$69 postpage LB

Corazon Betting Big on Near-Surface Mineralization at Lynn Lake to Add Substantial Resources

  • June 18, 2020 08:30 PM AEST
  • Team Kalkine
Corazon Betting Big on Near-Surface Mineralization at Lynn Lake to Add Substantial Resources

Summary

  • Focussed on identifying mineral resources at six deposits out of 20 known deposits
  • Historically mined sites result in high grade near-surface mineralisation
  • Results from recent drilling program at A orebody to add substantial resources
Gold MTF non-AMP

Corazon Mining Limited (ASX:CZN) is a battery and base metals explorer and developer, holding two critical projects in the Tier 1 mining jurisdictions. Corazon has advanced on the Lynn Lake Nickel Copper sulphide project in Manitoba, Canada and the Mount Gilmore Cobalt Copper Gold project in New South Wales of homeland Australia.

The Nickel Mining Legacy of Manitoba

Ever since the 1920s when the first Nickel Sulphide was discovered in the Manitoba province, the region emerged as a global leader for Nickel production hosting world class assets such as the Vale’s iconic Thomson mining operations operating since 1956. The matured Nickel mining and the mining friendly environment has cemented Manitoba as an established mining centre hosting world class operation with the presence of existing associated infrastructure.

Lynn Lake in the Historical Grounds

Corazon holds one of the critical Nickel-Copper-Cobalt Sulphide grounds in the entire Manitoba Nickel province, The Lynn Lake project.

The Lynn Lake historical mining operations were closed in 1976 and the project area was disintegrated and fell into the control of different landowners. Corazon announced the consolidation of the historical Lynn lake mine upon the acquisition of the victory nickel project in 2015. Currently, Corazon has announced exercising the option to acquire 100% of ownership in the Dunlop project area, originally part of the historic Lynn Lake mining ground and the last part of the Lynn Lake Nickel Copper Cobalt Mining Centre.

Lynn Lake Complex with Historical mining regions, A & El Plugs (L) Deposits in A & EL Plugs Source: Corazon Mining

CZN presently follows a 2-pronged approach at the Lynn Lake Ni-Cu-Co complex of maximising mineral resources, via the shallow mineralisation at the historic mining centres and identification of new prospects using modern exploration tools such as Magnetic Vector Inversion (MVI) geophysical techniques. The Lynn Lake Nickel project operated between 1953 and 1976 producing over 206,200 tonnes of Nickel and 107,600 tonnes of Copper.

Mineral Resources and Recent Focus

The historically mined zones are interpreted to hold substantial superficial mineralisation. From 1953 to 1965 the A orebody operated and produced over 4.8 million tonnes of ore with a grade of 1.07% Nickel and 0.55% Copper (Cobalt not reported).

Source: Corazon Mining

The A and E Plug substantially contributed to the historical mining with the areas surrounding the mined regions showing strong prospects of holding superficial mineralisation. At present, the JORC compliant mineral resources estimates for the Lynn Lake stands at 16.321 Million tonnes of ores containing 116,800 tonnes of Nickel, 54,300 tonnes of Copper and 5,300 tonnes of Cobalt at a cut of grade of 0.5% Nickel as of 27 November 2019.

The current mineral resources include only 6 out of 20 plus defined deposits, many of which holds further potential for remnant mineralisation tonnages. Corazon has been focussed on exploration at Lynn Lake to explore and identify the mineral resources at these deposits.

With a strong contribution from the historically mined regions to the mineral resources, post resources estimation, Corazon remained committed to maximise the resources further. The superficial mineralisation would enable an easy and accelerated start-up which further helps advance to the future mining operations at Lynn Lake. In order to further identify additional areas of mineralisation, Corazon prioritised the exploration targets focussing on –

  • Targets with near-surface mineralisation
  • Areas on trend from historical mining regions
  • Areas adjacent to the existing mineral resources

The drill program consists of ~1,200m of core drilling, initially focusing on the main mining centre to test for near-surface mineralisation on-strike from resources and historic mines.

Corazon in December 2019 commenced a 1,200 metres drilling program to identify additional prospects testing near-surface mineralisation on-strike from historic mining sites and existing resources. An area of 80 metres by 220 metres was targeted surrounding the historically mined regions at the A orebody.

Assay Results from the A Orebody Drilling Program Source: Corazon Mining

The assay results from the A orebody delivered exceptionally high grades of nickel, copper and cobalt intersections. A total of 6 drilling holes targeted the shallow mineralisation at the A orebody exhibiting strong potential to add to the existing mineral resources.

Lynn Lake already possesses substantial shallow mineral resources of critical battery metals including nickel, copper and cobalt and is considered as the best brownfield plays in North America. With the highly underexplored exploration grounds, Corazon is committed to the exploration and development of the Lynn Lake project using extensive modern exploration techniques.

Corazon traded at $0.0030 a share on 18 June 2020 at 10:19 AM AEST, with a market capitalisation of $7.23 million.

All financial information pertains to Australian currency, unless stated otherwise

 

 


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