The Cobalt Ridge prospect is located within the Mt Gilmore Cobalt-Copper-Gold Project in northeast New South Wales.
Corazon’s drilling has validated historical mining and exploration results and has confirmed the presence of multiple zones of sulphide mineralisation over a strike length of at least 300 metres.
The main cobalt lode mineralisation is typically about 16 metres in down-hole width (8 metres true width), with intersections up to 37 metres down-hole.
Average cobalt grades for these intervals within the drilling completed by Corazon are between 0.23% and 0.65% cobalt.
Multiple higher-grade zones of up to 1.48% cobalt exist, at between one and seven metres down hole widths. Best individual one metre assay from this drilling is 2.79% cobalt.
Corazon is planning to undertake geochemistry and geophysics to generate targets for the next phase of drilling.
Cobalt is a metal of growing strategic importance due to its requirement for use in lithium-ion batteries and the emerging rechargeable battery sector.
At current cobalt metal prices of around US$33,000 per tonne (cobalt prices increased circa 46% in 2016), the grades intersected at Cobalt Ridge represent a potentially valuable opportunity.
Corazon owns a 51% interest in Mt Gilmore and has an exclusive right to earn up to an 80% interest in the project.
The company’s flagship project is the Lynn Lake Nickel-Copper-Cobalt Project in the Canadian province of Manitoba.
Corazon’s recent acquisition of the Mt Gilmore Project (in June 2016) has provided the company with a dual focus and opportunity.
The company’s share price has increased by 150% during the past six months, last trading at $0.02.