The results include 2 metres at 0.64% cobalt and 01.66% copper from 86 metres and 1 metre at 2.47% cobalt, 0.49% copper and 0.49% gold from 54 metres.
Significantly, the drilling has intersected multiple previously untested sulphide lodes, in addition to the Cobalt Ridge Main Lode and the Flintoff’s Prospect.
Results to date continue to expand the defined mineralised area within Mt Gilmore and validate the Cobalt Ridge exploration model as a potentially high-grade cobalt development asset.
Mt Gilmore Project
The Mt Gilmore Project is located 35 kilometres from Grafton in north-eastern New South Wales.
Corazon owns a 51% interest in Mt Gilmore and has an exclusive right to earn up to an 80% interest in the project.
The Cobalt Ridge deposit has the potential to provide a quality cobalt product for the emerging rechargeable lithium ion battery sector.
Drilling continues with more results awaited
The current phase of drilling commenced in August and is testing priority targets at Cobalt Ridge plus extensions to the Cobalt Ridge Main Lode and step-out drilling to test new priority targets.
To date, Corazon has completed 15 reverse circulation holes of the 21-hole program for circa 3,300 metres.
The company has received the assays for 12 holes which continues to deliver highly encouraging results, with 10 holes intersecting significant mineralisation.
Results are currently pending for an additional three completed holes which targeted the high- grade Cobalt Ridge Main Lode.
These results are expected in the near future, and drilling remains ongoing.
New high priority targets identified
Corazon recently completed rock-chip sampling and soil sampling programs designed to identify new priority drill targets within the Mt Gilmore Project area.
The rock-chip sampling undertaken on previously undetected outcropping sulphide mineralisation 200 metres south of the Cobalt Ridge trend has delivered significant gold results.
This includes 5.40 g/t gold, 0.09% cobalt and 0.41% copper.
Corazon had a cash balance of $2.33 million as at 30 September 2017.