Corazon scores visible nickel-copper in 107m Canadian hit

Corazon Mining has hit a whopping 107m thick mineralised zone hosting visible nickel and copper sulphides during drilling at the Lynn Lake project in Manitoba, Canada.

The intersection by Corazon (ASX:CZN) came in hole 045, drilled to a target depth of 618m as part of the company’s current diamond program, which intersected extensive magmatic mineralisation including visible nickel and copper sulphides, from surface.

The 107m thick zone ran from 241-348m downhole, and the company said the mineralisation was typical of the low-grade mineralisation at the historic Lynn Lake mining centre which produced 206,000t nickel and 107600t copper over 24 years to 1976.

Current drilling is focused on the Fraser Lake Complex – around 5km from the historic Lynn Lake mine.

Excitingly, the mineralisation has been geophysically linked to a dense magnetic body target approximately 200m south of the drill hole.

CZN is currently drilling this target in the numerically pleasing hole 046.

Meanwhile, downhole electromagnetic testing of hole 045 identified a strong off-hole conductor of around 40m by 20m, starting just 20m below surface.

The conductor is interpreted to represent a stronger concentration of the sulphide mineralisation intersected in hole 045 and is proposed for drill testing after the current hole 046.

Assays have been submitted and results will be released once they’re available.

Making ground

The current program at Fraser Lake is designed to test a minimum of four targets, for a total of 3000m of core drilling.

A further eight to 10 priority targets were recently generated in geological surveys. The company said the program could be extended to include these targets pending current drill results.

So far, three targets have been drilled for a total of 1923m. Some weather delays mean the current drilling program is expected to extend past its planned completion date, but Corazon said assays would be progressively submitted with results released when available.

The drilling is targeting discrete, geophysically dense pipe-like bodies within the Fraser Lake Complex which are analogous to the spatially related ultramafic intrusives and massive sulphide deposits which were mined at the Lynn Lake mining centre up to 1974.

The pipes are gephysically most similar to the El deposit within the mining centre, which is a vertical intrusive mafic pipe around 300m in diameter with an internal core of massive sulphide breccia and ultramafic rocks between 80m and 120m in diameter.

El was only mined to 200m below surface and produced 1.9 million tonnes of ore at 2.4% nickel and 1.15% copper.

“The potential for massive sulphide deposits to exist in close association with ultramafic lithologies within the extremely mineralised FLC forms the basis of the company’s current drilling program,” Corazon said in a release to the ASX.

Canadian nickel is a hot topic at the moment, with the nation investing heavily in establishing an electric vehicle supply chain, and mineral giant Vale in the process of aggressive exploration work at its own nickel operations in Manitoba – the same province as Corazon’s flagship.

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.