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Corazon Mining’s highest ranked anomaly, South Pipe gets regulatory nod for drilling

Summary

  • The South Pipe target is a high priority drill target at the Lynn Lake Project in Canada.
  • The drilling program will move to the South Pipe target and the site preparations will begin shortly.
  • The South pipe target is analogous to the massive nickel-copper-cobalt sulphide bodies at the El mine within the Lynn Lake project.

Battery metals explorer, Corazon Mining Ltd. (ASX:CZN) received all necessary government approvals to commence the drilling program at the high-priority South pipe conductor target at the Lynn Lake Nickel Copper-Cobalt Sulphide project of Manitoba, Canada.

Corazon has recognized the South pipe target as the highest priority geophysical anomaly  and the drilling at the target will be undertaken in the current phase of drilling, that commenced on 11 February 2021.

Video Interview: Executive Corner - Expert Talks with Mr. Brett Smith- Managing Director of Corazon Mining Ltd

The South pipe is a substantial conductive anomaly and was acquired by Corazon in late 2020. The target was delineated in the recently concluded aerial MobileMT geophysical survey at the Lynn Lake project area. The vertical pipe-like South Pipe Conductor is not similar characteristically to the previously drilled geophysical anomalies to the west of the main Fraser Lake Complex (FLC) which are dominated by  lateral or horizontal intrusive magma flow.

The vertical, piped like mafic/ultramafic, sulphide intrusions, similar to the South pipe, are a prominent feature of the Lynn Lake Mining Centre which is 9 km north with a production record of 22.2 million tons at 1% Ni and 0.5% Cu between 1953 and 1976.

Must Read: Corazon Mining (ASX:CZN) preps up for the next phase of drill at Lynn Lake

Corazon will now commence the site preparation activities at the South pipe to secure access to the target. The drilling program is ongoing at the FLC. The results of the work will be released whenever available and with the comments on the visual evidence of the substantial sulphide mineralisation.  Thereafter, the drilling activity would progress to the South pipe target.

South pipe target: highest priority geophysical anomaly at Lynn Lake

The recently defined South Pipe magnetic anomaly comprises of 2 parallel pipe-like bodies located 150m  from each other and have been identified as the dominant geophysical feature, west of the FLC.

The vertical features indicate the deep-seated intrusive pathway which is associated to the known nickel-copper-cobalt sulphide mineralisation at the FLC. They provide major geological similarities with the Lynn Lake mining centre.

The Southern body is conductive from 100m beneath the surface to at least 850m and exhibits geophysical characteristics analogous to the high-grade EL Deposit which hosts the massive sulphide breccia within the mining centre. The EL mine has produced over 1.9 million tonnes with a grade of 2.4% Nickel and 1.15% Cu at a depth of only 250m from the surface.

Important Read: Corazon Mining (CZN) Acquires New Prospective Area, Lynn Lake Project Area Expanded

In 2011, Corazon had discovered the EL Deeps mineralisation with best drill intercepts of –

  • 23.75m with 3.34% Ni 1.54% Cu from 731.25m
  • 44.75m with 1.55%Ni, 0.65%Cu & 0.044% Co from 773.93m, including –
    • 3.85m @ 2.83%Ni, 0.24%Cu & 0.073%Co from 773.93m
    • 11.03m @ 2.31%Ni, 1.01%Cu & 0.062%Co from 784.90m
    • 11.51m @ 2.37%Ni, 0.78%Cu & 0.062%Co from 807.17m
  • 23.91m @ 2.27% Ni, 0.80% Cu & 0.055% Co from 715.09 m; including
    • 4.53m @ 3.34% Ni, 1.05% Cu & 0.081% Co from 715.09m; and
    • 1.82m @ 4.38% Ni, 0.37% Cu & 0.101% Co from 726.18m

The EL Deeps mineralisation remain open in all directions and provides a high-grade development front for any future mining operations at the Lynn Lake project.

On 15 February 2021, Corazon closed at $0.057 a share with a market capitalization of $9.43 million.

All financial information pertains to Australian Dollar unless stated otherwise.

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