Corazon Mining Ltd’s (ASX:CZN) shares rallied after a Induced Polarisation (IP) geophysical survey near its Lynn Lake nickel-copper-cobalt sulphide project in Canada identified promising geophysical anomalies.
Corazon has completed 49 kilometres of gradient array IP in a first pass reconnaissance survey over the Fraser Lake Complex (FLC), 5 kilometres south of the historic Lynn Lake mining centre.
Anomalous nickel and base metal mineralisation within the FLC was discovered by the mining company Sherritt-Gordon in the late 1940’s and early 1950’s, around the same time as their massive sulphide discovery at Lynn Lake.
In April 2015, Corazon reached an agreement with the Canadian company Victory Nickel Ltd (TSE:NI) to acquire the main mining area at Lynn Lake, which remains the 4th largest nickel producing area in Canada.
Multiple strong-chargeable anomalies were identified from the IP survey over the FLC that appear similar to the high-grade plug-like sulphide bodies in the Lynn Lake Mining Centre.
Anomalies are predominantly under cover and thought to represent nickel-copper-cobalt sulphide mineralisation.
Detailed follow-up IP surveys are now underway aimed at mapping high priority drill-hole targets.
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