Corazon Announces the Completion of Drilling Program at Lynn Lake

Summary

• Current drilling program (1,087 metres) focused on Fraser Lake Complex and Western Contact Zone has been completed successfully.
• Highlights prospective of a new trend generating a much larger area with the potential to host Nickel Copper sulphide deposits
• Drill hole FLC2020-23 intersects extensive low levels of magmatic sulphide mineralisation with up to 10% content
• Aerial MoblieMT Geophysical Survey also completed, results awaited in September

Corazon Mining Ltd. (ASX:CZN), a battery metals explorer, announced the completion of the current drilling program at the Lynn Lake Ni-Cu-Co Sulphide Project in Manitoba, Canada. The current phase of drilling at the Fraser Lake Complex (FLC), 5 kilometres south of the Lynn lake mining centre, is focused on targeting new nickel-sulphide discoveries.

Furthermore, the explorer has already completed a 430 line-kilometre MobileMT airborne geophysical survey at the project site to identify and define further targets for the successive phases of drilling.

Drill Holes Highlights New Prospective area, MobileMT survey Completed

Corazon has already completed two drill holes namely, FLC2020-22 and FLC2020-23, over the priority drilling targets at the Fraser Lake with both the drilling holes intersecting magmatic sulphide mineralisation supporting Corazon’s exploration model.

Hole FLC2020-23: This hole was drilled up to a depth of 383 metres at the Western Contact Zone (WCZ) intersecting extensive low-levels (up to 10%) of magmatic sulphide mineralisation. Within the prospective gabbroic units consisting of phlogopite (mica) alteration. Magmatic sulphides within the Lynn Lake gabbros are dominated by pyrrhotite (iron) with less amounts of chalcopyrite (copper) and pentlandite (nickel).

The Western Contact Zone was identified following the reprocessing of geophysical data only recently and extends the FLC prospect by almost a kilometre to the west, associating the region to the Motruiuk Ultramafic Complex. The prospective area hosts numerous geophysical anomalies including magnetic, gravity and IP chargeability and electromagnetic conductors. Corazon interprets the area as highly prospective as a potential host of gabbro-hosted nickel deposits.

Geological interpretation of the Lynn Lake Nickel Project Source: Corazon ASX Update 18 August 2020

Hole FLC2020-22: This drill hole is designed to target a magnetic high and was drilled to a depth of 704 metres (vertical target depth of ~530 metres). The magnetic high is interpreted to be formed due to the gravitational agglomeration of sulphide minerals at the base of the Fraser Lake’s gabbroic intrusion.

The drilling hole did not intersect the basal contact of the intrusion as previously defined by the existing geophysical surveys, and the drill hole is left open for re-entry and possible drilling at even larger depths. The drill hole is yet to encounter significant sulphide accumulations with interstitial sulphide up to 6% within the gabbro units.

A regional aeromagnetic image of the Lynn Lake Project Source: Corazon ASX Update 3 September 2020

MoblieMT Geophysical Survey: In addition, Corazon has completed a regional aerial magneto-telluric (MT) geophysical survey at the Lynn Lake project region. The initial results from the geophysical survey display flight lines across the historical mining centres at Lynn Lake, indicating the efficiency in identifying nickel sulphide deposits using this modern exploration technique at Lynn Lake.

The data from the MobileMT geophysical survey is being processed with the results anticipated within this month.

MobileMT is a modern world-class geophysical technique which utilises the latest advancement in the airborne electromagnetics and the airborne audio-frequency magnetics technologies and is widely accepted to be critical in 3-D geophysical modelling especially in identifying magmatic nickel-copper sulphides among other sulphide minerals. Expert Geophysics, an experienced Canadian geophysical consultancy, conducted the MobileMT survey at the Lynn Lake project area.

Corazon traded at $0.002 a share on 3 September at 11:41 AM AEST, with a market capitalisation of $6.51 million.

All financial information pertains to Australian dollar unless stated otherwise.