Corazon Mining (ASX:CZN) shares gained as much as 35% after the company said it had started exploration at its Top Up Rise iron oxide copper gold project in Western Australia.
Shares went as high as 3.5 cents before trending down to around 3.3 cents a share.
Ground gravity survey has started and it is likely to be completed in three weeks time.
The detailed results will be used to assist in better defining drill targets. Corazon remains on schedule to start drilling at the TUR Project in April-May 2013.
In total 1,850 gravity stations are proposed in the gravity survey, with station spacing on a 400 by 100 metre and 800 by 200 metre pattern. The area covered by the survey is about 20 kilometres by 8 kilometres.
The TUR project is located in the Gibson Desert region of north-eastern Western Australia and is prospective for large gold-copper intrusive related deposits, similar in style to Olympic Dam, Prominent Hill and Carapateena.
The primary target is an unexplored gravity anomaly, which represents one of the largest amplitude residual gravity anomalies in Australia.
The core of the anomaly is 8 kilometres by 4 kilometres in area, similar in size to the Olympic Dam geophysical anomaly.
Corazon has the right to earn up to 75% equity interest in Border Exploration, owners of 100% equity in the TUR Project.
Corazon is well funded to conduct the planned exploration programme having raised over $3.5 million via a placement, share purchase plan and placement of SPP shortfall in February.
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