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Corazon Mining kicks off drilling at high priority South Pipe target

Source: Hywit Dimyadi ,Shutterstock

Summary

  • Corazon Mining has commenced drilling at the South Pipe target.
  • South Pipe is the highest priority drill target of the ongoing drilling program.
  • The vertical pipe-like South Pipe conductor holds strong geological similarities to the Lynn Lake Mining Centre.
  • The downhole EM contractors have already begun the site preparations at the initial two holes. The geophysical program plans to refine the targets for follow-up drilling.

Battery metals explorer Corazon Mining Ltd. (ASX:CZN) announced the commencement of drilling at the high-priority South Pipe target under the ongoing drilling phase at the Lynn Lake Nickel-Copper-Cobalt Sulphide project of Manitoba, Canada.

Corazon has recently acquired the new prospective ground that hosts the South Pipe target. Corazon has already identified South pipe as its highest-priority drilling target and was delineated by the recently concluded aerial MobileMT geophysical survey at Lynn Lake project.

Corazon is also preparing to conduct downhole electromagnetic geophysical surveys (EM) at all the drill holes tested during the campaign. The EM survey aims to further refine the drilling targets to be followed up. The 1,600m drilling program has been testing numerous targets, including the recently identified geophysical conductor.

South Pipe – The largest conductive target in Fraser Lake Complex

The vertical pipe-like South Pipe conductor is characteristically different from other geophysical conductors that have been drill tested west of the main Fraser Lake Complex (FLC) and are interpreted to be dominated by lateral or horizontal intrusive magma flow. The vertical pipe-like structures hold strong geological similarities to the Lynn Lake Mining Centre, 9 km to the northeast.

MobileMT survey magnetic susceptibility inversion over the regional aeromagnetic image at the Lynn Lake project Source: Corazon Mining Company Update 22 March 2021

The southern body is conductive from over 100m to at least 850m beneath the surface and holds geophysical characteristics that are analogous to the massive sulphide breccias at the high-grade EL deposit. The historical EL mine produced over 1.9 million tonnes of ores with a grade of 2.4% nickel and 1.15% copper, 250m beneath the surface.

Ongoing Exploration Program

The ongoing exploration program is drilling the third hole, namely, FLC2021-29 (#29) at the South Pipe target, 2 km south of the previously drilled holes – Hole #24 & Hole #26.

Drill holes under the current program Source: Corazon Mining Company Update 22 March 2021

Hole #24 intersected optimistic sulphide material while skirting the top of the conductor. On the other hand, hole #26 was terminated at a depth of 440m, going over the top of the targeted conductor. Both the holes provide a strong platform for downhole EM to define the conductance trends and enable the targeted follow-up drilling more precisely.

The downhole EM contractors have already begun the work at the project site. The geophysical and drilling program results will be released in due course and may include visual evidence of substantial sulphide mineralisation.

Corazon closed at $0.056 a share on 22 March 2021 with a market capitalisation of $10.96 million.

All financial information pertains to Australian Dollars unless stated otherwise.

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