Corazon has for the first time included cobalt in early analysis of a key project
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For the first time, battery metals explorer Corazon Mining has included cobalt as part of a resource upgrade at the historic ‘Lynn Lake’ project in Canada.
The newly upgraded resource – a 60 per cent boost on its previous 2015 estimate – now contains 110,300 tonnes of nickel, 51,400t of copper and 5200t of cobalt.
The low-grade, near-surface Lynn Lake deposits “provide the opportunity for mining using large tonnage, low cost methods”, Corazon (ASX: CZN) told investors today.
This resource included five deposits at the Lynn Lake Project – including one relatively new discovery, ‘Disco’ – with 11 other deposits yet to be assessed.
“This Resource represents a huge improvement in quality from the previous work and, along with the first modern metallurgical test work which is currently underway, will give us a very clear indication of Lynn Lake’s value and what is needed for the redevelopment of the Mining Centre,” Corazon Managing Director Brett Smith said.
One of Canada’s most prolific nickel sulphide mining centres, Lynn Lake was mined for 24 years before closing in 1976.
In 2014, Corazon pulled together the entire historical Lynn Lake mining centre – the first time it has been under the control of one company since its closure.
The Corazon share price has traded between 0.6c and 2.9c over the past year, and currently languishes at .07c.