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Summary
- Modern Exploration techniques to focus on revealing new at depth targets for further drilling
- Expansion of Mineral Resources via shallow mineralisation at the Historical mining centres
- Geophysical MVI techniques target Fraser Lake Complex to identify further Anomalies
- Corazon focuses on steady and strong growth in future
Corazon Mining Limited (ASX:CZN), a battery and base metals explorer and developer, progresses development work on the Lynn Lake Nickel Sulphide asset and the Mount Gilmore Co-Cu-Au project.
The flagship Lynn Lake Nickel-Copper-Cobalt Sulphide asset is an advanced exploration project located in Manitoba province of Canada. The Lynn Lake project includes historical mining centres as well as the underexplored prospective ground.
Lynn Lake in Manitoba, Brownfield Play in the World Class Nickel Sulphide Region
Manitoba holds a long history of Nickel Sulphide mining in the territory. Historically, the Lynn Lake project historically operated for over 24 years to produce 206,200 tonnes of Nickel and 107,600 tonnes of Copper until the mining operations were suspended in 1976. Little was it know at that time, that the mining centre would again be reconsolidated in future. Corazon finally reunited the mining regions with the addition of Victory mining project to Lynn Lake.
The Lynn Lake project is in a mining-friendly neighbourhood with access to considerable existing infrastructure. Corazon has been successful in exploring and adding substantial mineral resources through the application of modern exploration techniques at the brownfield site.
Source: Corazon Mining
The Two-Pronged Exploration and Development Strategy Shaping the Future of Lynn Lake
With six major deposits under exploration including the historic mining centres (A & El plugs), the mineral resources for the Lynn Lake project was estimated in November 2019 at 16.3Mt with grades of 0.72% Ni, 0.33% Cu and 0.033% Co containing 116,800t Ni, 54,300t Cu, 5,300t Co at a cut off grade of 0.5% Ni.
The 2019-20 drilling program at the historic mining centres at the A& E deposits indicated a potential for shallow mineralisation.
Source: Corazon Mining
Corazon has focused on identifying and exploring near-surface mineralisation with priority targets identified on the criteria of presence of shallow mineralisation, areas on-trend from historical mining and targets around the existing mineral resources. Corazon’s affection to near surface mineralisation will prove to be beneficial when it adds up substantial ores for the initial mining period.
Corazon follows a two-pronged strategy to explore and develop its Lynn Lake project which includes-
- Expanding the JORC 2012 code compliant superficial mineral resources to complement the existing resources at depth, to potentially develop a low-cost mining operation with substantial mineral resources given that the metallurgical studies have already shown considerable improvements in comparison to the historic mining products.
- Exploring new Nickel Sulphide prospects at the Lynn Lake, with special emphasis on the Fraser Lake Complex (FLC).
In late May, Corazon had earlier in late May, released a technical presentation to update the advances on the Fraser Lake Complex within the Lynn lake mining centre. To read on the Technical aspects of the exploration at Lynn Lake, Click Here
In addition to the historical site, the exploration did focus on identifying new targets leading to two major discoveries, which are-
- EL Deeps – 23.75m @ 3.34% Ni, 1.54% Cu (discovery hole)
- FLC – 22.6m @ 0.70% Ni, 0.35% Cu (best intercept to date)
The new geophysical prospects at the Fraser Lake Complex are currently being explored under the latest drilling and assaying program.
Extension potential with Modern Exploration on Concealed Deposits
So far, Corazon has so far identified five intrusive centres with all of them showing similarities and are being interpreted to be part of a single large mineralisation system. With all five centres showcasing the potential for Nickel Cobalt Sulphide mineralisation, so far only two have effectively been tested.
Corazon is applying the latest and advanced geophysical processing method, Magnetic Vector Inversion (MVI) to identify additional prospective areas and at depth. MVI can be used to identify magnetic anomalies to a depth of at least 600 metres. Corazon is utilising the MVI method across the extensive project area to test the large volcanogenic system to identify further sulphide targets.
The systematic approach of identifying priority targets at depths has been best discovered by the MVI. Since 2019, the time when Corazon started implementing MVI for mineralisation at depths, the company has been substantially able to identifying drilling targets, especially in Fraser Lake Complex. Additionally, MVI has significantly improved the geological interpretation of the Fraser Lake Complex and helped identify new drilling targets.
Fraser Lake - The Exploration Jewel in the Crown
Fraser Lake is located five kilometres from the Lynn Lake mining centre with substantial large prospective area in comparison to the major historical mining regions. Fraser Lake is geologically and structurally similar to Lynn Lake and holds significant Ni-Cu mineralisation with the matrix trend coinciding with the geophysical anomalies.
The nickel deposits at Lynn Lake Mining Centre provide a geophysical fingerprint for targeting at the FLC. Matrix trend is a 1.8 kilometres Induced Polarisation anomaly which was exposed to a drilling program in 2017-18. The drill holes along the matrix trends intersected sulphide mineralisation and later was exposed to an MVI which revealed new targets in the area.
Fraser Lake Complex Source: Corazon Mining
Furthermore, a large 300 X 200 metres target has been identified adjacent to the best drilling holes in the matrix trend. The Basal contact anomaly has been found to be consistent with over the strike of 300 metres and is similar to various global nickel-copper magmatic sulphide deposits in terms of its mineralisation setting.
Current Drilling Program Underway
The current drilling program at the Fraser Lake Complex (FLC) has indicated an increase in sulphide nature with depth. The drilling program has been paused for now thanks to the poor surface conditions due to the spring meltwater. The base of the target is understood to be located at 500 metres below surface with the drilling to recommence once the surface conditions improve. The drilling hole FLC2020-22 was drilled to 523.4 metres or 400 metres below the surface.
The Way Forward: Lynn Lake Approaching Development
- Further drilling at the FLC to test other priority targets in the Lynn Lake mining centre for shallow mineralisation aimed at resource expansion.
- New targets to be defined using advanced geophysical techniques – MVI.
- Further mining and processing studies to minimise costs and optimise the quality of the final products.
The Mount Gilmore Project: Corazon’s Other Ace in the Pack
The Mount Gilmore Cobalt project targets large Co-Cu sulphide mineralisation in the Tier 1 mining jurisdiction of New South Wales. Further, the project area presents extensive opportunities for exploring giant Cobalt-Copper geological anomalies.
Source: Corazon Mining
Corazon had earned 80% stake in the project following the exploration activities over three years, spending over $2 million. The exploration at the Mt Gilmore project is focused on Cobalt Ridge prospect which indicated strong Cobalt sulphide mineralisation.
With World Singing the Call for Cleaner Fuel, Corazon Progresses well on Mt Gilmore: Must Read
“Right Commodities, Right Time”
The mantra is engraved in the core of Corazon as they focus on the advanced Lynn Lake project at a time when the Nickel market has face substantial deficit since 2015 and an urgent requirement for an increase in supply is required in the upcoming years to meet the burgeoning demand from alloys and the battery sector.
Corazon closed at $0.0030 a share, with a market capitalisation of $7.23 million. The shares have offered a lucrative return of 20% in the past five days.
