Corazon Mining releases Resource for combined Lynn Lake nickel project
THE DRILL SERGEANT: Corazon Mining (ASX: CZN) released a JORC 2012-compliant Resource Estimate for the company’s Lynn Lake nickel-copper project in Canada.
The company said the new estimation combines and upgrades resources previously reported in both JORC 2004 and NI43-101 (Canadian) reporting standards, while incorporating new areas of mineralisation defined by the previous mining operation.
The new Indicated and Inferred Resource estimate stands at:
9.4 million tonnes at 0.88 per cent nickel and 0.4 per cent copper, for 83,000 tonnes of contained nickel and 37,800 tonnes of contained copper.
The Resource incorporates the EL, N, O and G nickel-copper sulphide deposits.
Corazon emphasised this to be the first time a combined resource for the Lynn Lake project area has been defined in-line with Australian reporting standards.
The company claims the Resource grade to be consistent with historical grades from the Lynn Lake mine, which operated for 24 years as a large tonnage-low cost mine, before its closure in 1976.
Corazon declared it is confident the Lynn Lake project is an excellent development opportunity that is leveraged to an improvement in the nickel metal price.
Corazon is implementing a program of work to prepare the project for the recommencement of mining in an improved market.
The Resource for the EL Deposit has been separated into two zones, the EL Upper and the EL Lower.
The distinction between the two zones is set at about 200 metres below surface and approximates to material that may be exploited by open-cut or underground mining methods.
The N and the O deposits are the closest deposits to the EL Plug and the last to be mined within the A Plug before the mine closure in 1976.
Underground development in this area of the A Plug is down to about 1,100 metres below surface.
Summarising it announcement to the ASX, Corazon Mining stated recently completed resource work at Lynn Lake has:
For the first time since mining stopped in 1976 reported a resource for the whole Lynn Lake nickel-copper camp and not just on a prospect scale;
Identified more tonnes at the EL Plug. In particular, some near surface mineralisation defined by past drilling and mining activities has been upgraded to resource status;
Changed the resource category classifications quoted in the Canadian NI43-101 Resource of Measured, Indicated and Inferred for the A Plug (N, O and G deposits) to JORC 2012 Indicated and Inferred Resource classification reflecting a reassessment of the historic nature of the data as resource reporting ‘modifying factor’; and
Identified significantly less tonnages than that reported in the NI43-101 ‘foreign estimate of mineralisation’ for the A Plugs N, O and G deposits. The company said this is due to a much higher lower cut-off grade being used for the current resource statement.
Corazon said it is confident the larger global mineral inventories previously reported are accurate in their representation of the mineralisation at lower cut-off grades.
Email: info@corazon.com.au
Website: www.corazon.com.au