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Corazon Mining higher on revealing nickel-copper sulphides linked to new conductor at Lynn Lake

Last updated: 09:51 04 Mar 2021 AEDT, First published: 09:32 04 Mar 2021 AEDT

Corazon Mining Ltd - Corazon Mining drilling reveals nickel copper sulphides linked to new conductor at Lynn Lake
Corazon plans to test the extensions of mineralisation with downhole EM before follow-up drilling.

Corazon Mining Ltd (ASX:CZN) (OTCMKTS:CRZNF) is trading higher after receiving positive initial visual results from its current phase of drilling at Lynn Lake Nickel-Copper-Cobalt Sulphide Project in Manitoba Province, Canada.

The initial hole FLC2021-24 has been completed with highly encouraging definitive visual evidence of sulphide mineralisation, including nickel and copper sulphides.

Drilling is testing several high-priority targets including recently identified geophysical conductors which are immediately west of the Fraser Lake Complex (FLC)/ Matrix Trend, within the Lynn Lake Project area.

The initial drilling program will test at least three targets and comprises around 1,600 metres of diamond core drilling, with follow-up work depending on results.

First hole completed

In FLC2021-24 the best sulphide mineralisation was intersected on-trend from the main geophysical conductor in the first target area, representing a potentially significant discovery at Lynn Lake, opening a new exploration front that includes multiple geophysical conductors for testing.

The company also discovered a new magmatic sulphide zone that appears of high quality and is dominated by pyrrhotite, with chalcopyrite and pentlandite also observed.

Investors have welcomed the news with shares as much as 33% higher in early trade to A$0.073. 

Assay results from the first hole are expected to be available next month and will provide confirmation of nickel-copper tenor and grade.

Strong sulphide mineralisation

In the first drill hole, the intersection of strong sulphide mineralisation hosted by intrusive gabbro-norites and on-trend with a conductor body was defined by the MobileMT geophysical survey, supporting the effectiveness of the MobileMT method in the exploration for massive nickel sulphide at Lynn Lake.

The strongest sulphide mineralisation is described as 1.92 metres in length, averaging 15%-25% magmatic sulphide, including 0.9 metres of semi-massive sulphide with up to 30% total sulphide content.

Downhole electromagnetic geophysics now planned to accurately define the main conductor body within the drill hole - prior to follow-up drilling.

Lynn Lake Project - MobileMT survey magnetic susceptibility inversion depth slice at 50 metres below surface - over a GeoTem total-field regional aeromagnetic image.

Drilling ongoing

Drilling is underway on the second hole of the program (FLC2021-26), which is designed to test a strong conductor 250 metres west of the first hole.

The second hole is the highest conductance target of the new targets situated to the west of the FLC/Matrix Trend.

Site preparations for drilling at the high-priority South Pipe target are expected to be completed this week, with drilling to be incorporated into the current program.

The South Pipe conductive anomaly is the largest conductive target in the Fraser Lake area and the highest priority target.

Assay results will be released as they become available.

Corazon Mining confirms further sulphides at Lynn Lake

Corazon Mining Ltd (ASX:CZN, OTC:CRZNF) managing director Brett Smith tells Proactive the company has discovered additional nickel-copper-cobalt sulphide deposits during drilling at the Fraser Lake Complex (FLC) within its Lynn Lake Nickel Copper-Cobalt Sulphide Project in Canada. The...

on 15/8/23