Corazon Mining has started the second phase of drilling at the Fraser Lake Complex (FLC), 5km from its Lynn Lake Nickel-Copper-Cobalt Mining Centre in Canada.
The company has also released initial results from the latest completed drilling hole, FLC-2017-010, at the project.
The hole intersected several zones of magmatic massive sulphide within a gabbro host with strong pervasive levels of sulphide mineralisation.
Furthermore, field analysis using a handheld XRF analyser of two fine-grained massive sulphide zones returned results of 5.0% to 12.0% nickel at approximately 145m downhole, and 2.0% to 2.5% nickel at approximately 82m downhole.
Corazon managing director Brett Smith said: “The FLC is an exceptional exploration target. These rocks are exactly what we would expect to see in a long-lived fertile magmatic sulphide system.
"The sheer volume of sulphide-rich gabbro, along with the high-grade sulphide zones, continues to support and add weight to our belief that this area may host a significant new nickel-copper-cobalt sulphide deposit."
Corazon Mining began targeted exploration drilling and ground geophysics at the FLC in January, with focus on the high-chargeability induced polarisation (IP) geophysical anomaly (the Matrix Trend) alongside with the interpreted extensions of the feeder zone for the FLC.
The company is confident that this IP anomaly is a result of multiple magmatic Ni-Cu-Co sulphide events.
The fourth hole at the Matrix trend, FLC-2017-010, was drilled to a depth of 475m.
It intersected significantly more zones of magmatic massive sulphide mineralisation than in the previous drilling. The identified zones are thin generally less than 50cm.
Four holes that have been drilled in the property reported significant sulphide mineralisation, which is believed to be peripheral to the main target of a large sulphide deposit within the feeder zone of a fertile gabbroic complex.
Currently, Corazon Mining has started drilling FLC-2017-012 hole, towards the north of FLC-2017-003 and -010.
The company also stated that downhole electromagnetic (DHEM) geophysical surveys of holes FLC-2017-008 and -010 have identified multiple conductors that require follow-up exploration.
The ongoing drilling phase is expected to continue into April this year.