EXCITING NEW COBALT ANOMALIES DISCOVERED AT MT GILMORE PROJECT, N.S.W.
- Three large cobalt anomalies have been discovered in Corazon’s initial phase of broader regional exploration
- New anomalies are only 12km north of the Cobalt Ridge Deposit
- Highlights the discovery potential for Cobalt Ridge ‘look-alike’ deposits in the Project area
- The soil anomalies are very high-tenor and coincide with key project structures
- Anomalies exhibit unique signatures indicative of both sulphide (Cobalt Ridge style CoCu-Au) and laterite (Co-Ni) mineralisation
- Numerous historical sulphide workings are yet to be tested for cobalt - exploration is currently ongoing
- Corazon considers there is significant potential for expansion of the cobalt system at Mt Gilmore through ongoing regional exploration
Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce the discovery of three new cobalt anomalies at the Mt Gilmore Cobalt-Copper-Gold Project (Project) in New South Wales.
The anomalies were identified during the Company’s current 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 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 significantly larger cobalt system than initially considered by the Company.
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 soil sampling program is a widely-spaced (100m by 200m) program, targeting prospective basement rocks sandwiched between unmineralised granite to the west, and younger, thin, flat-lying cover to the east (Figure 1).
The current area of exploration was historically explored for volcanogenic massive sulphide (VMS) deposits, with cobalt not previously tested. The basement rocks between Lantana Downs and Cobalt Ridge host numerous historical copper-gold sulphide workings, which provide the discoverypotential for multiple Cobalt Ridge ‘lookalike’ deposits.
CORAZON LOOKING TO GROW COBALT FOOTPRINT
AT MT GILMORE PROJECT
- New phase of exploration at the Mt Gilmore Cobalt-Copper-Gold Project underway
- Extensive cobalt target generation programs will test extents of the cobalt-copper-gold sulphide system at the Cobalt Ridge deposit and the wider Mt Gilmore Project area
- Exploration programs are targeting an 18 kilometre trend hosting the Cobalt Ridge deposit plus numerous historical sulphide workings not previously tested for cobalt
- Programs include:
- Initial detailed low-level aerial magnetic survey completed – results being assessed
- 3,000-sample soil sampling geochemical program underway
- IP geophysical survey at Cobalt Ridge scheduled for this month
- Results to define targets for next phase of drilling, planned for June 2018
Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce an update on its current phase of exploration at the Mt Gilmore Project (Project) in New South Wales, designed to expand on the Project’s defined cobalt-copper-gold sulphide mineralisation.
The current phase of exploration is focused on testing for extensions to the cobalt-copper-gold sulphide mineralisation at Cobalt Ridge, as well as defining new targets within the greater Mt Gilmore Project area.
The wider Project area hosts multiple historical copper-gold workings with mineralisation similar to that at Cobalt Ridge. These areas are yet to be tested for cobalt and provide the discoverypotential for multiple Cobalt Ridge ‘lookalike’ deposits, which would significantly expand Mt Gilmore’s cobalt-copper-gold sulphide endowment.
This new phase of exploration comprises systematic geophysical and surface geochemistry programs designed to test extensive areas of the Project in a short period of time. The results of this exploration will be used to define priority targets for Corazon’s next phase of drilling at Mt Gilmore, which is expected to commence mid-year.
Current Work Program
A detailed, low-level aerial magnetic survey has been completed over the Project area (Figure 1). The survey has delivered high quality preliminary results which highlight distinguishable features associated with the Project’s current areas of known mineralisation. Processing of the survey data and target generation in preparation for the next phase of drilling is underway, and is expected to be completed in May.
The Company has also commenced a geochemical soil-sampling program comprising approximately 3,000 soil samples over a strike of more than 18 kilometres, along the trend that hosts the Cobalt Ridge deposit. The program is designed to be first-pass test of basement rocks, initially focusing on areas of historical copper-gold mining, as well as new targets generated from Corazon’s geophysics work.
A detailed 3D IP geophysical survey is proposed for Cobalt Ridge to map drill defined sulphide mineralisation at depth and laterally along strike, particularly under thin cover to the east (Figure 2).
Corazon Managing Director, Mr Brett Smith stated:
“The Company’s drilling to date at the Mt Gilmore Project has targeted a priority area of outcrop at the Cobalt Ridge prospect and has delivered strong results, confirming the presence of a potentially significant cobalt-copper-gold sulphide system. We are now expanding our focus to assess the district scale opportunity at Mt Gilmore, in an area of historically defined mineralisation and hydrothermal alteration. Aside from Cobalt Ridge, there has been little or no cobalt-focused exploration, and it’s reasonable to expect to discover additional cobalt deposits within the Mt Gilmore Project.”
Results from proposed exploration will be provided to the market as they become available.
NEWLY DISCOVERED COBALT ANOMALIES SIGNIFICANTLY EXTEND COBALT RIDGE
- Surface sampling at the Cobalt Ridge prospect within the Mt Gilmore Project identifies four new cobalt-copper-gold geochemical anomalies
- New anomalies significantly increase the cobalt target at Cobalt Ridge to ~3km x 1km - mineralisation is open in all directions
- Results strengthenCorazon’s exploration modelfor the MtGilmore Project tohost significant cobalt dominant sulphide deposits
- Surface geochemistry, mappingand geophysics currentlyunderway to furthertest anomalies and define additional drill targets at Cobalt Ridge for Resource definition and new discovery drilling
Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce the discovery of four new cobalt-copper-gold anomalies at the Cobalt Ridge prospect (Cobalt Ridge), located within the Company’s Mt Gilmore Project (Project) in New South Wales.
The definition of these new geochemical anomalies extends the known cobalt-mineralised system at Cobalt Ridge to an area of approximately three (3) kilometres in strike and one (1) kilometre in width, which remainsopen in alldirections. These cobalt-copper-gold anomaliesstrengthen Corazon’sexploration model forthe entire Projectarea to potentiallyhost significant cobalt dominant sulphide deposits, in addition to the known mineralisation at the Cobalt Ridge prospect.
The Cobalt Ridge prospect is focused on a small area of outcrop where past exploration and small- scale mining identifiedcobalt dominant cobalt-copper-gold sulphidemineralisation. The new anomalies were identified from a recently completed geochemical soil-sampling program testing for extensions to defined mineralisation (Figure 1).
Exploration at the Project is ongoing and includes additional sampling, mapping and geophysics, which will be used to define specific targets for the next phase of drilling.
To date,the results ofCorazon’s exploration workat Cobalt Ridgesuggests the geochemical dispersion of metals within the soil profile is restricted due to the carbonate rich nature of the host rocks. As such soil sampling has proven to be a good indicator of mineralised basement.
Four newareas of interesthave been identifiedfrom this latestsoil-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
Corazon Mining Limited (ASX: CZN) is a base metals explorer with projects in the historical nickel-copper Lynn Lake mining camp, Canada's 3rd largest nickel producing region. Corazon's recent acquisition of the Victory Nickel Project has reunited the Lynn Lake Mining Field for the first time since 1976.
CZN is the 100% owner of the entire Lynn Lake Nickel-Copper-Cobalt Mining Centre located in Manitoba - one of Canada’s most prolific nickel producing regions. The project includes the Lynn Lake Ni-Cu Sulphide Project and the exciting exploration play at the Fraser Lake Complex (FLC). The key target within the Lynn Lake project area is the EL Deposit, historically the highest grade deposit at Lynn Lake, producing 1.9Mt at 2.5% Ni and 1.15% Cu. CZN has recently completed drilling at the FLC, which is twice as large as the intrusive host of the Lynn Lake Mining Centre.
CZN holds the right to earn up to 80% of the Mount Gilmore Cobalt-Copper-Gold Project (NSW), which hosts the Cobalt Ridge Prospect – one of the highest grade cobalt deposits in Australia. It is a rare cobalt dominant sulphide deposit and CZN believes it has the potential to supply a quality cobalt product, suitable for use in lithium-ion batteries and the emerging rechargeable battery sector. CZN has already received very positive results from 1st pass flotation test work, and a drill program is proposed for the September quarter, 2017.
DRILLING INTERSECTS WIDE ZONES OF DISSEMINATED MINERALISATION AT LYNN LAKE PROJECT
- 1,415m, five hole drilling program completed at the Lynn Lake Project (Lynn Lake) in Canada o Three holes completed at the Fraser Lake Complex (FLC) intersected widespread sulphide mineralisation o Samples have been submitted for laboratory analysis - results are pending
- Visual observation indicates the disseminated mineralisation is consistent with the outcomes of prior successful drilling at Lynn Lake
- FLC is a large mineralised system – Corazon’s ongoing exploration continues to deliver encouraging results and strengthen the geological model and targeting processes for economic nickel-copper-cobalt sulphide deposits
- JORC Resource upgrade underway for the Lynn Lake Mining Centre – Resource to be used in mining studies for assessment of a potential future mining operation
- Exploration program also underway at the Mt Gilmore Cobalt-Copper-Gold Project in NSW - details of upcoming field work at both projects to be provided in near future
Corazon Mining Limited (ASX: CZN) (Corazon or the Company) is pleased to announce it has completed its latest phase of drilling at the Fraser Lake Complex (FLC), located just five kilometers south of its 100% owned Lynn Lake Nickel-Copper-Cobalt Mining Centre (Lynn Lake) in Canada.
Corazon has active exploration programs underway at both its Lynn Lake Project in Canada and the Mt Gilmore Cobalt-Copper-Gold Project in New South Wales, Australia.
Drilling at Lynn Lake comprised three holes at the FLC and two holes at targets closer to the Lynn Lake Mining Centre for a total of 1,415 metres (refer to Table 1 for details). This phase of drilling targeted large, untested geophysical anomalies identified in Corazon’s successful 2017 Field Season at Lynn Lake,
Corazon’s 2017 drilling resulted in the discovery of a significant, new magmatic nickel-copper- cobalt sulphide system at the FLC, exhibiting similar characteristics to the nearby high-grade Ni- Cu-Co Sulphide EL Mine Deposit, within the Lynn Lake Mining Centre.
The Company advises that significant and widespread disseminated to heavy net-textured sulphide mineralisation was intersected in this recent drilling from surface and throughout all holes within the FLC. These initial results from this phase of drilling are consistent with mineralisation intersected in the 2017 drilling program.
Samples from this drilling have been submitted for laboratory analysis and the Company will release results as they become available.
Drilling at the FLC continues to deliver positive results which strengthen Corazon’s geological model for the target, and belief that the FLC has the potential to host significant nickel-copper-cobalt sulphide deposits. It is noted, though, that the feeder zone(s) for this mineralisation have not yet been identified. With this aim in mind, the results of the recent drilling will enable the Company to further refine its targeting and interpretation processes for on-going exploration.
The Company also advises that work has commenced for the re-estimation and up-grade of Resources within the Lynn Lake Mining Centre. These Resources will be used to complete mining studies for the re-establishment of mining at Lynn Lake. The price of nickel has risen strongly in the past 12 months and the forecast demand outlook is similarly positive, factors which add weight to the potential economic viability of mining at Lynn Lake.
In addition to the ongoing work at Lynn Lake Project, Corazon has an active exploration program underway at the Mt Gilmore Cobalt-Copper-Gold project in New South Wales, Australia. Details of upcoming fieldwork at both projects will be provided in due course.