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Corazon Mining (ASX: CZN) strikes Nickel Copper Sulphide Mineralisation at Lynn Lake, Shares Zoom 9%

image source: © Samrat35 | Megapixl.com

Summary

  • The drilling at the initial hole (FLC2021-24) has been completed at Lynn Lake.
  • The explorer reported preliminary visual evidence of substantial sulphide mineralisation at the first hole. Subsequent, downhole EM geophysical program will precisely define the main conductor beneath the hole.
  • The site preparation at South pipe target scheduled to be completed during the week.

Premium battery metals exploration company Corazon Mining Limited (ASX: CZN) announced the initial positive visual results of the ongoing phase of drilling program at the flagship Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba Province of Canada.

MobileMT survey magnetic susceptibility inversion depth slice at 50 m beneath the surface over the GeoTem total-field regional aeromagnetic imagery at Lynn Lake project Source: CZN ASX Update 4 March 2021

The drilling program will focus on the high-priority targets which include the recently delineated geophysical conductors. The initial program will comprise of 1,600m diamond drilling on at least 3 targets, situated west of the Fraser Lake Complex (FLC)/Matrix Trend at the Lynn Lake project.

FLC2021-24 - The initial hole has been completed. The coring samples include visual evidence of substantial sulphide mineralisation especially nickel and copper sulphides.

The best sulphide mineralisation was intersected at the first target area, ontrend from the main geophysical conductor. Corazon believes that the sulphide mineralisation discovery is a major exploration milestone that will open new exploration avenues including numerous geophysical conductors for testing at Lynn lake.

The dominating mineral within the magmatic sulphide is understood to be pyrrhotite along with chalcopyrite and pentlandite. The assay results of the first hole are anticipated to be released next month and will confirm the presence of nickel-copper tenor and grade.

The drill hole was drilled to a depth of 485m. The hole was drilled through 320m of prospective gabbros and norites, similar to the rock formations at the Lynn Lake mining centre.

Source: CZN ASX Update 4 March 2021

The holes tested several geophysical features and intersected strong sulphide mineralsiation hosted by intrusive gabbro-norites and on-trend with the conductor body identified during the MobileMT geophysical survey.

Sulphide Mineralisation Intersected in the first hole

The sulphide mineralisation is consistent with the mafic/ultramafic intrusive (igneous) magmatic sulphide systems at the Lynn Lake project. The Lynn Lake mining centre was mined for 24 years producing ores with an average grade of 1.02% nickel and 0.54% copper.

The dominating sulphide mineral is pyrrhotite (iron) along with varying levels of pentlandite (nickel) and chalcopyrite (copper). The sulphide mineralisation intersected is enclosed within the intrusive mafic bodies which are predominantly disseminated in character but varies between localised blebby/globules and rare-semi massive to massive (<10 cms wide) concentrations.

Drill core log for the FLC2021-24 hole Source: CZN ASX Update 4 March 2021

The strongest sulphide mineralisation was recorded in a 1.92m long intercept with 15%-25% magmatic suphide grade including 0.9m of semi-massive sulphide with up to 30% sulphide grades.

Ongoing Drilling Program at Lynn Lake

The drilling program is advancing on the second hole (FLC2021-26) to test a strong conductor, 250m west of the first hole. The conductor at the current hole is the highest conductance target, west of the FLC/Matrix trend.

Corazon plans to test the extensions of mineralisation in hole #24 with downhole EM. This is anticipated to define the in-hole conductance trend more accurately and refine planned follow-up drilling.

Further, the company intends to further test the extension of the first drill hole (FLC2021-24) with downhole electromagnetic survey. This will define the in-hole conductance trend precisely prior to any follow-up drilling.

The site preparations for the drilling program at the South Pipe target will be completed within the current week. The drilling at the target will be conducted within the current drilling program (proposed hole FLC2021-29).

On 04 March 2021, CZN closed the day’s trade at $0.060, up 9% as compared to the previous day’s closing price.

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