THE DRILL SERGEANT: Corazon Mining (ASX: CZN) updated the market on current exploration activities being undertaken at the company’s Mt Gilmore project in New South Wales.
Corazon Mining said the exploration it currently has underway comprises systematic geophysical and surface geochemistry programs looking to test extensive areas of the project as quickly as possible.
The company indicated its priority objectives include identifying extensions to the cobalt-copper-gold sulphide mineralisation at the project’s main prospect, Cobalt Ridge, as well as defining new targets within the greater Mt Gilmore project area.
The results of a recent geochemical soil sampling program identified a new high-tenor gold (+cobalt) anomaly at Nettle Creek, two kilometres south of Cobalt Ridge.
The main gold anomaly is approximately 700 metres by 500 metres in area and open, peaking at 690 ppb gold, with the background gold assay value being less than 2 ppb.
“This discovery exemplifies Cobalt Ridge’s blue-sky potential for cobalt-copper-gold sulphide deposits within the Mt Gilmore project,” Corazon Mining said in its ASX announcement.
At the Cobalt Ridge prospect, a detailed 3D IP geophysical survey has been completed, which was designed to map drill defined sulphide mineralisation at depth and laterally along strike, particularly under thin cover to the east.
“Initial assessment of the preliminary 3D IP data indicates the data is of high quality, and several primary anomalies have been delineated,” Corazon said.
“The significance of this will be defined via detailed final interrogation, processing/3D inversion efforts currently in progress and expected to be completed in early June.
“The observed anomalism may be indicative of sulphide mineralisation at Cobalt Ridge.”
The company has also had an aeromagnetic survey carried out over a large area of the Mt Gilmore project, as a first pass prospecting tool to focus in on more detailed exploration.
The survey delivered high-quality data highlighting distinguishable features associated with the project’s current areas of known mineralisation.
“Additional processing and target generation in preparation for the next phase of drilling is underway,” Corazon explained.
“This work is expected to be completed in the coming weeks and is anticipated to help deliver high priority targets for the upcoming phase of drilling.”