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Corporate Spotlight

Corazon Mining Limited (CZN) is a Perth-based exploration company exploring an old nickel-copper mining camp in Canada. Corazon's flagship projects include the Lynn Lake Project in Canada and Mt Gilmore Cobalt-Copper-Gold Project in Australia.
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COBALT RIDGE

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DRILLING CONTINUES TO EXPAND MINERALISED SYSTEM AT COBALT RIDGE 

ASX Announcement 9 November 2018


  • Majority of results returned from drilling at the Mt Gilmore Cobalt-Copper-Gold Sulphide Project in New South Wales 
  • This phase of drilling focused on the Cobalt Ridge Main Lode – one of multiple parallel zones of mineralisation within the Project area 
    • The east-west trending Main Lode is up to 35 metres in width and has been tested over an approximate 300 metre strike; drilling has focused on depths predominantly less than 170 metres below surface 
    • The broad Main Lode includes multiple narrow, higher-grade sulphide rich lodes - numerous assays returned of +1% cobalt 
    • Best result from this program was a high-grade intersection of 5 metres @ 2.14% cobalt 
  • Geological modeling and interpretation from drilling continues to identify upside potential and new target areas at Cobalt Ridge

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce assay results from its recently completed drilling program at the Mt Gilmore Cobalt-Copper-Gold Project (Project) in New South Wales, which was focused on the Main Lode at the Cobalt Ridge Deposit (Cobalt Ridge), a cobalt dominant sulphide deposit.


The majority of assay results have been returned from the drilling program that included 21 holes, with 2,233 metres of reverse circulation (RC) and 734.65 metres of core drilling, for a total of 2,967.65 metres.


Commenting on the results, Corazon’s Managing Director Brett Smith said; “this drilling has returned exceptional results and has enabled us to gain a much higher-level geological understanding of the deposit. Our ongoing work should enable us to more accurately express the potential of the Cobalt Ridge Deposit, which is our core aim, and we expect to be able to announce more about this in the coming weeks.”


Cobalt Ridge remains substantially under-drilled and there is demonstrated potential to define additional areas of mineralisation. The Cobalt Ridge Main Lode remains open in all directions and is only one of numerous parallel mineralised trends, defined by historical workings and broadspaced drilling, that have yet to be targeted with resource definition drilling.


The results from this current drilling program have provided Corazon with a very good understanding of the controls on the mineralisation - knowledge that is being used to identify additional drilling targets within Cobalt Ridge, as well as regionally with the greater Mt Gilmore Project.


Click here to view the full announcement

QUARTERLY

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QUARTERLY ACTIVITIES REPORT PERIOD ENDING 30 SEPTEMBER 2018

ASX Announcement 31 October 2018

HIGHLIGHTS 

Mt Gilmore Project – Cobalt Ridge – N.S.W. 

  • New phase of drilling has been completed at the Cobalt Ridge Deposit within the Mt Gilmore Cobalt-Copper-Gold Sulphide Project; 
    • Program included 21 holes for a total of 2,967.65 metres of RC and core drilling 
  • Assays from the first five holes have been reported – the remainder are expected imminently; 
    • Highlight of 5m at 2.14% cobalt – a spectacular high-grade result within a broader intersection of 33m at 0.39% cobalt - identifies the faulted-off western extension to Main Lode 
  • Corazon’s surface exploration of the large, prospective Mt Gilmore trend continues to deliver exciting results, underpinning the project’s potential to host additional cobalt sulphide deposits

Lynn Lake Project – Canada 

  • New, upgraded JORC Mineral Resource Estimate(1) for the Lynn Lake Nickel-CopperCobalt Project (Canada) of; 
    • 15.3Mt @ 0.72% Ni, 0.34% Cu, 0.034% Co (Indicated & Inferred, 0.5%Ni cut-off) 
    • Total contained metal of 110,400t Ni, 51,400t Cu, 5,200t Co 
  • Includes a high-grade Resource Estimate(1) of; 
    • 5.2Mt @ 1.00% Ni, 0.41% Cu, 0.044% Co (Indicated & Inferred, 0.7%Ni cut-off) 
  • Cobalt included in Lynn Lake Resource Estimate for the first time, adding significant value 
  • Resource upgrade derived from only five deposits at the Lynn Lake Project – 11 other deposits yet to be assessed, providing significant further Resource upgrade potential 
  • Metallurgical testwork underway; 
    • Detailed metallurgy has not been completed on the Lynn Lake deposits since mine closure in 1976 
    • Modern processing techniques have the potential to deliver meaningful operational improvements 
  • New Resource plus positive results from ongoing metallurgical work expected to deliver major benefits to mining and development studies – planned for completion early 2019

(1) Resource Estimate defined in detail below and announced on the ASX - 11th October 2018

Corazon Mining Limited (ASX: CZN) (Corazon or the Company) is pleased to present its Quarterly Activities Report for the period ending 30 September 2018 (Quarter). Corazon’s ongoing focus on exploration at both the Mt Gilmore and Lynn Lake projects provides multiple exploration opportunities and the potential to deliver significant value-appreciation for shareholders.

Cobalt is a major focus for the Company, and, following the recent success at Mt Gilmore in identifying multiple new cobalt anomalies, plus the inclusion of cobalt in Resource Estimates at Lynn Lake (for the first time ever), Corazon’s cobalt metal endowment is expected to grow rapidly.

MT GILMORE COBALT-COPPER-GOLD, NSW – DRILLING INTERSECTS HIGH GRADE COBALT 

  • A new drilling program was completed at the priority Cobalt Ridge deposit 
    • A total of 21 holes were completed for 2,233 metres of RC and 734.65 metres of core drilling, for a total of 2,967.65 metres 
  • Results have been received for the first five holes 
    • Three holes have intersected significant cobalt mineralisation, including multiple higher-grade zones within broader packages of cobalt mineralisation 
    • Highlight result of 5m at 2.14% cobalt within a broader intersection of 33m at 0.39% cobalt in hole MGRC042 - identifies the faulted-off western extension to Main Lode 
  • Additional results from the remainder of the drilling are imminent and expected to be reported in early November 2018 
  • Soil sampling of the +18 kilometre long Mt Gilmore trend identifies upside 
    • Supports a strong discovery potential for multiple Cobalt Ridge ‘lookalike’ deposits 
    • This work is continuing with interim results expected to be announced shortly

Click here to view the full announcement

OCTOBER

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UPGRADE

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MAJOR RESOURCE UPGRADE FOR LYNN LAKE NICKEL SULPHIDE PROJECT 

First inclusion of Cobalt and a 35% increase in Nickel & Copper metal

ASX Announcement 11 October 2018 


  • New, upgraded JORC Mineral Resource Estimate for the Lynn Lake Nickel-Copper-Cobalt Project (Canada) of; 
    • 15.3Mt @ 0.72% Ni, 0.34% Cu, 0.034% Co (Indicated & Inferred, 0.5%Ni cut-off) 
    • Total contained metal of 110,300t Ni, 51,400t Cu, 5,200t Co 
  • New Resource Estimate represents more than a 60% increase in total tonnes and a 35% improvement in nickel and copper metal from previous 2015 Resource Estimate 
  • Cobalt included in Lynn Lake Resource Estimate for the first time, adding significant value 
  • Includes an internal high-grade Resource Estimate of; 
    • 5.2Mt @ 1.00% Ni, 0.41% Cu, 0.044% Co (Indicated & Inferred, 0.7%Ni cut-off) 
  • Resource upgrade from only five deposits at the Lynn Lake Project – 11 other deposits yet to be assessed, providing significant further Resource upgrade potential 
  • New Resource plus positive results from ongoing metallurgical work expected to deliver major benefits to mining and development studies – planned to be completed early 2019

Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce its new, upgraded Mineral Resource Estimate (Resource Estimate) for the Lynn Lake Nickel-Copper-Cobalt Sulphide Project (Lynn Lake or Mining Centre) in Canada.

Lynn Lake was mined for 24 years before closure in 1976 and remains one of Canada’s most prolific nickel sulphide mining centres. The newly upgrade Resource incorporates the EL, N, O and P deposits, as well as the recently discovered Disco deposit.

The Resource Estimate includes: 

15.3Mt @ 0.72% Ni, 0.34% Cu, 0.034% Co (Indicated and Inferred, at a 0.5%Ni cut-off), for total contained metal of 110,400t Ni, 51,400t Cu, 5,200t Co 

The upgraded Resource also includes a high-grade Resource Estimate of 5.2Mt @ 1.00% Ni, 0.41% Cu, 0.044% Co (Indicated & Inferred, 0.7%Ni cut-off). 

Full details of the new Resource Estimate are provided in Tables 1, 2 and 3, included within. 

The new Resource Estimate represents more than a 60% increase in total tonnes and a 35% increase in nickel and copper metal, in comparison to the previous JORC Mineral Resource Estimate of 2015 (ASX announcement, 16 April 2015). Furthermore, cobalt has been included in the new Resource Estimate (historically excluded), adding significant value.

The Mineral Resource Estimate was completed in accordance with the guidelines of the JORC Code (2012 edition). The estimation is of a very high quality and is well supported by drilling and historical mining data. It is anticipated that very little additional verification drilling and sampling will be required to upgrade the majority of the defined tonnages in the Resource to the higher Measured JORC category. 

This resource provides an excellent foundation upon which to 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. 

Managing Director, Mr. Brett Smith stated; “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.”

Click here to view the full announcement

SEPTEMBER

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INTERVIEW

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(20min delay)
Last
0.7¢
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Mkt cap $8.857M
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0.7¢ 0.7¢ 0.7¢ $2.485K 355.0K

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Last update - 10.02am 16/11/2018 (20 minute delay) ?
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