The project covers some 800sq.km of ground between REE projects being chased by Rio Tinto and IGO. The area is some 200km east of Perth and was previously a focus for nickel, base metals and gold exploration.
More recently, the focus has turned to rare earths, with drilling by the David Southam-led explorer confirming a 22km-long, 2.8km-wide high-grade clay zone.
The latest crop of assays from aircore drilling includes up to 8m at 5617 parts per million total rare earth oxides within a wider 25m at 2745ppm from 52m.
Other assays included 51m at 1108ppm TREO from 39m and 41m at 1219ppm from 47m.
Bencubbin has rapidly expanded over the past quarter.
Drilling was initially targeted on a 4.5km strike, marked by a headline intercept of 79m at 1576ppm from 32m, including 8m at 7243ppm.
The rigs have now confirmed the entire target horizon appears to be mineralised with grades exceeding 1000ppm, with high levels of magnet rare earths such as neodymium and praseodymium reported.
Additional work is planned to infill and extend the higher-grade zones.
Metallurgical work to assess recoveries is underway, with samples sent to ANSTO for leach tests. It will be the first test work on REEs in the region.
Southam said the potential for Bencubbin was substantial, particularly given the granites sit within freehold land with minimal overburden.
Bencubbin is a legacy asset, with the company’s main focus being its lithium holdings in Canada’s James Bay.
It has a maiden lithium resource of 10.1 million tonnes grading 1.04% at Pontax and a potentially major spodumene discovery at Auclair that has returns grab samples up to 6.5%.
The Kevin Tomlinson-chaired explorer remains well funded with almost A$14 million cash at the close of 2023 following an $11 million placement at 22.5c in August.
A share purchase plan to raise up to $2 million on the same terms was axed in November due to a collapse in the share price.
Cygnus’ well-credentialled team includes movers associated with Bellevue Gold, including Tomlinson, Ray Shorrocks, geologist Duncan Grieve, and financiers Michael Naylor and Steve Parsons.
Parsons is a major shareholder with 9.5%
Joining Parsons as a consultant is veteran lithium explorer Mark Calderwood.
