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

  • Feb 05, 2019 AEDT
  • Team Kalkine
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.

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.


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