Cygnus Metals (ASX:CY5) said exploration drilling is currently being conducted at the Corner Bay deposit within the Chibougamau copper-gold project in Canada, according to a Wednesday Australian bourse filing.
Infill drilling at the deposit points to the conversion of inferred resources to indicated resources.
The first exploration drill hole at the firm's new Colline target, identified through review of historical drill logs, returned 8.6 meters at 2.3% grade of copper-equivalent from 95 meters downhole.
It also confirmed funding of up to CA$1.3 million through Canada's Critical Minerals Infrastructure Fund. The funds will contribute towards feasibility work for key infrastructure between the mines and the Chibougamau processing facility.
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