Corazon Mining has May Queen at the top of its exploration queue. Pic via Getty Images
Mining
Special Report: Corazon Mining’s geochemical work has defined a large new 2km-long target at its Mt Gilmore project “analogous with other giant porphyry copper-gold deposits in NSW”.
The new May Queen target is adjacent to the historical May Queen copper-magnetite skarn deposit. It is at the northern end of the 20km-long Mt Gilmore trend which is prospective for intrusion-related copper gold deposits.
Corazon Mining (ASX:CZN) has an 80% interest in the Mt Gilmore, which sits about 35km northwest of Grafton, NSW.
Historical exploration had focused on the rare, high-grade Cobalt Ridge cobalt sulphide deposit with the company’s metallurgical testwork on the mineralisation already delivering exceptional, high-grade metal concentrates and cobalt/copper sulphates suitable for use in lithium-ion batteries.
Exploration has also reinforced its belief that Mt Gilmore is prospective for additional large intrusive-related copper-cobalt-gold deposits, and porphyries.
Porphyry deposits account for 60-70% of global copper supply and range from 100Mt to several billion tonnes, ranking them among the largest ore deposits on earth. They also frequently occur in clusters of deposits along mineralised trends.
While they can be challenging to develop, their scale means they have the potential to be company makers.
Mt Gilmore Project interpreted geology. Pic supplied (CZN)
The second phase of the company’s mineral chemistry sampling and analysis programs along the Mt Gilmore trend, which involved a more detailed study of the project’s mineral chemistry characteristics, has now successfully defined the unexplored May Queen porphyry drill target.
May Queen sits at the northern end of the Mt Gilmore trend about 6.5km northwest from the Gordonbrook Hill prospect.
It is close to the May Queen skarn which includes three shafts and features high-grade copper and gold assays from rock chip and grab sampling.
Mapping at the 2km May Queen target has identified favourable hydrothermal alteration and sulphide mineralisation at surface.
This is supported by strong copper-in-soil anomalism and encouraging geophysical features, such as a magnetic halo and an induced polarisation chargeability high, validating CZN’s porphyry copper-gold exploration model at Mt Gilmore.
“The results of our body of work with CODES at UTAS has been a great success for the company, and our exploration of the Mt Gilmore Project. The geochemical targeting work undertaken by CODES has helped to define strong drill targets in a complex geochemical environment,” managing director Brett Smith said.
“Porphyry copper-gold systems typically have large footprints and it can take a significant amount of drilling to identify the best areas to focus on. We’re hoping the targeting process completed has mitigated the need to do this.
“Mt Gilmore displays many characteristics typical of large porphyry copper systems, and the outcomes of the work by CODES has helped define what is interpreted as a high-priority drill target at the May Queen prospect. Drilling of the May Queen will now be a high-order priority for the company.”
CZN has started consultation with local landowners and key regional stakeholders, as a first step in the process to secure access to initial priority drill hole locations in the May Queen target area.
It has also started planning for the maiden drill program.
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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