Drilling at Cygnus Metal's (ASX:CY5) Chibougamau Copper-Gold Project in Quebec, indicates the potential for continued upside and additional mineral discoveries outside of the mineral resource estimate, according to a Jan. 23 note from Euroz Hartleys.

Last Jan. 23, the mining firm reported that its exploration campaign at the project yielded 7.3 meters at 4.2% copper, 0.3 grams per tonne of gold, and 16.6 grams per tonne of silver.

Euroz Hartleys believes fractured ownership, limited historical drilling, and the lack of modern exploration tools present a unique opportunity for the project.

Additionally, the firm sees potential for CY5 to unlock other stranded projects in the area.

Euroz Hartleys has a speculative buy rating on Cygnus Metals with a price target of AU$0.20.