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Corazon Mining Identifies New Near-Mine Targets at Lynn Lake

THE BOURSE WHISPERER: Corazon Mining (ASX: CZN) provided an update on recent activities at the company’s Lynn Lake nickel-copper-cobalt sulphide project in Canada.

Corazon Mining has utilised a new geophysical processing technique to deliver major benefits at Lynn Lake, resulting in modelling of magnetic data using newly developed methods, such as Magnetic Vector Inversion (MVI), which the company says has radically opened the prospectivity of the Lynn Lake Mining Centre.

The company said the techniques have proved more effective and accurate than the previously utilised conventional Magnetic Susceptibility Inversion method.

Corazon explained that the MVI process can identify known (previously mined) orebodies and resource areas down to at least 600 to 700 metres below surface – double that of conventional techniques.

The MVI processing of existing detailed ground magnetic data has also identified new areas of interest within Lynn Lake’s prolific historic mining centre.

“Our aim is to utilise this new modelling technique on a number of fronts at Lynn Lake,” Corazon Mining managing director Brett Smith said in the company’s announcement to the Australian Securities Exchange.

“The potential for new discoveries is obvious, however, there are also numerous historically drill defined targets in the mining area that have yet to be properly tested.

“Our focus will be on these near-mine targets with a view towards optimising the potential of the mine area ahead of more detailed mine-planning and feasibility drill-outs for the project.”

Corazon began using the MVI modelling following a review of results from the last phase of drilling it completed at the Fraser Lake Complex (FLC) at Lynn Lake that targeted compelling anomalies generated by conventional Magnetic Susceptibility Inversion modelling processes.

“Put simply the conventional inversion modelling methods didn’t deliver the results anticipated at the Fraser Lake Complex,” Smith added.

“We’re looking within a large, complex, multi-phase magmatic sulphide system with variable magnetic characteristics.

“Too complex for the conventional methods to accommodate.

“With MVI, the level of information and detail is substantial and allows us to interrogate the anomalies better.

“Targets that have previously been ignored because of their overall magnetic characteristics are now being reassessed more favourably.”

The MVI activity continues a run of good news from Lynn Lake, from where the company recently announced exceptional metallurgical results from testwork on the project’s mineralisation.

Despite Lynn Lake having a long mining history, modern reagents and processing techniques have enabled separate high-value nickel and copper concentrates to be produced for the very first time.

The initial work highlighted:
Nickel concentrate with a grade of 26 per cent nickel with recoveries of 71 per cent; and
Copper concentrate with a grade of 27 per cent copper with recoveries of 77 per cent.

These results were not optimised, and Corazon believes further refinement of the testwork could deliver even greater improvements, particularly in the recoveries.

A new round of testwork is currently in progress incorporating the same float circuit used in the previous testing, however, utilising methodologies more representative of a commercial operation.

This work is expected to optimise the methodology and deliver similar high-grade concentrates, but with increased recoveries.

 

Email: info@corazon.com.au

Website: www.corazon.com.au

 

Corazon Mining Encouraged by Mt Gilmore Cobalt Exploration

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) updated the market on current exploration activities being undertaken at the company’s Mt Gilmore project in New South Wales.

Corazon Mining said the exploration it currently has underway comprises systematic geophysical and surface geochemistry programs looking to test extensive areas of the project as quickly as possible.

The company indicated its priority objectives include identifying extensions to the cobalt-copper-gold sulphide mineralisation at the project’s main prospect, Cobalt Ridge, as well as defining new targets within the greater Mt Gilmore project area.

The results of a recent geochemical soil sampling program identified a new high-tenor gold (+cobalt) anomaly at Nettle Creek, two kilometres south of Cobalt Ridge.

The main gold anomaly is approximately 700 metres by 500 metres in area and open, peaking at 690 ppb gold, with the background gold assay value being less than 2 ppb.

“This discovery exemplifies Cobalt Ridge’s blue-sky potential for cobalt-copper-gold sulphide deposits within the Mt Gilmore project,” Corazon Mining said in its ASX announcement.

At the Cobalt Ridge prospect, a detailed 3D IP geophysical survey has been completed, which was designed to map drill defined sulphide mineralisation at depth and laterally along strike, particularly under thin cover to the east.

“Initial assessment of the preliminary 3D IP data indicates the data is of high quality, and several primary anomalies have been delineated,” Corazon said.

“The significance of this will be defined via detailed final interrogation, processing/3D inversion efforts currently in progress and expected to be completed in early June.

“The observed anomalism may be indicative of sulphide mineralisation at Cobalt Ridge.”

The company has also had an aeromagnetic survey carried out over a large area of the Mt Gilmore project, as a first pass prospecting tool to focus in on more detailed exploration.

The survey delivered high-quality data highlighting distinguishable features associated with the project’s current areas of known mineralisation.

“Additional processing and target generation in preparation for the next phase of drilling is underway,” Corazon explained.

“This work is expected to be completed in the coming weeks and is anticipated to help deliver high priority targets for the upcoming phase of drilling.”

 

Email: info@corazon.com.au

Website: www.corazon.com.au

 

Corazon Mining Extends Cobalt Ridge Footprint

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

Corazon Mining said the new geochemical anomalies have extended the known cobalt-mineralised system at Cobalt Ridge to an area of approximately three kilometres in strike and one kilometre in width, which remains open in all directions.

The company said the newly-identified cobalt-copper-gold anomalies strengthen its exploration model for the entire project area to potentially host cobalt dominant sulphide deposits, in addition to the known mineralisation at the Cobalt Ridge prospect.

The new anomalies were identified via results from a recently completed geochemical soil-sampling program at Cobalt Ridge testing for extensions to previously defined mineralisation.

Corazon is continuing its exploration activities at the project, including additional sampling, mapping and geophysics, which it will use to define specific targets for the next phase of drilling.

“To date, the results of Corazon’s exploration work at Cobalt Ridge suggests the geochemical dispersion of metals within the soil profile is restricted due to the carbonate rich nature of the host rocks,” Corazon Mining said in its ASX announcement.

“As such soil sampling has proven to be a good indicator of mineralised basement.

“Four new areas of interest have been identified from this latest soil-sampling program.

“The generated anomalies are of lower tenor than that discovered over the Cobalt Ridge outcrop areas, where mineralisation outcrops.

“However, they are not closed off and may represent the margins of much larger soil anomalies.

“Field validation, infill and extension soil sampling is currently underway to further test these features.”

 

Email: info@corazon.com.au

Website: www.corazon.com.au

 

Azure Minerals Resumes Drilling at Sara Alicia

THE DRILL SERGEANT: Azure Minerals (ASX: AZS) has commenced a second diamond drilling campaign on the company’s 100 per cent-owned Sara Alicia gold and cobalt project in the northern Mexican state of Sonora.

Azure Minerals said the drilling is being carried out to follow up on the company’s 2017 maiden drilling program, in which all six drill holes intersected high-grades of gold and cobalt mineralisation at shallow depths.

The previous program included a best intersection of:

26.2 metres at 9.5 grams per tonne gold and 1.26 per cent cobalt from 0.60m depth, including 12.6m at 16.8g/t gold and 6.35m at 3.57 per cent cobalt.

Azure explained that the first phase of this current campaign will comprise 10 to 12 diamond core holes and is expected to take about six weeks to complete.

The drilling has been designed to target along-strike and down-dip extensions of the high-grade mineralisation intersected in the 2017 program.

Based upon anticipating further success, the company is already planning a second phase of drilling over the mineralised body.

“The Sara Alicia mineralised zone consists of carbonate rocks intruded by a porphyry,” Azure Minerals said in its ASX announcement.

“This intrusive event caused strong alteration and mineralising reactions in the limestones to form a skarn body which hosts massive and semi-massive sulphides containing the cobalt and gold mineralisation.

“The mineralised body has a strong and identifiable magnetic signature extending over an area of approximately 300 metres by 150 metres.

“Encouragingly, modelling of the magnetic data indicates that the magnetic body which represents the mineralisation has considerable vertical depth extent, particularly to the north and northeast, providing excellent down-dip targets to extend the gold and cobalt mineralisation in those directions.”

 

Website: www.azureminerals.com.au

Corazon Mining Commences Lynne Lake Drilling

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) informed the market it has commenced at the Fraser Lake Complex (FLC), located just five kilometres south of the company’s 100 per cent-owned Lynn Lake nickel-copper-cobalt mining centre in Canada.

Corazon Mining kicked off the drilling on Valentine’s Day and expects the first hole (FLC-2018-018) to reach more than 600 metres in length.

The company said it had already encountered disseminated to heavy net-textured sulphide mineralisation from surface in the first hole, which is consistent with mineralisation it intersected with its 2017 drilling program.

“This is encouraging insofar as it supports the geophysical models being used to target drilling,” Corazon Mining said in its ASX announcement.

“Corazon expects to drill a minimum of 1,500 metres in the current program with at least two holes testing the large geophysical anomalies within the FLC.”

The company indicated the drilling is scheduled to be completed mid- March and will include new priority drill targets that were confirmed from Corazon’s 2017 fieldwork.

“The initial drill target is a deep-rooted, funnel-shaped, strongly magnetic anomaly, which has similar characteristics to the nearby high-grade nickel-copper-cobalt sulphide EL Mine Deposit, within the major historic Lynn Lake Mining Centre,” Corazon said.

Corazon has been exploring at the FLC since December 2016, carrying out drilling, ground geophysics, downhole geophysics and geochemistry.

The company believes the FLC has the potential to host substantial nickel-copper-cobalt sulphide deposits.

The large amount of data the company has generated to date has produced geophysical and geochemical models that have further refined the focus of the current drilling program at the FLC.

 

Email: info@corazonmining.com.au

Website: www.corazon.com.au

 

Corazon Mining Poised to Deliver in 2018

An active, targeted and focused approach sees Corazon Mining on the cusp of delivering on the potential of its two core projects.

Corazon Mining (ASX: CZN) has always had a strong direction and focus at both its projects – the Lynn Lake Nickel Sulphide Project in Manitoba Province, Canada, and the Mt Gilmore Cobalt Project in northern New South Wales.

Thanks to recent exploration efforts the company is now better placed than ever to reap the rewards for its efforts.

Corazon completed the acquisition of the entire Lynn Lake nickel-copper sulphide Field, historically one of Canada’s largest nickel producing regions, in 2015.

It was the first time the Lynn Lake Mining Centre had been consolidated under the ownership of one company.

Since that time, Corazon Mining has systematically explored the project area; a process that has seen the company define and continually refine its priority targets over three completed field seasons.

This work has included drilling, ground geophysics, downhole geophysics and geochemistry, and has resulted in detailed geophysical and geochemical models for the stand-out target, at the Fraser Lake Complex (FLC), located five kilometres south of the Lynn Lake Mining Centre in the southern region of the company’s project tenure.

With this work complete, at time of writing, the company had confirmed new high priority drill targets and was finalising preparations for its next phase of drilling at FLC – and, with the high amount of positive, supporting exploration data generated to date combined with a highly evolved technical interpretation of these results, there is a heightened level of anticipation about the potential of the upcoming drilling program to deliver a major new nickel sulphide discovery.

Now it becomes a case of ‘watch this space’.

Corazon’s focus at the Mt Gilmore project is the Cobalt Ridge prospect, which hosts one of the highest-grade cobalt deposits in Australia.

“What is important to note, is that it is a ‘pure-play’ cobalt sulphide prospect, not a re-badged nickel – make that cobalt – laterite target, which should equate to a simpler, easier and more cost effective processing flow sheet for any future mining operation,” Corazon Mining managing director Brett Smith told The Resources Roadhouse.

“The company acquired the Mt Gilmore project in mid-2016.

“It is located 35km from the major regional centre of Grafton in north eastern New South Wales.

“Corazon Mining owns a 51 per cent interest in the project and has the exclusive right to earn up to an 80 per cent interest in the project.”

Consistent with its approach to Lynn Lake, the company has systematically advanced exploration at Mt Gilmore with similar strong success.

It has completed two substantial drilling programs at Mt Gilmore – one in the second half of 2016 and a second phase program in late 2017.

Drilling, primarily targeted the high-grade Cobalt Ridge prospect, and assay results have continued to validate Cobalt Ridge as a unique, high-grade, cobalt-dominant deposit.

Two phases of metallurgical test work have also been completed on Cobalt Ridge mineralisation, and this work has delivered exceptional results, which has strengthened the company’s view on the development potential of the project.

Corazon believes Cobalt Ridge may have the potential to supply a quality cobalt product, suitable for use in the emerging lithium-ion battery and rechargeable battery sectors.

As with most success stories, timing plays a key role.

This point is not lost on Corazon as it eyes the development of its cobalt asset at the same time that global demand for ‘technology metals’ (like cobalt, lithium and graphite) is expected to surge as the commercial adoption of these new battery technologies begins to take hold.

Cobalt is a critical component of next generation batteries.

The price of cobalt has already experienced sharp growth – from around US$22,000 per tonne in February 2016, to around US$40,000 per tonne in February 2017 and now to a long term high of more than US$80,000 per tonne – and the outlook remains strong.

Add in the fact that current global supply is constrained and skewed toward African production, and it is easy to grasp the huge opportunity that Mt Gilmore project represents for Corazon.

“Our recent metallurgical test work at Cobalt Ridge yielded recoveries of 93.6 per cent cobalt and 98.4 per cent copper,” Smith said.

“The concentrate mass represented only five per cent of the initial mass feed, with the concentrate grading at 2.02 per cent cobalt and 5.18 per cent copper.

“Also, it is important to note that this metallurgical test work was from lower grade material than the Phase 1 test work, yet still delivered these exceptional results.

The test work is on-going and is focused on defining down-stream concentrate processing options and detailed process engineering studies, as part of the wider development plan for the project.”

All results from the most recent drilling program have been reported.

Drilling has highlighted multiple cobalt, copper and gold mineralised trends.

The Main Cobalt Lode has been the primary drill target and is up to 25 metres in true width and contains multiple narrow zones of higher-grade mineralisation.

Mineralisation at the Main Cobalt Lode is open in all directions, and there is considerable scope to define extensions, and to define additional parallel lodes.

Geochemical and geophysical surveys are currently underway, and this work will assist in defining new drill targets for the next phase of drilling.

In the immediate short term though, the focus returns to the FLC at Lynn Lake.

Corazon’s exploration at the FLC to date has resulted in the discovery of a large magmatic sulphide system with the potential to host substantial nickel-copper sulphide deposits, and all holes drilled in the previous round of drilling were mineralised over their entire lengths.

The FLC has the physical and chemical characteristics that suggest it is prospective for hosting large, Lynn Lake-style nickel-copper-cobalt deposits, and the company’s drilling has confirmed this potential, consistently intersecting Lynn Lake mine-grade nickel-copper-cobalt mineralisation.

The missing piece in the model remains the pursuit of a discovery hole at the FLC, which puts Corazon’s current activities at the project into sharp focus.

The management of two potentially company-making projects is no small feat for a listed junior resources company, but it is something Corazon has handled exceptionally well – due in part to the seasonal variances of each project; field work at Lynn Lake is best undertaken in the northern winter where the frozen surfaces make access and work easier, and the company has been able to focus on Mt Gilmore through the winter months in Australia.

Also, due to the quality of the projects and their obvious potential to deliver value, Corazon has always enjoyed dedicated support for its capital raising activities, which have allowed it to continue to advance both projects.

It is fully funded for its current planned activities at both projects.

The ongoing exploration success at both the Mt Gilmore and Lynn Lake projects continues to provide Corazon with dual, highly exciting opportunities with the potential to deliver much value for shareholders, and it remains focused on delivering this on both fronts.

 

Corazon Mining Limited (ASX: CZN)
…The Short Story

HEAD OFFICE
Level 1
329 Hay Street
Subiaco WA 6008

Ph: +61 8 6142 6366

Email: info@corazon.com.au
Web: www.corazon.com.au

DIRECTORS
Clive Jones, Brett Smith, Jonathon Downes, Adrian Byass

 

Corazon Mining Strengthens Cobalt Ridge Exploration Model

THE DRILL SERGEANT: Corazon Mining (ASX: CZN) has received assay results from the final two holes of a recently completed 18-hole drilling program undertaken on the Cobalt Ridge prospect located within the company’s Mt Gilmore project in New South Wales.

Corazon Mining reported that drill hole MGRCD036, which tested the Main Cobalt Lode, returned results of:

5 metres at 0.53 per cent cobalt, 0.16 per cent copper, 0.08 grams per tonne gold from 224 m.

This intersection was within a broader zone of 42m at 0.11 per cent cobalt.

Corazon claimed the drilling to have highlighted multiple cobalt, copper and gold mineralised trends in what it has interpreted as being a, “long-lived, multiphase alteration and mineralising event”.

The Main Cobalt Lode has been the primary target of the company’s recent drilling and much of the historical drilling.

This lode is up to 25 metres in true width and contains multiple narrow zones of higher-grade mineralisation.

“The results of Corazon’s drilling programs to date have continued to validate and strengthen the company’s exploration model for the project as a potentially significant cobalt-copper-gold development asset,” Corazon Mining said in its ASX announcement.

“Based on the results achieved to date, Corazon will continue to rapidly advance the project.

“The next phase of work will include geophysical and geochemical surveys to test for potential extensions to the project area, as well as the continuation of Corazon’s highly successful metallurgical testwork programs.”

 

Email: info@corazon.com.au

Website: www.corazon.com.au