THE DRILL SERGEANT: Corazon Mining (ASX: CZN) released the first batch of assay results from an ongoing drilling program underway at the company’s Mt Gilmore cobalt-copper-gold project in New South Wales.
Corazon Mining has received assay results from five holes (MGRC041 – MGRC043 and MGRC045) completed at the priority Cobalt Ridge prospect.
The company declared assay results received from three of the holes to be highly encouraging, adding they have identified multiple cobalt-rich lodes within a broader package of mineralisation that identifies the Main Lode at Cobalt Ridge.
A highlight to date is a high-grade result of:
5 metres at 2.14 per cent cobalt within a broader intersection of 27m at 0.47 per cent cobalt from a down-hole depth of 49m.
Corazon has interpreted this result to have identified the faulted-off western extension of the Main Lode, saying it is highly representative of the main target at Cobalt Ridge.
“We are very pleased with these results,” Corazon Mining managing director Brett Smith said in the company’s announcement to the Australian Securities Exchange.
“Cobalt Ridge is an intensely altered, structurally complex system and every drill hole helps us gain a greater understanding of this deposit.
“It’s a hole by hole process, however the results continue to validate and strengthen the company’s belief that Cobalt Ridge has the potential to host a significant sulphide-dominant cobalt deposit, the understanding of which can then be applied to the greater Mt Gilmore project area.”