Corazon detects massive sulphides in nickel-rich Manitoba

Corazon Mining has only needed to drill two holes to have hit a likely substantial nickel sulphide body at its Lynn Lake nickel project in Manitoba, Canada.

Manitoba has rich history of nickel mining – none more famous than the Thompson nickel deposits that were discovered in 1956 and led to the creation of one of the world’s first fully integrated nickel mining and processing facilities – and the city of Thompson itself.

Corazon Mining (ASX:CZN) prodded below the ground at the highly prospective Fraser Lake Complex area of its project after using an innovative geophysical survey technique that defined several pipe-like conducive bodies linking into areas of drill-defined nickel-copper-cobalt sulphide mineralisation.

The initial hole (FLC-2023-057) into anomaly MTC3 hit 55.4m of complex sulphide mineralisation, including metre-scale intervals of massive sulphide, intermixed with semi-massive to disseminated style sulphide mineralisation.

MTC3 was defined by a ground-based, 3D induced polarisation magnetotelluric (MT) survey – one of the more unobtrusive techniques of proving up metal that’s becoming more common for these types of orebodies due to technological advances in equipment.

It’s magmatic

The Fraser Lake Complex is a key exploration focus for the discovery of additional nickel sulphide deposits at Lynn Lake.

At the prospect, Corazon has defined a large magmatic sulphide system, 6km x 3km, which has been subject to wide-spaced drilling over a small portion of the system, of ~1.5km x 1.5km.

“The most significant outcome from this drilling is proving that our new geophysical techniques can identify the targeted magmatic sulphides, as well as these late, metal-rich ultramafic pipes,” Corazon MD Brett Smith said.

“This drilling is the first in testing several similar geophysical anomalies, some of which link into areas of known nickel mineralisation.

“Although we have not previously seen barren magmatic sulphides associated with these rocks, the fine-grained nature of the sulphide mineralisation is atypical of the coarse-grained Lynn Lake sulphide bodies, and as such we advise caution in assuming the tenor of nickel within the sulphide zone.”

Core samples from drill holes FLC-2023-057 and -058 have been submitted for analysis and upon receiving the results, Corazon will decide whether further drill testing is warranted.

The MTC3 anomaly was the first to be tested, due to being the most easily accessed, yet there are targets MTC1 and MTC2 that are yet to be proved up too due to seasonal wet ground conditions.

Once able to be accessed, those two priority targets will be immediately drilled and analysed to further define mineralisation.

Nickel is in the spotlight of late due to analysis that the EV market is about to explode, and according to a Benchmark Intelligence there’s a lot of expected upside.

“We expect nickel prices to increase at a faster pace in 2028, rising to US$28,000/tonne as the market goes into deficit on the back of surging demand for nickel along with the rise in the production of EV batteries,” BMI wrote.

This article was developed in collaboration with Corazon Mining, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.