Corazon Mining Doubles Down on Lynn Lake Drill Results

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THE DRILL SERGEANT: Corazon Mining (ASX: CZN) released further assay results from the latest phase of drilling to be completed at the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt sulphide project in Manitoba, Canada.

Corazon Mining has now taken receipt of assay results for all priority samples from the drilling program completed in December 2019 that has revealed multiple zones of broad, near-surface high-grade mineralisation in areas surrounding previously mined deposits within the Lynn Lake Mining Centre.

The company believes these results have greatly enhanced the potential to expand the project’s already substantial existing resource base.

Drilling targeted two historical deposits – the A Orebody and E Orebody – with seven holes of diamond core drilling completed.

Both the A Orebody and E Orebody areas have potential extensions to known mineralisation that have not been historically tested with drilling, which the company considers to provide resource expansion potential and, subsequently, will be the subject of ongoing targeted exploration and drilling.

There are multiple other areas within the Mining Centre, also yet to be drill tested, that may also have the potential for near surface mineralisation surrounding historical underground mining operations.

This latest phase of drilling tested near surface expressions of mined areas that operated continuously for 24 years at an average grade of 1.02 per cent nickel and 0.54 per cent copper.

Highlights included:

A Orebody

37.8 metres at 1.68 per cent nickel, 0.67 per cent copper, 0.05 per cent cobalt from 10m, including 22.6m at 2.3 per cent nickel, 0.82 per cent copper, 0.068 per cent cobalt from 24.4m; and

E Orebody

4.5m at 1.17 per cent nickel, 0.22 per cent copper, 0.029 per cent cobalt from 25m; and
4.1m at 2.09 per cent nickel, 0.57 per cent copper, 0.073 per cent cobalt from 26.9m.

“Historical mining at Lynn Lake focused largely on underground operations and the lack of near-surface exploration around the previously mined deposits has provided a substantial opportunity for Corazon to expand what is already a significant nickel sulphide resource base,” Corazon Mining managing director Brett Smith said in the company’s announcement to the Australian Securities Exchange.

“Our targeted drilling was designed to identify haloes of disseminated mineralisation around the mined deposits, and the results have been highly successful with the exceptional grades returned significantly exceeding expectations.

“In addition, the results have validated our targeting processes and paves the way for our ongoing, targeted exploration and drilling at Lynn Lake.”

 

Email: info@corazon.com.au

Web: www.corazon.com.au

 

Red 5 Continues to Advance King of the Hill Final Feasibility Study

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THE DRILL SERGEANT: Red 5 Limited (ASX: RED) reported continued progress with the Final Feasibility Study (FFS) for the proposed stand-alone integrated bulk open pit and underground mining and processing operation at the company’s King of the Hills (KOTH) gold project in Western Australia.

Red 5 has had multiple work streams progressed with work on stream to meet the overall delivery schedule on track for completion in the September 2020 Quarter.

The underground component of the KOTH resource of 17.5 million tonnes at 2 grams per tonne gold for 1.11 million ounces of contained gold has previously been identified as a key underground mine extension opportunity for the project.

AS such, three diamond drill rigs are currently progressively exploring multiple extensional opportunities to the existing underground operations.

The company has been encouraged by interim and geological modelling that provide increasing confidence in a potential uplift to the existing Resource.

In-fill RC drilling of the western crest of the KOTH open pit has been completed with the aim of evaluating the potential for Resource extension and assist further pit optimisation works.

In-fill drilling at the prospective Cerebus-Eclipse and Centauri near-mine satellite deposits to the north-west of the KOTH open pit is continuing and remains on track for completion in January 2020.

Geotechnical core drilling and test pitting programs have been completed in the open pit and for key project infrastructure, such as the process plant and village accommodation.

Geotechnical, hydrogeological and metallurgical diamond drilling at the Cerebus-Eclipse, Centauri and Rainbow satellite deposits is scheduled to commence in late January 2020.

Field works have largely been completed for flora, fauna, archaeology and anthropology surveys.

“Geotechnical, resource extension and resource in-fill drilling programs are in full swing again following a short break for the festive season,” Red 5 managing director Mark Williams said in the company’s announcement to the Australian Securities Exchange.

“We expect to receive further results from underground extensional drilling and ongoing assaying of previously un-assayed historical drill core from KOTH, which will be progressively incorporated into an updated KOTH geological model.

“Infrastructure design, metallurgical testwork design and permitting, approvals and stakeholder engagement programs are also moving forward well as planned.

“This is a very exciting time for Red 5, as we work towards the delivery of a Final Feasibility Study for a major new stand-alone gold project at King of the Hills later this year, laying the foundations for Red 5 to take its next major growth step as a leading Australian gold producer.”

 

Email: info@red5limited.com

Web: www.red5limited.com

 

PolarX Identifies Mineralised Alaskan Strike Potential

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THE DRILL SERGEANT: PolarX Limited (ASX: PXX) has identified potential for approx. 600 metres of mineralised strike length at the Zackly East Skarn within the company’s Alaska Range project.

PolarX determined the potential via trenching, mapping and sampling and results from diamond drill holes undertaken in 2018 that intersected thick copper and gold mineralisation commencing from near surface at Zackly East, returning:

ZX‐18020
55 metres at 2.8 grams per tonne gold and 0.6 per cent copper; and

ZX‐18024
47m at 3.1g/t gold and 0.6 per cent copper.

These early diamond drill holes discovered the mineralised Zackly East Skarn in 2018, which dips gently to the north and is mineralised over much thicker zones than the previously known subvertical dipping Main Skarn.

The Zackly East Skarn host unit was originally limestone, but was emplaced by way of thrust faulting and now sits in the hanging wall above the thrust fault.

The Main Skarn of the Alaska Range project lies below the thrust fault in the footwall.

The Main Skarn and East Skarn lie within a structural corridor that runs from the Mars porphyry discovery through Zackly and to the northern edge of the Saturn porphyry target and contains many untested magnetic and structural targets that the company considers could have the potential to host multiple additional skarn deposits, as well as larger porphyry copper deposits.

“PolarX intends to pursue the porphyry targets at Mars and Saturn with funding to be provided via an earn‐in joint venture arrangement,” PolarX said in its ASX announcement.

“Discussions have commenced with multiple interested parties.

“The company will continue to fund its own resource expansion drilling at Zackly and Zackly East.”

 

Web: www.polarx.com.au

 

Blackstone Minerals Hits Big Numbers at King Cobra Discovery

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THE DRILL SERGEANT: Blackstone Minerals (ASX: BSX) announced impressive drilling intersections from the King Cobra discovery at the company’s Ta Khoa nickel project in Northern Vietnam.

Blackstone Minerals’ King Cobra discovery is a new, near surface, high-grade zone of nickel sulphide bearing semi-massive sulphide veins (SMSV) at the Ta Khoa project.

The King Cobra discovery includes the first-ever intersection of massive sulphide vein and breccia styles of sulphide mineralisation within the Ban Phuc intrusion and may provide vectors towards the high grade ‘feeder zone’ mineralisation.

Blackstone’s latest drilling at the King Cobra discovery has intersected:

BP19-29
60 metres at 1.3 per cent nickel from 32m, including 13.9m at 2.25 per cent nickel from 49m from the King Cobra Zone, and 142m at 0.41 per cent nickel, including 11.9m at 1.09 per cent nickel from the underlying previously unnamed Ban Duoi Zone (BDZ).

Blackstone declared this to be, “the most significant downhole intersections seen to date at the Ta Khoa nickel project”.

The result has led the company to interpret its earlier intersection of…

BP19-03
45m at 1.2 per cent nickel from 56m

…as an earlier intersection of King Cobra mineralisation.

Blackstone said its drilling efforts have now intersected the King Cobra (KCZ) discovery zone over 200 metres of strike length, with the KCZ interpreted to be open along strike to the north west and south east and down dip to the north east.

Blackstone will continue its aggressive drilling program at Ban Phuc with four drill rigs testing the disseminated mineralisation (DSS), including two rigs on priority step-out drilling testing for potential expansions to the known Ban Phuc DSS orebody and the down dip feeder zone target at the King Cobra target zone.

“Blackstone is pleased to announce the King Cobra discovery hole as our most significant drillhole to date at the Ta Khoa nickel project,” Blackstone Mineral managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.

“The King Cobra discovery continues to grow, as does our understanding of the geology of the Ban Phuc deposit.

“The King Cobra discovery is shaping up to be a high grade, near surface, large scale disseminated nickel-PGE zone that has potential to deliver a highly economic starter pit at Ta Khoa.”

 

Email: admin@blackstoneminerals.com.au

Web: www.blackstoneminerals.com.au

 

Alloy Resources Reports on RTX JV Activity

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THE DRILL SERGEANT: Alloy Resources (ASX: AYR) reported on recent progress at the company’s farm-in agreement with Rio Tinto Exploration Pty Limited (RTX), under which RTX is earning an initial 70 per cent interest in E45/4807 in the Paterson Province of Western Australia.

Alloy Resources informed the market that RTX has completed earthworks for the camp site, a major portion of the access tracks and seven of eight drill pads for a proposed initial reverse circulation (RC) drilling program.

The company indicated the drilling program is now expected to be undertaken in April-May 2020, subject to weather and the scheduling of RTX’s broader Paterson program activities and related drill rig movements.

“As previously announced, the drilling program is planned to comprise a minimum of eight reverse circulation (RC) drill holes of up to 250 metres depth across six copper-gold target areas, with further holes to possibly be drilled subject to results,” Alloy Resources said in its ASX announcement.

“This initial testing is intended to guide follow up exploration and improve target generation by confirming basement depths and lithologies.

“The depth of cover for the initial targets is currently estimated to be 30 to 100 metres.”

RTX are actively exploring the Paterson region following its discovery of the Winu copper-gold deposit located 50 kilometres north of the Joint Venture.

RTX holds extensive exploration tenure, which adjoins with the JV tenement and extends to Winu.

 

Email: info@alloyres.com

Web: www.alloyres.com

 

Magnetic Resources Identifies New Horizons and Feeder Zones at Hawks Nest 9

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THE DRILL SERGEANT: Magnetic Resources (ASX: MAU) reported the latest drilling results from a comprehensive 465 RC-hole program completed at the company’s Hawks Nest prospect, located near Laverton in Western Australia.

Magnetic Resources said the drilling carried out in the central part of Hawks Nest 9 (HN9) demonstrated there to be a distinct bend in the shear zone from SSE to SSW as well as a considerable thickening of the mineralised zone within an altered silicified porphyry.

This porphyry has been delineated over a 400-metre strike length, is open and plunges shallowly to the NNE, and greatly thickens from commonly being 2m to 5m in width up to 10m to 57m.

This newly identified silicified porphyry crosscuts the NNW-trending near-surface flat-dipping mineralisation.

The company has interpreted this may represent a feeder zone of the entire three kilometres-long HN9 shallow-dipping sequence.

Some of the thicker gold-mineralised zones encountered within this porphyry include:

MHNRC497
28 metres at 0.645 grams per tonne gold from 4m;

MHNRC541
57m at 0.5g/t gold from 13m including 27m at 0.69g/t gold from 43m;

MHNRC179
14m at 0.7g/t gold from 25m;

MHNRC211
11m at 1.82g/t gold from 18m;

RFR-31
12m at 1.96g/t gold from 16m in hole; and

MHNRC179
14m at 0.7g/t gold from 25m.

Magnetic believes the newly discovered multiple shallow dipping extensive zones at HN9 could be a potential indicator for deeper mineralisation because all the numerous nearby large deposits in the region including Wallaby (7Moz), Sunrise Dam (10Moz) and Jupiter (1.3Moz) have persistent internal shallow-dipping mineralised lodes that are often called shear zones.

The company also noted that many discoveries in recent times have been made by drilling below 100m because historical drilling was far too shallow.

At HN9 the average hole depth is only 43m providing plenty of scope for upside potential.

“With the Australian gold price at record levels of $2,249 the HN9 project being only 15 kilometres northwest of the Granny Smith operations owned by Gold Fields Australia Pty Ltd and only 10 kilometres north east of the Jupiter operations owned by Dacian Gold Ltd at Laverton in Western Australia, is shaping up and has potential for a large-scale shallow deposit,” Magnetic Resources managing director George Sakalidis said in the company’s announcement to the Australian Securities Exchange.

“This significant three-kilometre mineralised zone is coherent and is not closed off to the north and at depth and is so far defined by 465 RC holes totalling 20,484 metres.

“Also, the discovery of a thick mineralised intrusive porphyry feeder zone up to 57 metres thick and the multiple bands of silicified porphyry from deeper drilling, similar to the Wallaby and Jupiter deposits, is a breakthrough and will be further investigated with an infill deeper drill program planned after assay results for the eight deeper holes are received shortly.”

 

Web: www.magres.com.au

 

Alloy Resources Finalises 2019 Horse Well Drilling Results

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THE DRILL SERGEANT: Alloy Resources (ASX: AYR) finalised results for drilling completed in 2019 at the company’s Horse Well gold project Joint Venture with Silver Lake Resources (Alloy 60%: Silver Lake Resources 40%).

Alloy Resources’ Horse Well JV is located in the north-east goldfields of Western Australia and is adjacent to Northern Star’s Jundee Gold Mine.

Alloy is the manager and operator of the JV and is currently sole funding an RC drilling program to earn additional equity.

Results completed for drill testing of the Warmblood shallow high-grade mineralised prospect confirmed shallow supergene mineralisation and defined a new zone, including:

8 metres at 0.91 grams per tonne gold from 16 metres downhole (mdh)
9m at 0.99g/t gold from 29 mdh; and
8m at 1.76g/t gold from 100 mdh.

Alloy explained the most northern hole of the program, AHWR106 was designed to test below previous drilling and has confirmed a typical sub-vertical structure.

The hole was drilled deeper where strong silica-sulphide alteration was observed, and assays of 8 metres at 1.76g/t gold have been returned to the end of the hole indicating a new mineralised structure has been discovered.

“There are numerous significant assays from four metre composite samples,” Alloy Resources said in its ASX announcement.

“The individual one metre samples are stored at the project and will be collected and submitted for analysis.

“Upon receiving these final assays, new geological models will be interpreted and Mineral Resource updates completed.

“Extra one metre samples for metallurgy were also collected from interpreted mineralised zones during drilling.

“Mineralised areas will be reviewed and composite metallurgical samples defined before submission for basic gold leaching and gravity recovery testwork.

“An orientation soil sampling program over the Big Daddy prospect has samples currently being prepared and analysed.

“Initial results are expected in the next two weeks and further analyses is likely to follow.”

 

Email: info@alloyres.com

Web: www.alloyres.com

 

Corazon Mining Encounters High-Grades Near Surface at Lynn Lake

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THE DRILL SERGEANT: Corazon Mining (ASX: CZN) has started 2020 on a positive note with the release of the first assay results from its latest phase of drilling at the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Corazon Mining reported partial results from the first two holes (LL2019-01 and LL2019-02) of a recently completed seven-hole diamond core drilling program that have returned exceptional, broad, near-surface high-grade mineralisation.

The company indicated that further assay results from these holes and the remaining holes in the program will be released as they become available.

Hole LL201902 intersected a high-grade interval of:

21.05 metres at 2.47 per cent nickel, 0.66 per cent copper, 0.07 per cent cobalt, within a broader zone of mineralisation, including 37m at 1.71 per cent nickel, 0.68 per cent copper, 0.05 per cent cobalt, from just 10 metres down hole.

The mineralised interval ended in grade (at 47 metres down-hole), with further assays pending.

Hole LL2019-01 returned good marginal-grade material with:

7m at 0.62 per cent nickel, 0.37 per cent copper, 0.02 per cent cobalt, west of the main zone being targeted by LL2019-02.

The drilling of LL2019-01 and LL2019-02 targeted areas around the A Orebody, historically covered with infrastructure from the A-Shaft and processing plant area within the Lynn Lake Mining Centre.

The area being targeted with drilling at the A Orebody is approximately 80 metres by 220 metres, surrounding previously mined high-grade massive sulphide (stoped to surface and backfilled).

The mined massive sulphide mineralisation at the A Orebody is described as ‘pipe-like’ with dimensions of approximately 40 metres by 120 metres.

“The company’s recent exploration work at Lynn Lake focused on defining additional areas of mineralisation with the potential to add to the project’s significant existing resource base,” Corazon Mining said in its ASX announcement.

“Corazon’s recent mining studies at Lynn Lake predominantly centred on nickel deposits at depths of more than 400 metres below surface.

“This work has highlighted the potential to define additional resources closer to the surface adjacent to Lynn Lake’s historically mined areas.

“The initial testing of these areas was the focus for the recent drilling program.”

 

Email: info@corazon.com.au

Web: www.corazon.com.au

 

NTM Gold Encounters Further High-Grades to Increase Hub Strike

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THE DRILL SERGEANT: NTM Gold (ASX: NTM) increased the mineralised strike at the Hub prospect within the company’s 100 per cent-owned Redcliffe gold project near Leonora in Western Australia.

NTM Resources reported that drilling at Hub has confirmed grade continuity, particularly in the central part of the prospect, giving confidence to the robustness of the gold mineralisation.

The drilling also encountered mineralisation over 200 metres south of the previous southernmost intercept, extending the strike of Hub to over 1,350m.

The drilling was completed just before Christmas, testing northern and southern extensions as well as shallow grade continuity, consisting 31 RC holes and six diamond tails.

Five metre composites from the first eight holes (19RRC079 – 086) that returned exceptional grades close to surface were resampled on one-metre intervals with results confirming the tenor of the previously grades and widths.

Five metre composite samples from the remaining RC holes (19RRC087 – 110) have now been received by the company, returning a large number of high-grade results.

Of note, the diamond drilling intersected high-grade mineralisation at depth.

Diamond and RC drilling returned numerous high-grade intersections, including:

10 metres at 6 grams per tonne gold from 85m, including 5m at 9.2g/t gold (RC 5m composite);
4.1m at 8.4g/t gold from 186.4m (Diamond); and
6m at 5.1g/t gold from 323.5m, including 1m at 11.5g/t gold (Diamond).

One-metre RC resamples confirmed outstanding shallow grades and widths including:

9m at 12.5g/t gold from 33m, including 2m at 29.6g/t gold;
12m at 6.8g/t gold from 25m, including 2m at 20.7g/t gold; and
9m at 8.9g/t gold from 24m, including 2m at 14.1g/t gold.

The Hub prospect strike was extended to over 1,350m with results on southernmost RC line of:

5m at 5g/t gold from surface (RC 5m composite); and
5m at 2.1g/t gold from 65m (RC 5m composite).

“These latest results continue to demonstrate the potential of Hub with exceptional grades close to surface and a strike of over 1.3 kilometres,” NTM Gold managing director Andrew Muir said in the company’s announcement to the Australian Securities Exchange.

“Hub continues to grow with each drill program and we look forward to ongoing testing with drilling to recommence in coming weeks.”

 

Web: www.ntmgold.com.au

 

Middle Island Kicks Off Major Sandstone Drilling Campaign

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THE DRILL SERGEANT: Middle Island Resources (ASX: MDI) has commenced the first in a planned series of drilling programs to be undertaken at the company’s 100 per cent-owned Sandstone gold project in Western Australia.

Middle Island Resources explained the drilling will collectively comprise a major exploration and resource definition drilling campaign at the Sandstone gold project and will target around 17 identified prospects and deposits within the company’s existing Sandstone tenure.

The primary objective of the drilling campaign is to confirm (and/or identify) and quantify additional open pit gold deposits and deposit extensions to supplement existing Mineral Resources prior to completing, in the June quarter, an update of the pre-feasibility study (PFS) commenced in the December quarter of 2019.

The 17 identified open pit gold targets and deposit extensions have been prioritised following a detailed internal and external technical review with the majority located on existing permitted tenure (M57/128 & M57/129) and all within five kilometres of the company’s 600,000 tonnes per annum gold processing plant.

“Commencing 2020 with around $2.8 million in cash, either at bank or fully underwritten, provides a rare opportunity to realise a long-held ambition to deploy significant drilling metres across a multitude of targets that have remained untested (or poorly tested) due to previous financial constraints,” Middle Island Resources managing director Rick Yeates said in the company’s announcement to the Australian Securities Exchange.

“The planned multi-phase drilling campaign has the potential to add significant open pit Mineral Resources to the Sandstone gold project.

“With the Australian dollar gold price near record levels, any additional Mineral Resources identified during the drilling campaign should significantly enhance the outcome of the updated PFS, which is planned to recommence in the June quarter of 2020, hopefully leading to a positive recommissioning decision once completed.

“Middle Island Directors acknowledge Mr Stephen Copulos and his associates for their vision in identifying, not only the more immediate gold production scenario, but endorsing a broader vision to create a significant regional gold processing hub, centred on Middle Island’s Sandstone processing plant, via cornerstone investments in the recent and current capital raisings.

“By its very nature, results from initial AC drilling are unlikely to generate significant excitement, however it is reasonable to anticipate more significant results from the subsequent Phase 1 RC drilling program.”

 

Email: info@middleisland.com.au

Web: www.middleisland.com.au