Special Report: Corazon is obviously keen to keep drilling at its Lynn Lake nickel-copper-cobalt sulphide project, but it also plans to undertake a more detailed geophysical survey to optimise its drilling.

Terry Streeter-backed Corazon Mining (ASX:CZN) has been drilling priority exploration targets at the Fraser Lake Complex (FLC), within its Lynn Lake project.

The company has completed its first hole in the current program and has now moved onto its second priority hole.

The first hole (number 22) was aiming to test a magnetic high and was successfully drilled to 704m. The approximate target depth was ~530m below surface.

The magnetic high was believed to be the result of the gravitational accumulation of sulphide at the base of the FLC gabbroic intrusion.

While the hole did not hit the basal contact of the intrusion, Corazon is preparing to undertake an additional geophysical survey in a few days that is expected to provide greater detail and clarity of this target at depth.

The hole has been left open to facilitate re-entry and possible drilling below the current depth.

“Hole number 22 didn’t intersect the basal contact of the gabbro at the target depth. It was very tempting to continue drilling, but the cautious and frugal action was to pull off the hole and wait for the results of a new geophysical survey, planned to start in the next few days, which will be more effective at those depths,” managing director Brett Smith told Stockhead.

“The hole we’re drilling now (hole #23) is a highly ranked target in its own right.  It’s in an area that has only recently been recognised as prospective, there’s no historical drilling and the target anomaly is supported by several different geophysical methods.  If we’re exploring for nickel, it has to be drilled.”

 

Drilling moves to next highly prospective target

Corazon is now drilling a new target area within the FLC — the Western Contact

Zone (WCZ), located about 800m to the northwest from hole 22.

The company says there are multiple geophysical anomalies within the WCZ.

The initial target, where drilling is already underway, is a coincident magnetic high, gravity high, induced polarisation chargeability high and electromagnetic conductor.

The WCZ target area was identified from the recent re-processing of geophysical data.

It links the Motruiuk Complex (ultramafic intrusive including peridotites) with the marginal gabbroic units of the FLC.

Corazon projects
Geology interpretation and project area outline. Pic: Supplied

 

Corazon has consolidated the entire historic Lynn Lake nickel-copper-cobalt mining centre — the first time this project has been under the control of one company since mine closure in 1976.

The mine operated for 24 years, producing about 206,200 tonnes of nickel and 107,600 tonnes of copper.

Lynn Lake is a major redevelopment opportunity for Corazon, which believes there’s a lot more metal to be found here.

 

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.

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