Corazon Mining Ltd

Corazon Mining first assay batch reveals 2.14% cobalt

Drilling is targeting the Cobalt Ridge prospect within the Mt Gilmore Project.

diamond drill rig
Drilling is ongoing and additional assays are expected

Corazon Mining Ltd (ASX:CZN) has received its first batch of assays from its ongoing drilling program at the Mt Gilmore Cobalt-Copper-Gold Project in New South Wales.

Three holes intersected significant cobalt mineralisation, including multiple higher grade zones within broader packages of cobalt-copper-gold mineralisation.

Highlights include 5 metres at 2.14% cobalt within a broader intersection of 27 metres at 0.47% cobalt from a down-hole depth of 49 metres.

READ: Corazon Mining drills new cobalt, copper and gold targets at Mt Gilmore

Corazon’s managing director Brett Smith said: “We are very pleased with these results. Cobalt Ridge is an intensely altered, structurally complex system and every drill hole helps us gain a greater understanding of this deposit.

“It’s a hole by hole process, however the results continue to validate and strengthen the Company’s belief that Cobalt Ridge has the potential to host a significant sulphide-dominant cobalt deposit, the understanding of which can then be applied to the greater Mt Gilmore Project area.”

More assays expected

The ongoing proposed program includes 14 holes for 2000+ metres of reverse circulation (RC) and core drilling at the Cobalt Ridge prospect within Mt Gilmore.

So far 12 holes have been completed for 1,363 metres of RC and 398.8 metres of core drilling and the program may be extended subject to results.

Drilling is expected to be completed in the current quarter, with results to be released as they become available.

Hole MGRC042 appears to have identified the faulted-off western extension of the Main Lode and is highly representative of the main target at Cobalt ridge.

Quick facts: Corazon Mining Ltd

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Market: ASX
Market Cap: $5.71 m

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