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Corazon Mining (ASX:CZN) turns in sturdy first half with major strides at Lynn Lake

Source: Denis Zhitnik, Shutterstock

Summary

  • Currently, Corazon is conducting a 1,600m drilling program to drill three priority targets at Lynn Lake.
  • Corazon has already begun the preparations for drilling the South Pipe target along with the ongoing drilling program.
  • Corazon plans to commence a drilling campaign at the Gordonbrook Hill Prospect, which holds potential for copper-bearing diorite porphyry intrusion at Mt Gilmore project.

Battery metals exploration and development company, Corazon Mining Ltd. (ASX:CZN) has been galloping ahead at its flagship Lynn Lake Nickel Copper project and the Mt Gilmore Copper Gold Cobalt project. The company has been pursuing action-packed agenda at both the projects.

Corazon Mining has published the half yearly report for the period ending on 31 December 2020, highlighting major accomplishments and activities at the twin portfolio projects. Being an aggressive exploration company, Corazon has discovered new and large sulphide systems at the two projects.

Lynn Lake – one of the best “brown-fields” exploration plays of North America

The wholly owned Lynn Lake project includes the historically mined Lynn Lake Mining Centre with large JORC resource with significant potential for redevelopment. New exploration techniques and modern understanding of the nickel-copper-cobalt sulphide systems have been critical to new discoveries at Lynn Lake.

Drilling Campaign: Corazon has commenced the latest phase of drilling campaign at Lynn Lake. The drilling program will test the new delineated geophysical conductors, west of the FLC (Fraser Lake Complex).  A total of 6 drill targets have been prioritised west of the main FLC intrusion for the drilling program.

The current phase will focus on the three targets of the highest priority and will include 1,600m of core drilling, which may be followed up depending on the results of the current one.

Drilling approval for South Pipe Target: Corazon has already received the approvals for drilling program at South pipe conductor targets on the southern extent of the Lynn Lake Project. The company has also started preparations to set the drill rods spinning at the target. Notably, South Pipe is Corazon’s highest priority geophysical anomaly at present and will be drilled in the current phase.

Fraser Lake Complex Drilling: Corazon completed a drilling program at the FLC targets during the September quarter. The company targets significant nickel-sulphide discoveries at the prospect.

A total of 2 holes (FLC2020-22 and FLC2020-23) were drilled for 1,087m. Both of the drill holes intersected magmatic sulphide mineralisation.

FLC2020-23: The hole was drilled to a depth of 383m at the Western Contact Zone (WCZ) where low-levels (<10%) of magmatic sulphide mineralisation were intersected within favourable gabbroic units. Magmatic sulphide mineralisation at Lynn Lake mining centre was dominated by pyrrhotite (iron) along with lesser amounts of chalcopyrite (copper) and pentlandite (nickel).

Corazon has identified the region as prospective for gabbro-hosted nickel deposits.

FLC2020-22: This hole was drilled to a depth of 704m to test a magnetic anomaly. The hole did not intersect the basal contact of the intrusion which was defined by the geophysical contact. Corazon has left the drill hole open for re-entry and drilling beneath the current depth.

MoblieMT Geophysical Survey: Corazon completed a 430-line km aerial MobileMT survey at the Lynn Lake project in the September quarter to define and refine targets for the next phase of drilling. MobileMT, a next generation geophysical survey has proved to very effective in identifying nickel sulphide targets at the Lynn Lake project.

New Ni-Cu Sulphide Targets: MobileMT survey at Lynn Lake has delineated new electromagnetic conductor anomalies, which have a potential of strong nickel-copper-cobalt sulphide mineralisation. Preliminary results include defining priority anomalies located in an unexplored area, adjacent to the drill defined nickel-copper-cobalt sulphide mineralisation at FLC.

The newly identified geophysical conductors on strike from the Matrix Trend are being tested by drilling currently. Corazon has been focusing on IP high-chargeability Matrix Trend and the South Pipe conductor.

Mt Gilmore – A district scale high grade copper cobalt play

Corazon owns an 80% interest in the Mt Gilmore cobalt-copper-gold project of New South Wales.  While a majority of the exploration work has been mainly focused on Cobalt Ridge prospect, the exploration activity of 2016 highlighted the potential for a large intrusive related copper-gold systems along with cobalt enrichment.

Corazon exploration at the Mt Gilmore trend has revealed the potential of a 20+ km long district scale exploration play of large intrusive copper-cobalt-gold deposits.

Porphyry Potential Confirmed: In the December quarter, Corazon confirmed the copper-bearing diorite porphyry intrusion at the Gordonbrook Hill Prospect, enhancing the prospectivity of the project. Corazon plans to drill the target in the first half of 2021 and has received all necessary permits for it.

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