Corazon upgrades nickel-copper resource at Lynn Lake as drilling, mining studies continue
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A significant resource upgrade provides further confidence in the potential to develop a long-life, bulk, low-cost mining operation at Corazon’s ‘Lynn Lake’ nickel-copper-cobalt project in Canada.
When Corazon Mining (ASX:CZN) consolidated Lynn Lake, it was the first time one company had controlled the nickel-copper-cobalt mining centre since it closed in 1976.
Lynn Lake produced about 206,200 tonnes of nickel and 107,600t copper over 24 years, but Corazon believes there’s a lot more metal to be found.
This latest resource upgrade sees about 20% of the current resource — 116,800t nickel, 54,300t copper and 5,300t cobalt — upgraded to the highest-confidence ‘Measured’ category.
The upgrade was delivered because of the company’s increased level of confidence in the historic drilling databases.
It was confirmed from just three of the six deposits that make up the Lynn Lake resource estimate. These three deposits – the EL, N and O deposits – were drilled out and partially mined prior to the mine’s closure in 1976.
About 20 separate deposits were mined at Lynn Lake, highlighting the potential for further resource expansion.
A 2,000m drilling program is underway testing ‘off-hole’ electromagnetic conductors defined earlier this year at the Fraser Lake Complex, about 10km south of the Lynn Lake Mining Centre.
These conductors have geophysical signatures and sizes very similar to nickel sulphide deposits within the Mining Centre, Corazon says.
Drilling will initially focus on three priority targets near each other, for a total of ~1,000m.
The commencement of mining studies, announced in May this year, represents a significant step forward in the Lynn Lake project’s development pathway.
Overall, more consistent low-grade mineralisation envelopes and good to excellent rock mass conditions indicate the Lynn Lake Project may support bulk, low-cost mining methods, Corazon says.
There are very reasonable expectations that the resources can be mined at the depths at which they are defined.
This article was developed in collaboration with Corazon, 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.