THE DRILL SERGEANT: Corazon Mining (ASX: CZN) announced an upgraded Mineral Resource Estimate for the comapy’s Lynn Lake nickel-copper-cobalt sulphide project in Canada.
Corazon Mining reported the current total Resource Estimate includes just six deposits within the Lynn Lake Mining Centre, with multiple additional areas of mineralisation yet to be evaluated as potential additions to the Resource base.
The upgraded Resource includes:
16.3 million tonnes at 0.72 per cent nickel, 0.33 per cent copper, 0.033 per cent cobalt (Indicated and Inferred, at a 0.5% Ni cut-off), for total contained metal of 116,800 tonnes of nickel, 54,300 tonnes of copper, and 5,300 tonnes of cobalt.
The upgraded Resource includes an internal high-grade Resource Estimate of:
5.4 million tonnes at 0.99 per cent nickel, 0.41 per cent copper, 0.043 per cent cobalt (Indicated & Inferred, 0.7%Ni cut-off) of high-grade material.
“Corazon now has almost 117,000 tonnes of nickel metal in sulphide Resource sitting in one of the best mining provinces in Canada,” Corazon Mining chairman Terry Streeter said in the company’s announcement to the Australian Securities Exchange.
“All indications are that this will be further expanded.
“We’ve a drill rig on site setting up on targets recently generated in and around the Mining Centre.
“The forecasts for Class 1 nickel demand is quite strong and we are keen for Lynn Lake to be in a position to take advantage of that market.”
Corazon declared the Mineral Resource Estimate to be of a very high quality that is well supported by drilling and historical mining data.
The company anticpates very little additional verification drilling and sampling will be required to upgrade the majority of the defined tonnages in the Resource to the higher Measured category.
The estimation has focused on the EL, N, O, P, Disco and Golf deposits within the Mining Centre.
The nickel sulphide deposits are close to each other, with the EL, N and O deposits having been subjected to historical mining and development.
The Golf deposit was drilled out just prior to mine closure and the Disco deposit was discovered in 2008, well after mine closure in 1976.
Lynn Lake hosts additional deposits, as well as numerous occurrences of drill-defined mineralisation, that are yet to be considered for resource studies.
These areas support the potential for further upgrades to Lynn Lake’s Mineral Resource.
The Lynn Lake deposits provide the opportunity for mining using large tonnage, low cost methods.
The historical mined grades at the A Plug were approximately 0.86 per cent and 0.44 per cent copper with the higher-grade EL Plug being mined at 2.5 per cent nickel and 1.15 per cent copper.
The company claimed the new Resource Estimate grades are consistent with the tenor of mineralisation previously mined at Lynn Lake.