The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting nearly 3% today, but one ASX gold share is soaring far higher.
The Cygnus Gold Ltd (ASX: CY5) share price is soaring 42% today and is currently trading at 35.5 cents.
Let's take a look at why this explorer is having such a good day.
Lithium project news
Cygnus Gold is exploring lithium, gold, nickel, copper and platinum. Today, the company advised it has appointed David Southam to the board.
The company has named this key appointment as it prepares for maiden drilling at the Pontax Lithium Project in James Bay, Canada.
Southam's experience includes a three-year stint as managing director at Mincor Resources NL (ASX: MCR). He recently received "Mining CEO of the year" accolades from mining publication Mining News.
Southam will serve as non-executive director at Cygnus Gold from 1 November before taking on the managing director role from mid-February.
The Pontax lithium project is 50km away from the Allkem Ltd (ASX: AKE) James Bay lithium project.
Cygus highlighted that all holes drilled so far at Pontax have intersected with "spodumene bearing lithiumcaesium-tantalum (LCT) pegmatites". The company plans to start a 10,000m drilling program in the upcoming quarter.
Commenting on today's news, Cygnus chairman Ray Shorrocks said:
David's decision to join Cygnus also speaks volumes about the potential at Pontax, where drilling has already established the presence of high-grade spodumene.
Cygnus Gold share price snapshot
The Cygnus Gold share has exploded 182% in the past year and is up 102% year to date.
For perspective, the ASX 200 Materials Index has climbed nearly 7% in the last year.
Cygnus gold has a market capitalisation of about $51 million based on the current share price.
