in wooden core boxes close to the drill rig by the drilling contractor. The core was collected daily by the drilling contractor and delivered to the secure core logging facility. Access to the core logging facility is limited to Cygnus employees or designates.

Audits or reviews
The results of any audits or reviews of sampling techniques and data.

No audits have been undertaken, therefore information on audits or reviews is not yet available.

Criteria
JORC Code Explanation
Commentary

Mineral tenement and land tenure status

Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.

The data reported within this announcement is from the Chibougamau Project. The Chibougamau project consists of 3 properties which includes:

Copper Rand (1 mining license, 19 mining concession and 147 exploration claims)
Corner Bay – Devlin (1 mining license, 111 exploration claims)
Joe Mann (2 mining concessions, 74 exploration claims)

767ha of the Joe Mann property is held by CBAY with the remaining 1965ha held under option agreement with Resources Jessie.
The properties collectively making up the Project are in good standing based on the Ministry of Energy and Natural Resources (Ministère de l’Énergie et des Ressources Naturelles) GESTIM claim management system of the Government of Québec.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.

All tenure is in good standing.

Exploration done by other parties
Acknowledgment and appraisal of exploration by other parties.

The Chibougamau Copper and Gold project comprising Corner Bay, Devlin, Cedar Bay and Joe Mann have seen an extensive exploration history dating back to the early 1900s. The Technical Report issued and filed on SEDAR+ by Dore Copper in June 2022 provides a detailed history of the exploration activities undertaken by previous explorers.
Corner Bay was first identified as a prospect in 1956

1956 – 1972 eight drilling programs totalling 1,463 m and various geophysical and electromagnetic (EM) surveys
1973 – 1981 Riocanex and Flanagan McAdam: ground geophysical surveys and 43 diamond drill holes
1982 – 1984 Riocanex and Corner Bay Exploration: 38 drill holes and metallurgical test work
1988 – 1991 Corner Bay Exploration: diamond drilling, geophysical surveys and geological characterisation with initial MRE
1992 – 1994 SOQUEM optioned and acquired a 30% interest, and completed diamond drilling
1994 Explorations Cache Inc and Ressources MSV Inc: diamond drilling
2004 – 2006 GéoNova and MSV: 98 diamond drill holes and first Technical Report on the Corner Bay project reporting a MRE
2007 – 2009 Campbell: diamond drilling and bulk sample
2012 – 2019 CBAY / AmAuCu: diamond drilling and MRE

Devlin identified in 1972 by airborne survey flown by the MERN

1979 – 1981 diamond drilling, geophysical surveys
1981 mining commenced

Joe Mann identified in 1950 with the commencement of mining activities occurring in 1956

The Joe Mann mine operated underground during three different periods from 1956 to 2007
In July 2012, Ressources Jessie acquired the Joe Mann mine property, but conducted only surface exploration work

Cedar Bay was discovered prior to 1927 by Chibougamau McKenzie Mines Ltd

From initial discovery to 2013 various surface and underground drilling campaigns and geophysical surveys undertaken by various companies

Geology
Deposit type, geological setting and style of mineralisation.

Corner Bay and Devlin are located at the northeastern extremity of the Abitibi subprovince in the Superior province of the Canadian Shield and are examples of Chibougamau-type copper-gold deposits. The Abitibi subprovince is considered as one of the largest and best-preserved greenstone belts in the world and hosts numerous gold and base metal deposits.
The Corner Bay deposit is located on the southern flank of the Doré Lake Complex (DLC). It is hosted by a N 15° trending shear zone more or less continuous with a strong 75° to 85° dip towards the west. The host anorthosite rock is sheared and sericitized over widths of 2 m to 25 m. The deposit is cut by a diabase dyke and is limited to the north by a fault structure and to the south by the LaChib deformation zone.
The Corner Bay deposit consists of three main mineralised lodes (subparallel Main Lode 1 and Main Lode 2 above the dyke, and Main Lode below the dyke that make up the bulk of the deposit. The Corner Bay deposit has been traced over a strike length to over 1,000 m to a depth of 1,350 m and remains open at depth.
The mineralisation is characterized by veins and/or lenses of massive to semi-massive sulphides associated with a brecciated to locally massive quartz-calcite material. The sulphide assemblage is composed of chalcopyrite, pyrite, and pyrrhotite with lesser amounts of molybdenite and sphalerite. Late remobilized quartz-chalcopyrite-pyrite veins occur in a wide halo around the main mineralization zones.
Devlin is a flat-lying, copper-rich lodes-hosted deposit in a polygenic igneous breccia that is less than 100 m from the surface. The tabular bodies have been modelled as four nearly horizontal lodes: a more continuous lower zone and three smaller lodes comprising the upper zone. Mineralisation is reflected as a fracture zone often composed of two or more sulphide-quartz lodes and stringers. Thickness of the mineralised zones range from 0.5 m to 4.4 m. It has been diluted during modelling to reflect a minimum mining height of 1.8 m.
The Joe Mann deposit is characterized by east-west striking shear hosted lodes that extend beyond 1,000m vertically with mineralisation identified over a 3 km strike length. These shear zones form part of the Opawica-Guercheville deformation zone, a major deformation corridor cutting the mafic volcanic rocks of the Obatogamau Formation in the north part of the Caopatina Segment. The gabbro sill hosts the Main Zone and the West Zone at the mine, while the South Zone is found in the rhyolite. These three subvertical E-W (N275°/85°) ductile-brittle shear zones are sub-parallel to stratigraphy and to one another, with up to 140 m to 170 m of separation between them. These shear zones are hosted within a stratigraphic package composed of iron-magnesium (Fe-Mg) carbonate and sericite altered gabbro sills, sheared basalts, and intermediate to felsic tuffs intruded by various felsic intrusions. The Joe Mann gold mineralisation is hosted by decimetre scale quartz-carbonate lodes (Dion and Guha 1988). The lodes are mineralised with pyrite, pyrrhotite, and chalcopyrite disposed in lens and lodelets parallel to schistosity, and occasionally visible gold. There are some other minor, mineralised structures, e.g., North and South-South Zones, with limited vertical and horizontal extensions.

Drill hole Information
A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:

easting and northing of the drill hole collar
elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar
dip and azimuth of the hole
down hole length and interception depth
hole length.

If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.

The information is tabulated in Appendix A, which includes the drill holes used for the metallurgical test work for the Corner Bay and Devlin deposits presented herein.

Data aggregation methods

In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.

Appendix A reports the significant drill intersections for the Corner Bay 34 holes used for the composite samples for metallurgical test work. The assays reported are uncut.

Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.

Appendix A reports the included intersections of the significant drill intersections.

The assumptions used for any reporting of metal equivalent values should be clearly stated.

Metal equivalents for the foreign estimate have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Metallurgical recovery factors have been applied to the copper equivalents calculations, with copper metallurgical recovery assumed at 95% and gold metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility and more recent metallurgical test work reported in this release. It is the Company’s view that all elements in the copper equivalent calculations have a reasonable potential to be recovered and sold.

Relationship between mineralisation widths and intercept lengths
These relationships are particularly important in the reporting of Exploration Results.

If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.

If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).

The majority of the drill holes in the database are drilled as close to orthogonal to the plane of the mineralised lodes as possible.

Diagrams
Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.

See below Figure 1: Corner Bay Drillhole Location for the Composite Sample Used in Ore Sorting Test Shown in Plan View
See below Figure 2: Corner Bay Sample Location for Composite Sample Used in Ore Sorting Test Shown in an Isometric Long Section.
See below Figure 3: Devlin drillhole location for the samples used in gravity, flotation and ore sorting tests shown in plan view.

Balanced reporting
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.

Appendix A reflects the significant drill intercepts representative of the Corner Bay deposit that were included in the composite sample for metallurgical test work.

Other substantive exploration data
Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.

Base Metallurgical Laboratories in Kamloops, British Columbia was commissioned to complete Corner Bay metallurgical development and locked cycle flotation testing:

The CBSP composite was firstly compiled into a 202 kilogram sample with a grade of 2.20% Cu.
The CBSP composite was then processed through the Steinert ore sorter and mixed with 26% of the unsorted underflow by-passed mineralised material to represent an overall sorted pre-concentrate mineralised material product.
The CBSP composite resulted in a 123 kilogram sample with a grade of 3.31% Cu.
The composite sample was evaluated through lock cycle tests to determine the flotation metallurgical performance.
The sample was prepared to a nominal grind size of 140 microns K80 in the rougher testing and then processed through a regrind size of approximately 37 microns K80 in the cleaner tests.
The sample responded consistently throughout the test work with excellent performance to conventional flotation processing methods and reagents.
Two locked cycle tests were completed with varying retention times to determine the concentrate grade versus recovery

See below Figure 4: Flow Sheet Schematic for the Corner Bay Sorting and Flotation Test Work.

Corem in 2021 and SGS Canada Inc. in 2022, in their mineral processing facility both located in Quebec City were commissioned to complete the Devlin metallurgical test work:

The 2021 work included a total of four flotation tests and one locked cycle test. Ahead of each flotation test, a 2-kg sample was ground to a P80 of approximately 125 µm. The results of each test were analysed, and Test 4 was identified as showing the best metallurgical performance. with a copper grade of 28.3% and recovery of 90.8%. However, the gold recovery was low at 51.7% and the gold grade was less than 10 g/t. Therefore, a locked cycle test was carried out to assess the stability of the Test 4 conditions. Six 1 kg charges of minus 10 mesh (-2 mm) were used for the locked cycle test. The locked cycle tests yielded a concentrate grade at 20.5% Cu with 98.2% recovery and a gold recovery of 74.6%.
The 2022 work included a sorting test done on a crush sample of 3/4′ nominal size from four HQ drill ½ cores drilled in 2022 and material from three ½ HQ drill cores from 2021. Copper recovery of 97.2% was obtained.

See below Figure 5: Flow Sheet Schematic for the Devlin Sorting, Gravity and Flotation Test Work.

Further work
The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).

Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.

The Company will be conducting drill testing of additional mineralisation as well as step out drilling of existing lodes to further enhance the resources quoted in this release. More information is presented in the body of this report.