Exploration company Corazon Mining has identified new zones of cobalt mineralisation at the Cobalt Ridge prospect in Australia.
The findings are part of results of its recently completed soil geochemistry programme at the Mt Gilmore cobalt-copper-gold project in New South Wales.
According to the company, Cobalt Ridge comprises one of the highest-grade cobalt deposits in Australia and is a rare cobalt dominant sulphide deposit.
Corazon has further noted that cobalt product supplied from Mt Gilmore project is suitable for use in lithium-ion battery and the rechargeable battery sector.
It owns a 51% interest in the Mt Gilmore project, which is located 35km from the major centre of Grafton in north-eastern New South Wales, with an exclusive right to earn up to an 80% interest.
The project area includes more than 25 historic copper, gold, cobalt and iron workings, including shafts, adits and drives with high-grade copper and gold mineralisation with rock chips indicating up to grades of 26.8% Cu and 9.2g/t Au; and five large-scale Cu-Au targets that have been defined to date.
The drilling programme at Mt Gilmore validated historical mining and exploration results and confirmed the presence of multiple zones of sulphide mineralisation over a strike length of around 300m.
Corazon completed its initial drilling at Cobalt Ridge last year.
The present phase of surface geochemistry expands geochemical coverage in the immediate area of Cobalt Ridge, and identifies new targets for follow-up drilling.