Corazon Mining Makes High-Grade Zinc Acquisition

THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) is to acquire three drill-defined zinc-copper-gold deposits, near the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt sulphide project in the province of Manitoba, Canada.

Corazon Mining sees zinc-copper as possible high-value feedstock for a future mineral processing operation at Lynn Lake while maintaining the company’s Canadian focus on critical minerals.

The three deposits add to Corazon’s existing portfolio of seven zinc-copper-gold deposits within its 100 per cent-owned Lynn Lake tenure, and include:

The high-grade MacBride deposit that hosts historically published metal endowment, with continuity from surface to approx. 300m drilled depth.

The deposit has been drilled by previous owners over a 400m strike and remains open in all direction – the deposit is part of a 1,800m long EM conductor defined by modern aerial geophysics.

The Wellmet prospect displays surface copper and EM conductors.

Drilling of the main zinc horizon at Wellmet over a 240m strike has defined mineralisation from surface to approx. 370m depth.

Limited exploration drilling at the Barrington prospect has targeted a small outcrop reportedly approx. 107m in strike, averaging 4.6m in width and 2.63 per cent copper.

Corazon outlined its immediate work on the deposits will be focused on collating historical exploration data and defining the resource potential of the zinc-copper deposits within the Lynn Lake region and defining new targets and deposit extensions utilising the company’s own extensive dataset of modern geophysics.

“Our strategy for the Lynn Lake mining studies is to deliver low operational costs,” Corazon Mining chairperson Terry Streeter said in the company’s ASX announcement.

“The knock-on effect of this is that with lower costs, there are lower cutoff grades, resulting in a much larger mining inventory for consideration, within the existing resource areas.

“We don’t need more tonnes.

“This VMS concept is about value.

“The grade we see in some of these zinc-copper deposits is very good, and we will seek to establish if this is value we can exploit up-front for a restart of mining at Lynn Lake.

“Alternatively, we will explore whether the VMS deposits are better suited to mining later in the project’s mine plan.”

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE