Corazon Mining Identifies new Cobalt Anomalies at Mt Gilmore

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) claimed discovery of three new cobalt anomalies at the company’s Mt Gilmore cobalt-copper-gold project in New South Wales.

Corazon Mining identified the anomalies while conducting an ongoing soil sampling program at Mt Gilmore.

The anomalies are located in the northern extent of the project at the Lantana Downs prospect approximately 12 kilometres north of the priority drill-defined Cobalt Ridge cobalt-copper-gold sulphide deposit.

The company said the discovery of the three high tenor soil anomalies – with up to 949ppm cobalt – further highlights the potential of the Mt Gilmore project to host a much larger cobalt system than it initially considered.

The current phase of exploration at Mt Gilmore is designed to identify new areas of cobalt mineralisation that have the potential to compliment the Cobalt Ridge deposit.

“The current area of exploration was historically explored for volcanogenic massive sulphide (VMS) deposits, with cobalt not previously tested,” Corazon Mining said in its ASX announcement.

“The basement rocks between Lantana Downs and Cobalt Ridge host numerous historical copper-gold sulphide workings, which provide the discovery potential for multiple Cobalt Ridge ‘lookalike’ deposits.”

Three soil anomalies have been defined based on geochemical signature and location.

The Southern Lantana Anomaly is very similar in tenor and multi-element association to that seen in the Cobalt Ridge soil-sampling program.

The cobalt-copper-gold anomaly is at the intersection of at least two mineralised trends and returned a peak cobalt assay of 151ppm.

The Central Lantana Anomaly has a cobalt-antimony-zinc-lead multi-element association with a peak cobalt result of 224ppm and in general appears to be a higher tenor than that observed in soil sampling at Cobalt Ridge.

The Northern Lantana Anomaly is located over what is interpreted to be a lateritic (weathered) serpentinised ultramafic.

Within the soil sampling results, cobalt peaks at 949ppm and nickel at 0.7 per cent, with the tenor of mineralisation increasing towards the north and east, yet to be closed off.