Huge breakthrough in Corazon’s Canadian anomaly chase
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Special Report: Corazon Mining has revealed a strategic extension to its highly prospective Lynn Lake nickel-copper-cobalt sulphide project in Manitoba, Canada.
The expanded tenure covers a large, recently identified geophysical conductor – securing a new priority target for Corazon Mining (ASX:CZN) which the company intends to start drilling soon.
Corazon said the newly acquired South Pipe target was substantial, offering two sub-vertical pipe-like bodies which are open at depth. The South Pipe target model is similar to that of Lynn Lake’s high-grade El Mine which historically produced 1.9 million tonnes of ore at 2.4% nickel and 1.15% copper.
Corazon chairman Terry Streeter said the immediate priority before the announcement of the expansion had been to secure the target tenure.
“We identified this feature almost immediately in the new geophysical data, more than six or seven weeks ago,” he said.
“Since then, the priority has been to secure tenure over the anomaly.
“So far, these targets are the only pipe-like bodies in the Fraser Lake area, an area that exhibits widespread sulphide mineralisation. This is what we’ve been chasing.
“Importantly, they represent a critical ingredient to understanding the geological model at Fraser Lake and are potentially ‘up-stream’, closer to the source, from gabbros polluted with nickel-copper-cobalt mineralisation.”
Detailed planning is currently underway for drill works scheduled to commence at the target by the of the year, subject to COVID-19 movement restrictions in Canada.
Corazon intends for the first stage of drilling planning to be the preparation of access tracks and drill sites, which will be carried out as soon as possible ahead of exploration drilling.
The focus will be on South Pipe’s two parallel pipe-like bodies which sit around 150m apart and are a dominant geophysical feature.
Corazon said the southern body was conductive from about 100m below surface to at least 850m, while the northern pipe has no conductivity but is a strong magnetic body with a geophysical feature similar to the Matruiuk Ultramatic Comlex further north.
The new conductors were identified as part of a recent MobileMT geophysical survey.
Corazon is exploring both Lynn Lake and the Mt Gilmore copper-cobalt-gold project in New South Wales, where a porphyry target was identified in October.
Corazon holds an 80% interest in Mt Gilmore, home to one of Australia’s highest-grade cobalt deposits.
Concurrent exploration at Lynn Lake, a historically significant mining centre with large, JORC compliant resources and supporting infrastructure, has also created significant excitement.
Corazon is the first company to have control of the consolidated historical Lynn Lake nickel camp since mine closure in 1976, when it closed after continuous mining for some 24 years.
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.