Corazon Mining identifies nickel anomalies at Lynn Lake project, Canada

11 April 2016 (Last Updated April 11th, 2016 18:30)

Corazon Mining has announced that it has identified promising geophysical anomalies following an induced polarisation (IP) geophysical survey close to its Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Corazon Mining has announced that it has identified promising geophysical anomalies following an induced polarisation (IP) geophysical survey close to its Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Corazon has completed 49km of gradient array IP in a first pass reconnaissance survey over the Fraser Lake Complex (FLC), which is located 5km south of the historic Lynn Lake mining centre.

Anomalous nickel and base metal mineralisation within the FLC was found by the mining company Sherritt-Gordon in the late 1940's and early 1950's, around the same time as the massive sulphide discovery at Lynn Lake.

Lynn Lake went on to be mined for 24 years before closure in 1976 and remains the fourth largest nickel producing area in Canada after Sudbury, Voisey's Bay and Raglan.

"The results we are seeing in this IP indicate support for a 70-year held belief that there has to be mineralisation at the FLC."

Last April, Corazon entered into an agreement with Victory Nickel, a Canadian-based firm, for the purchase of the main mining area at Lynn Lake.

The IP survey has identified multiple strong-chargeable anomalies that are geophysically analogous to the nickel-copper-cobalt sulphide mineralisation mined for decades within the Lynn Lake Mining Centre.

Detailed follow-up IP surveys are now underway with an aim to map high-priority drill-hole targets.

Corazon managing director Brett Smith stated: "The results we are seeing in this IP indicate support for a 70-year held belief that there has to be mineralisation at the FLC.

"These anomalies aren't where the old-timers were looking, but in hindsight where they are located make good geological sense."