Corazon Mining hits High-Grade Cobalt Intersections at Mt Gilmore

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) released high-grade cobalt intersections from the first batch of assay results from a maiden drilling program at the company’s Mt Gilmore cobalt-copper-gold project in north-eastern New South Wales.

Corazon Mining had focused the drilling on the high-grade Cobalt Ridge prospect and, according to the company, the assay results have validated its assessment of Cobalt Ridge as a unique, high-grade cobalt-dominant deposit with potential to deliver valuable, discrete high-grade zones of cobalt, within broader moderate grade mineralisation.

The best individual assay result for cobalt was 2.79 per cent over one metre, with other results including:

16 metres at 0.65 per cent cobalt from 135m, including 6m at 1.48 per cent cobalt; and

37m at 0.14 per cent cobalt from surface, including 2m at 0.36 per cent cobalt and 1.37 per cent copper and 1m at 1.2 per cent cobalt and 1.02 per cent copper.

Corazon explained that holes MGRC002 and MGRC003 intersected the main cobalt lode, adding that core drilling is currently underway to extend holes MGRC001 and MGRC004 to intersect this zone.

“We are pleasantly surprised by these initial assay results. In particular, the results for hole MGRC002 are better than any previous historical drilling and open up the western extensions of the system as prospective for high-grade cobalt, plunging below historic drilling,”

“We’re looking forward to assays from what would be considered the core of the system.

“The main cobalt lode appears to be 10 to 20 metres down-hole with two or three zones of more intense mineralisation.”

Cobalt is a metal of growing strategic importance due to its requirement for use in lithium-ion batteries and the emerging re-chargeable battery sector.

At current cobalt metal prices of around US$30,000 per tonne, Corazon considers the grades intersected in the drilling at Cobalt Ridge represent potentially plenty of in-ground value for both the broad zones and discreet high-grade zones of cobalt mineralisation.

The company believes the historic mining for cobalt, copper, gold and silver in the project area supports the opportunity for the metallurgical extraction of these metals.