Corazon Mining has uncovered a series of priority nickel sulphide targets during surveying at its Lynn Lake project in Canada.
A number of off-hole conductors were detected during ongoing downhole electromagnetic geophysical surveys at the Fraser Lake Complex – conductors which Corazon (ASX:CZN) said were potentially indicative of sulphide bodies.
The conductors represent high priority targets for the next phase of drilling at Lynn Lake – which includes the mineral rich historical Canadian nickel-cobalt-copper project in the Manitoba province.
They come on the back of Corazon’s completion of first-phase 2021 drilling at Fraser Lake Complex, where three holes were drilled for 1482m.
The campaign resulted in a successful first pass test of a new target area west of the Fraser Lake Complex and confirmed MobileMT’s – a type of airborne survey – effectiveness in identifying areas most favourable for magmatic nickel-copper-cobalt sulphides at the project.
All holes drilled within the target area intersected favourable host rocks and extensive indications of magmatic sulphide mineralisation.
Corazon managing director Brett Smith said there were promising signs to come of the company’s work at Lynn Lake.
“The aerial MobileMT geophysics identified a large area of conductance, previously not recognised as prospective for nickel-copper sulphides,” he said.
“Our first round of drilling in this area intersected the right rocks and some good magmatic sulphides that enhance the potential of the target area.
“Now, with the detailing of DHEM conductors of a good size that support the MobileMT interpretations, we have expectations that this large conductive trend to the west of the Fraser Lake Complex has the makings of a nickel-copper sulphide target area similar in size to the Lynn Lake mining centre.”
Corazon said it would formalise plans for the next phase of exploration drilling once the DHEM program was complete.
Another Lynn Lake?
Corazon would do well to uncover a nickel-copper sulphide target area similar to that of Lynn Lake, an area mined for 24 years until its closure in 1976 and one of Canada’s most prolific nickel sulphide mining centres.
During that time, it produced an average grade of 1.02% nickel and 0.54% copper.
There’s still plenty left in the ground at Lynn Lake itself. In 2019, Corazon updated the mineral resource estimate to 16.3 million tonnes at 0.72% nickel, 0.33% copper and 0.033% cobalt at a 0.5% nickel cut-off for total contained metal of 116,800 tonnes of nickel, 54,300t of copper and 5300t cobalt.
That resource included an internal high-grade resource of 5.4Mt at 0.99% nickel, 0.41% copper and 0.043% cobalt at a 0.7% nickel cut-off.
The Fraser Lake Complex sits 5km south of the Lynn Lake Mining Centre and has been explored by Corazon since December 2016.
That exploration has resulted in the discovery of a large magmatic sulphide system – the system CZN is currently exploring.
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.