Corazon Mining Ltd (ASX:CZN) has released additional high grade assay results from its recently completed drilling program at the Cobalt Ridge deposit within the Mt Gilmore Project in New South Wales.
Drilling has highlighted multiple cobalt, copper and gold mineralised trends in what is interpreted by the company as a long-lived multiphase alteration and mineralising event.
Results from a further four holes have been returned with another two holes pending receipt.
Assays identify strong cobalt mineralisation
In total, the completed drilling program included 18 holes over a distance of circa 3200 metres.
The best result from the latest assays which tested geologically complex areas within the Cobalt Ridge Main Lode included 2 metres grading 1.37% cobalt, 1.02% copper and 0.36 g/t gold.
High-grade, narrow zones of cobalt mineralisation are a common feature within the broad anomalous areas outcropping at Cobalt Ridge.
The best individual sample from these recent results was one metre at 2.5% cobalt.
The testwork indicates the potential for easy beneficial separation and capture of more than 90% of the cobalt, copper and gold, very early in the processing route.
Value lies in lower grade background mineralisation
In addition to the high-grade results, the value of the lower-grade background mineralisation at Cobalt Ridge has been highlighted by the latest metallurgical testwork.
Corazon owns a 51% interest in the project, with an exclusive right to earn up to an 80%.
The prospective 18 kilometre Mt Gilmore trend has been identified within the project area which has more than 25 historic copper, gold, cobalt and iron workings, including significant shafts, adits and drives with high-grade copper and gold mineralisation including rock chips grading up to grades 26.8% copper and 9.2 g/t gold.