Corazon’s Shares Rose 25% On ASX On Discovery Of New Copper Targets At Mt Gilmore

Corazon’s Shares Rose 25% On ASX On Discovery Of New Copper Targets At Mt Gilmore

Corazon Mining Limited (ASX: CZN) is focussed on the exploration of two quality projects including the Mt Gilmore Project in N.S.W and the Lynn Lake Ni-Cu-Co Mining Centre in Canada. The company explores cobalt sulphide with currently undertaking fully funded, aggressive exploration programs.

On 5 February 2019, the company announced the discovery of a significant copper-cobalt-silver-gold trend at the Mt Gilmore Project in New South Wales. Multiple large priority targets within a major copper-cobalt silver- gold feature, which is more than eleven kilometres in strike length has been discovered from the exploration. It forms part of the currently defined 22 kilometre-long, mineralised Mt Gilmore Trend.

This newly identified Mt Gilmore geochemical trend represents a district-scale exploration play for large intrusive-related copper-cobalt-gold deposits and provides the company with a unique early-stage copper-driven opportunity in eastern Australia. The region has had little or no modern exploration or drill testing within the priority areas defined.

The geochemical anomalies were identified from surface sampling undertaken by Corazon at Mt Gilmore in 2018. It has included 3,893 soil samples and 230 rock-chip samples. These results provide compelling evidence of an extensive hydrothermal event within the project, containing metal associations indicative of large intrusive related copper-gold systems.

Rock chip and grab sampling within these soil anomalies have returned high tenor copper, cobalt, silver and gold. This sampling tested what are interpreted as high-grade ‘leakage structures’ extending from much larger, concealed, copper sulphide-rich hydrothermal centres. These structures, in isolation, also provide prospective targets for further exploration and drilling.

Past drilling within the project has focused on the Cobalt Ridge and Iron Mountain quarry copper soil anomalies, where high-grade cobalt-copper-gold intercepts were returned, typically associated with copper sulphides in quartz-tourmaline breccias and magnetite skarns drilling of these prospects confirm and support the copper-cobalt sulphide potential within the soil anomalies of the 22-kilometre-long Mt Gilmore Trend.

Sponsored ad by Kalkine

The assessment of the company that the numerous occurrences of copper-cobalt-gold mineralisation identified in late-1800’s/early-1900’s small scale mining operations may be part of a much larger system represents a significant advancement for the project, substantially increasing it’s potential.

The company also updated about the finalization of work towards the advancement of Copper, Cobalt and Gold targets in 2019.

Now let us quickly have a glance at the stock performance of Corazon Mining Limited and the returns it has posted in the recent past. The stock last traded at a price of $0.005 and increased by almost 25.0% approximately during the day’s trade, with a market capitalisation of circa $5.06 million. The stock has yielded a negative YTD return of 20.0% and posted negative returns of 55.56%, 42.86% over the last six months and three months period respectively. Corazon’s stock has a 52-week high price of $0.018 and a 52-week low price of $0.003, with an average trading volume of 1.45 million approximately.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Facebook Comments

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report

LEAVE A REPLY

Please enter your comment!
Please enter your name here