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Corazon Mining confirms high-grade cobalt potential with assays

Published: 00:45 06 Oct 2017 BST

drill rig at cobalt project
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Corazon Mining (ASX:CZN) has received results from its current phase of drilling at the Cobalt Ridge Deposit within the Mt Gilmore Project located in New South Wales.

Assays have been received for two reverse circulation (RC) holes and one RC pre-collar from the nine holes completed to date.

Initial assay results have further validated the exploration model for Cobalt Ridge and its potential as a high-grade cobalt development opportunity.

Results include 14 metres at 0.27% cobalt and feature grades of up to 2.47% cobalt.

Drilling will continue for the next few weeks with further assays expected.

Drill results details

Drilling at Cobalt Ridge commenced on 22 August 2017, with the proposed program comprising 21 holes for circa 3,300 metres to test priority targets at Cobalt Ridge.

Assays are from two RC holes drilled at the Main Lode and the pre-collar RC hole at the Flintoff prospect.

Main Lode results include:

- 16 metres at 0.65% cobalt, 0.26% copper, 0.17ppm gold from 135 metres including 6 metres at 1.48% cobalt, 0.14% copper, 0.32ppm gold;
- 34 metres at 0.23% cobalt, 0.26% copper, 0.08ppm gold from 42 metres including 4 metres at 0.48% cobalt, 0.27% copper, 0.15ppm gold and 5 metres at 0.71% cobalt, 0.88% copper and 0.27ppm gold.

Flintoff pre-collar results include:

- 2 metres at 0.64% cobalt, 1.66% copper and 0.13 ppm gold from 86 metres.

Drill program goals

The current drilling program at Cobalt Ridge has three primary goals:

1. Secure sample for detailed metallurgical testwork and process engineering studies;
2. Resource definition drilling of the Cobalt Ridge Main Lode high-grade shoot; and
3. Step-out drilling testing new areas (defined by historical workings such as Flintoff’s and Glamorgan’s; and surface geochemistry), as well as the extensions to the Cobalt Ridge Main Lode.

READ: Corazon Mining is drilling one of Australia’s highest-grade sulphide cobalt deposits

Mt Gilmore Project

The Mt Gilmore Project is located 35 kilometres from the major centre of 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.

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on 5/5/20