- Corazon advances on next phase of the drilling program at Lynn Lake
- The upcoming drilling program is anticipated to begin in February.
- Corazon has already identified priority targets at the Matrix trend and the South pipe target within the Fraser Lake Complex.
- The exploration at the South pipe will commence at the target upon granting of the tenement applications.
Battery metals explorer, Corazon Mining Ltd. (ASX:CZN) announced the next phase of the drilling program at the flagship Lynn Lake Nickel-Copper-Cobalt Sulphide project in Manitoba of Canada.
The company advised that the priority drill targets were defined and the drilling program's preparation has already been completed. The program is anticipated to commence in early February.
The recently concluded aerial MobileMT geophysical survey at the Lynn Lake project discovered numerous electromagnetic conductor anomalies indicating nickel copper-cobalt sulphide mineralisation.
The anomalies are located in a new, untested region, adjacent to the known mineralisation at the Fraser Lake Complex (FLC). Corazon plans to drill the anomalies to identify strong massive sulphide mineralisation.
Priority Targets Identified at Lynn Lake
The drilling program will first target priority geophysical conductors along the strike on the Matrix trend within the Fraser Lake Complex (FLC). The Matrix trend is an IP anomaly with extensive magmatic sulphide mineralisation. The drilling in the past at the Matrix trend have intersected dispersed low-level disseminated Ni-Cu-Co mineralisation and narrow zones (<1 metre) of semi-massive to massive Ni-Cu-Co sulphide.
The South pipe conductor has been identified as another priority target for the upcoming drilling programs. The South pipe conductor is the highest priority and the most substantial conductive anomaly to be defined by the previous MobileMT survey at the Lynn Lake.
The new anomaly forms a part of the two large magnetic pipe like bodies with potential of a deep-seated intrusive pathway appearing to be associated with the identified nickel-copper-cobalt sulphide mineralisation at the Fraser lake complex.
The high priority South Pipe target is situated on the recently acquired tenement. While the exploration permits for the tenement is still pending, Corazon plans to conduct drilling the target on priority once the applications are granted.
Corazon’s response to the COVID-19 outbreak
After Christmas, an outbreak of the COVID-19 virus has been reported within the community to the respective authorities at Lynn Lake and the Manitoba province. The outbreak appears to be contained within the community, and the Provincial government has undertaken required measures, including distribution of vaccinations, to Northern Manitoba.
Corazon and its contractors would continue to monitor the situation at the Lynn Lake project. The drilling program has been postponed slightly. Additional health care workers and officials are being accommodated on priority in the community amidst the medical crisis.
Consolidation of shares approved by shareholders
On 21 January 2021, CZN’s shareholders approved the consolidation of issued capital (1 equity share/option for every 20 shares/options held). The consolidation exercise would reduce the number of issued shares to ~162.67 million from the existing ~3.253 billion.
Corazon is now working as per the consolidation process, adhering to the company's timelines as previously announced.
Corazon closed at $0.0030 a share on 25 January 2020 with a market capitalisation of $9.76 million.
All financial information pertains to Australian dollars unless stated otherwise.