Corazon Releases Technical Presentation on Fraser Lake Complex within Lynn Lake

Summary

  • Fraser Lake Complex (FLC), ~5 kilometres south of Lynn Lake where the drilling program is underway
  • FLC holds mafic intrusions rich in the volcanogenic sulphide with strong potential for a large-scale Ni-Cu-Co Sulphide system
  • Sulphide content increasing with depth varying from 1 & 8%, in line with Corazon’s geophysical models
  • New MVI geophysical results revealing new anomalies and drilling targets

Corazon Mining Ltd (ASX:CZN), is a base metals explorer focussed on developing Nickel and Cobalt projects in mining friendly and developed regions. Corazon holds 2 critical assets namely, Lynn Lake Nickel project in Manitoba, Canada & Mount Gilmore Cobalt project in NSW, Australia. On 27 May 2020, CNZ released a Technical Presentation.

Source: Corazon Mining

Source: Corazon Mining

Corazon progresses on the two phased systematic strategy for the exploration and development of Lynn Lake Nickel project which includes-

  1. Updated estimation of the JORC 2012 Mineral Resources at the Lynn Lake to complement the already existing resources at depth
  2. Explore the world class Nickel Sulphide prospects within the Lynn Lake project area- The Fraser Lake complex (FLC)

With a strong focus on the development of the Lynn Lake Nickel project, the explorer has successfully reunited the consolidation of the historical Lynn Lake Mine which was under the control of separate partners ever since the closure of mining operations in 1976. Further, Corazon recently exercised an option to acquire the Dunlop project area. The historical mining operations ran for 24 successful years to process over 20 Million tonnes of ores. Manitoba is an established mining province offering excellent existing mining infrastructure.

The Fraser Lake mining complex is located almost 5 kilometres south of Lynn Lake. The existing JORC compliant mineral resources pertain to 6 mineral deposits and have held extensive exploration programs to result in-

  • EL Deeps – Intercept of 23.75 metres with 3.34% Ni, 1.54% Cu
  • FLC – Intercept of 22.6 metres with 0.70% Ni, 0.35% Cu

Reaping Fruits of the Advancement of Exploration Activities at Lynn Lake

The recent advancement includes the resource upgradation at the Lynn Lake mining centre with an exploration program already in progress for additional superficial resources.

Source: Corazon Mining

Source: Corazon Mining

Application of innovative and advanced processing techniques resulted in unprecedented separate and high purity nickel and copper concentrates with concentrate grades of 26% and 27% and metallurgical recoveries of 71% and 77% in the Nickel and Copper concentrates, respectively with significant potential for further improvement.

The new geophysical targets at the Ni-Cu sulphide mineralisation system at FLC is currently under exploration. The Fraser Lake complex is twice as large in comparison to the ‘A plug’ at Lynn Lake which produced over 18 Mt ore with 0.88% Ni and 0.47% Cu historically. On the basis of geochemistry and structural composition, the Fraser lake is interpreted to be similar to Lynn Lake.

Nickel deposits at the Lynn Lake mining district substantiate the geophysical results and similarities of the Fraser Lake complex. Extensive Induced Polarisation (IP) resulted in the identification of ~1.8 kilometres long Market trends hosting magnetic anomalies coinciding with the sulphide rich volcanogenic systems.

Source: Corazon Mining

Source: Corazon Mining

Corazon leading the FLC path with modern Geophysical Approach

Corazon has developed key geological and mineralisation understanding at Fraser Lake. Magnetic vector testing at the Lynn Lake mining centre has defined the magnetic response to at least 600 metres depth.

The MVI geophysical ground data processing was carried out for the Lynn Lake mining centre. As a result of the MVI, the geological interpretation defined the structure and distribution of mineralisation systems in the Fraser Lake complex and led to the identification of several unknown magnetic bodies and drilling targets.

A new north west dip is understood to contain the strong Induced Polarisation (IP) anomaly at the Matrix trend. The matrix trends interpreted to be linked to the gabbro deposit type within the FLC.

Corazon focuses on the Matrix trends at the FLC, which holds a blend of young intrusions within older gabbro rocks. The IP anomalous nature indicates the presence of Nickel, iron and copper sulphates. Vast sulphide mineralisation is anticipated within the Matrix trend as revealed by the drilling core, assisting substantially in prioritising key drilling targets.

Source: Corazon Mining

Source: Corazon Mining

Current Drilling Program and Way Forward

The current drilling program is underway with the Hole FLC2020-22 drilled to 523.4m (~400m below surface). The drilling program has been suspended temporarily due to the snow melting and is anticipated to commence once the water level declines and surface firms up.

The drilling so far has indicated the presence of increased sulphide mineralisation at depth with the base of a target located around 500 metres below the surface.

Corazon closed at $0.003 a share on 27 May 2020, with a market capitalisation of $4.82 million.


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