Corazon Mining ends first phase of drilling at Mt Gilmore Cobalt-Copper-Gold Project

10 November 2016 (Last Updated November 10th, 2016 18:30)

Corazon Mining Limited has completed the first phase of drilling at the Mt Gilmore Cobalt-Copper-Gold Project located in the north-eastern New South Wales.

Corazon Mining Limited has completed the first phase of drilling at the Mt Gilmore Cobalt-Copper-Gold Project located in the north-eastern New South Wales.

This drilling targeted for high-grade Cobalt Ridge prospects. With 18 holes of reverse circulation (RC), the drilling for 2,086m has been finished.

The project’s maximum hole-depth was 174m and tested mineralisation to a vertical depth of nearly 130m.

It was successful in intersecting extensive sulphide mineralisation.

The initial assessment of RC drill chips has confirmed both cobalt and copper are associated with the sulphide mineralisation. Collected samples were sent to laboratory for analysis. Results are expected by the end of this month.

"Core drilling will start immediately."

This drilling at Mt Gilmore was intended to confirm the position and extent of the cobalt-copper-gold mineralisation within the Cobalt Ridge prospect area, which was identified from previous drilling.

Drilling confirmed the presence of multiple zones of sulphide mineralisation over a strike length of 300m.

The company conducted a geological assessment of the mineralisation. The reports were promising where several phases of brecciation and sulphide mineralisation were interpreted.

To gain a better understanding of the Cobalt Ridge system, core drilling will start immediately.

This further drilling is intended to provide additional information for interpretation and modelling of the mineralisation.

It will also provide sample material required for petrological and metallurgical test work.

Besides the Cobalt Ridge prospect, the project also comprises multiple promising, recently defined cobalt targets over an area of nearly 11km.

Fieldwork tests in new areas for cobalt-copper-gold mineralisation within the wider Mt Gilmore project area are currently underway.

The company has also planned to start RC drilling at Iron Mountain after the core drilling at Cobalt Ridge.

In earlier rock-chip sampling, the Iron Mountain has exhibited positive cobalt results.

Cobalt Ridge core drilling is expected to be completed within the next three weeks. It is predicted that this drilling will also intersect visible signs of mineralisation. 

Drilling results will be determined by laboratory analysis, taking an additional three to four weeks.