THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) released a new, upgraded Mineral Resource Estimate for the company’s Lynn Lake nickel-copper-cobalt sulphide project in Canada.
The updated JORC Code 2012-compliant Resource has come in at:
15.3 million tonnes at 0.72 per cent nickel, 0.34 pe cent copper, 0.034 per cent cobalt (Indicated and Inferred, at a 0.5%Ni cut-off), for total contained metal of 110,400 tonnes nickel, 51,400 tonnes copper, 5,200 tonnes cobalt.
The upgraded Resource also includes a high-grade Resource Estimate of:
5.2 million tonnes at 1 per cent nickel, 0.41 per cent copper, 0.044 per cent cobalt (Indicated & Inferred, 0.7%Ni cut-off).
Corazon Mining explained the new Resource Estimate represents more than a 60 per cent increase in total tonnes and a 35 per cent increase in nickel and copper metal, in comparison to its previous JORC Mineral Resource Estimate of 2015.
Of further interest is that this time, cobalt has been included in the new Resource Estimate (historically excluded), which the company considers adds further value.
Corazon Mining said the new Resource provides an excellent foundation upon which it can now base mining and development studies.
These studies are expected to be undertaken subsequent to detailed metallurgical testwork, which is currently in progress and scheduled for completion by the end of this year.
“This Resource represents a huge improvement in quality from the previous work and, along with the first modern metallurgical testwork which is currently underway, will give us a very clear indication of Lynn Lake’s value and what is needed for the redevelopment of the Mining Centre,” Corazon Mining managing director Brett Smith said in the company’s announcement to the Australian Securities Exchange.