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Corazon Mining sets up to 7.4Mt exploration target at Lynn Lake Nickel Sulphide Project

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Corazon Mining (ASX: CZN) has upgraded the exploration target for the extensions to the EL Mine, at the Lynn Lake Nickel Sulphide Project in Canada, where drilling is ongoing.

The target has been defined at between 5.2-7.4 million tonnes, with contained metal ranges of 52,000-139,000 tonnes nickel, 23,000-55,000 tonnes copper, and 1,200-3,900 tonnes cobalt.

This target includes the newly discovered high-grade breccia zone at depth, of 0.9-2.8 million tonnes and grade ranges of 2.4%-3.8% nickel,  0.9%-1.4%  copper, and 0.06%-0.11% cobalt.

The delineation of this target represents a significant step forward for Corazon as it will allow the company to complete high level mining studies and focus exploration.

The newly discovered high-grade component of the EL Deposit is the primary exploration target for Corazon and the company will now prove up the size potential of the new discovery through ongoing drilling.

The deposit remains open at depth and to the south. Significant widths of recent drill intersections by Corazon have confirmed the potential for large tonnage/low cost mining operation, typical of Lynn Lake mines.

The project’s current resource (1.8 million tonnes at 0.8% nickel, 0.4% copper & 0.02% cobalt) is an interim Inferred Resource to 600 metres below surface, and does not include the Lower Zone or much of the targeted mineralisation defined in the Upper Zone.

The resource was estimated in 2010 based on limited drilling by Corazon, along with historical holes that could be validated and re-sampled.

The company expects a resource upgrade in mid 2012.

Quick facts: Corazon Mining Ltd

Price: 0.003 AUD

ASX:CZN
Market: ASX
Market Cap: $6.12 m
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Watch

Corazon Mining MD Brett Smith talks at RIU Sydney about Lynn Lake in Canada

Corazon Mining has minerals projects in Australia and Canada

on 14/5/15

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