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Corazon Mining has second hole underway targeting Lynn Lake nickel sulphide discoveries

Drilling is underway at a second priority target at Fraser Lake Complex – the Western Contact Zone, which hosts multiple geophysical anomalies.

Corazon Mining Ltd - Corazon Mining has second hole underway targeting Lynn Lake nickel sulphide discoveries
Drilling is ongoing and results will be released when available

Corazon Mining Ltd (ASX:CZN) has started a second deep hole in an ongoing drilling program at Fraser Lake Complex (FLC) within the Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Canada.

Drilling, which is focused on priority exploration targets at FLC 5 kilometres south of the Lynn Lake Mining Centre, is targeting significant, new nickel-sulphide discoveries.

Targeting WCZ

The second hole (FLC2020-23) is being drilled at a new target area within the FLC, the Western Contact Zone (WCZ), about 800 metres to the northwest from the first hole (FLC2020-22).

There are multiple geophysical anomalies within the WCZ, and drilling has started on the initial target, which is a coincident magnetic high, gravity high, IP chargeability high and EM conductor.

Encouraging first hole

Although the first hole did not intersect the gabbro’s basal contact, Corazon is encouraged that it provided further evidence of the potential for gravitational accumulation of sulphides.

As such, the hole will be kept open for further testing of the targets at depth, subject to results of additional geophysical surveys to be completed this month.

Additional survey proposed

An additional geophysical survey is proposed, which is expected to provide greater detail and clarity of this target at depth.

Leaving the hole open will facilitate re-entry and possible drilling below the current depth.

Hole FLC2020-22 was designed to test a magnetic high, possibly the result of the gravitational accumulation of sulphide at the base of the FLC gabbroic intrusion and was successfully drilled to 704 metres.

It did not intersect significant sulphide accumulations and interstitial sulphide of up to about 8% has been logged within the gabbro.

Characteristics exist within the gabbro that are indicative of gravitational segregation of minerals/sulphides (magmatic layering), supporting the potential for accumulation of heavy minerals including sulphide near the basal contact and in-line with the target model.

New target area

The WCZ target area has been generated from the recent reprocessing of geophysical data.

It links the Motruiuk Complex (ultramafic intrusive including peridotites) with the marginal gabbroic units of the FLC.

Corazon has consolidated the entire historical Lynn Lake Nickel Copper Cobalt Mining Centre, which is the first time it has been under the control of one company since mine closure in 1976.

Lynn Lake presents Corazon with a major development opportunity that is becoming increasingly prospective due to recent increases in the value of both nickel and cobalt metals, and their expected strong demand outlooks associated with their core use in the emerging global electric vehicle industry.

Quick facts: Corazon Mining Ltd

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Market: ASX
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on 24/11/20

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