Cygnus Gold (CY5) is another ASX company that recently pivoted to lithium. The company has an option to earn up to 70 percent in the Pontax lithium project in Quebec, which it has focused on exploring in the latter half of 2022. Cygnus also has the Mitsumis lithium project in Quebec, as well as the Bencubbin polymetallic and Stanley gold projects in Australia.
In late September, Cygnus acquired 30 kilometers of strike length at which samples have graded up to 2.8 percent lithium oxide. The new land is adjacent to Pontax.
The Pontax deposit is about a 75m-thick pegmatite bearing zone, with multiple stacked spodumene-bearing pegmatite dykes. Due to the positive results seen from the drilling, the company has completed an AU$8 million private placement with the purpose of rapid
exploration, with more drill rigs being mobilized throughout 2023.