Corazon Mining reports progress at Mt Gilmore Cobalt Project and Lynn Lake Project

29 January 2017 (Last Updated January 29th, 2017 18:30)

Exploration firm Corazon Mining has reported details of three months of activities, including continued progress at its high-grade cobalt-copper-gold project in New South Wales (NSW), and at Canada’s Lynn Lake Nickel-Copper-Cobalt Project.

Exploration firm Corazon Mining has reported details of three months of activities, including continued progress at its high-grade cobalt-copper-gold project in New South Wales (NSW), and at Canada’s Lynn Lake Nickel-Copper-Cobalt Project.

Corazon started its drilling programme at the high-grade Mt Gilmore Cobalt-Copper-Gold Project in north-eastern NSW in October 2016.

Its drilling targeted the priority Cobalt Ridge prospect and the programme comprised 18 RC holes, three with core tails for 2,331.1m.

The programme was deemed a successful as results confirmed the project’s potential as a valuable, high-grade cobalt-dominant deposit.

All assay results have been received and eight holes intersected the main cobalt lode, with better results comprising MGRC002 16m at 0.65% cobalt from 135m, including 6m at 1.48% cobalt and 0.14% copper. In addition, MGRC008 17m was at 0.35% cobalt from 97m, including 7m at 0.72% cobalt and 0.02% copper.

Further assay results will offer an indication of a larger cobalt-copper-gold system, with geochemistry and geophysics programmes undertaken to generate targets for the next phase of drilling.

Its exploration activities have confirmed the potential of Fraser Lake Complex (FLC), within the Lynn Lake Project area, to host large nickel-copper-cobalt sulphide deposits.

Induced Polarisation (IP) surveys conducted by Corazon at the FLC found large geophysical anomalies, and a subsequent soil sampling programme during the quarter ending 31 December 2016 identified nickel-copper anomalism associated with the IP geophysical targets.

Based on this successful target generation, Corazon started a maiden drill programme at the FLC before the December quarter, targeting the highest priority nickel-copper-cobalt geophysical targets.

The programme has been successful with the first two drill holes intersecting large zones of disseminated nickel-copper sulphides.

Drilling is currently proceeding, with approximately 1,500m of core drilling expected to take one month to complete. The firm has shortlisted other targets for drilling to be undertaken after the initial drill programme.

The FLC is located 5km south of Lynn Lake, one of Canada’s prolific nickel producing centres. Corazon controls entire Lynn Lake nickel district.