- Cobalt, a critical element for the battery industry, faces frequent supply disruptions.
- Corazon’s Mt Gilmore presents a district-scale exploration play for intrusive copper, cobalt and gold mineralisation
- Recent Exploration results confirm porphyry potential at Mt Gilmore. The copper hosting diorite porphyry intrusion has been identified at the Gordonbrook Hill Prospect (GBH)
- Board plans to hold a physical annual general meeting on 24 November 2020 with appropriate precautions and measures in place
Battery metals explorer, Corazon Mining Ltd. (ASX:CZN) owns and explores the Mt Gilmore Cobalt-Copper-Gold Project in New South Wales and the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba, Canada.
Ethical Cobalt – Need of the Hour
The source of ethical cobalt has been a major concern across the battery pack value chain, with technology and mobility majors including Tesla, Google, Microsoft and Dell being sued for child cobalt mining casualties in the Democratic Republic of the Congo, the largest cobalt producing nation contributing to almost 70% of the Cobalt supply globally as per the United States Geological Survey.
The cobalt supply chain has faced major disruptions due to frequent social unrest in the country. Additionally, a major share of Cobalt is sourced from artisanal mines raising critical questions on the mining practices and safety of the artisanal miners. With the burgeoning demand, the electric vehicle and the battery manufacturers are now seeking to source Cobalt from stable mining jurisdictions with efficient and ethical mining practices.
District Scale Exploration Play at Mt Gilmore
Corazon mining owns an 80% stake in the Mt Gilmore Co-Cu-Au Sulphide Project which includes one of Australia's highest-grade cobalt deposits, the Cobalt Ridge deposit. The exploration outcomes at Mt Gilmore underpin Corazon’s belief of hosting numerous, rare, cobalt-rich sulphide deposits similar to Cobalt Ridge.
A massive 22-kilometre-long major copper-cobalt-silver-gold geochemical trend has been identified, representing a district-scale exploration play for intrusive copper, cobalt and gold mineralisation providing Corazon with a unique and early-stage Cobalt and Copper opportunity.
Source: Corazon Mining ASX Announcement 9 October 2020
The latest phase of exploration at Mt Gilmore confirmed the project’s porphyry potential. A copper hosting diorite porphyry intrusion has been identified at the Gordonbrook Hill Prospect (GBH) enhancing the prospectivity of the Mt Gilmore Project.
The au courant audience must know that the intrusive porphyry system hosts major Copper and Gold mining operations including one of Australia’s largest gold mine, the Newcrest Mining’s (ASX:NCM) Cadia-Ridgeway gold operations.
The intrusive system coincides with the margin of a gold and copper geochemical anomaly and the surface projection of a high-value, Induced Polarisation (IP) geophysical anomaly. The coincident geophysical and geochemical anomalies at GBH indicate a substantial mineralised porphyry potential and are now priority targets at Mt Gilmore. Further, planning of a drilling campaign is already underway along with the permissions for the drilling program.
COVID-19 Restrictions and the Annual General Meeting
Corazon is closely monitoring the virus outbreak situation in Western Australia. In accordance with the current situation, the Board anticipates holding a physical meeting with appropriate precautions and measures in place, following all the Federal and state government guidelines. The shareholders’ meeting has been scheduled on 24 November 2020 at 10:00 AM (WST) at PKF Perth, 5/35 Havelock St, West Perth, Western Australia 6005.
Corazon traded at $0.003 a share on 30 October 2020, with a market capitalisation of $9.76 million.
All financial information pertains to Australian Dollar unless stated otherwise.