Corazon Mining (ASX:CZN) has completed its Phase 3 drilling program targeting nickel-copper sulphides at its Fraser Lake Complex within the Lynn Lake Project in Canada.
The Fraser Lake Complex (FLC) is an intrusive mafic body with characteristics that suggest it is prospective for hosting Lynn Lake style magmatic nickel copper-cobalt deposits.
Drilling comprised 4 diamond holes for 1,857.25 metres targeting a large geophysical anomaly and intersected extensive magmatic iron-nickel-copper sulphide mineralisation.
Significantly, all holes were mineralised over their entire lengths.
Downhole electromagnetic geophysics is underway to test for conductive massive sulphide bodies proximal to the areas drilled to identify further drill targets.
Phase 3 assay results are expected in July.
Background
Corazon is currently actively exploring two projects, the Lynn Lake nickel-copper-cobalt project in the Manitoba Province of Canada and the Mt Gilmore cobalt-copper-gold in New South Wales.
Lynn Lake is a historic mining centre comprising a township and two historically producing nickel mines, which shutdown in 1976.
This represents both a redevelopment opportunity and good potential for new discoveries given the historical focus was mining and not exploration.
The FLC is located 5 kilometres from the Lynn Lake Mining Centre, which collectively refers to the township and two historical mines.
The FLC is a stand-out opportunity for the discovery of a new deposit.
At the Mt Gilmore project, recent drilling results have validated Corazon’s assessment of the Cobalt Ridge prospect as a unique, high-grade, cobalt-dominant deposit.
Phase 3 drilling details
Three phases of drilling have been completed on the FLC this year, for a total of 13 holes for 5,363.75 metres.
Drilling phases 1 and 2 targeted the northeastern extensions of a target feeder zone known as the Matrix Trend.
Phase 3 drilling was completed closer to the origin or neck of the feeder zone.
The overall sulphide content intersected in the Phase 3 drilling is significantly greater than previously identified.
The intensity of the mineralisation is increasing closer to the interpreted source of the feeder zone.
All holes in the Phase 3 program were extensively mineralised for their entire lengths.
The intensity of the iron-nickel-copper magmatic sulphide mineralisation intersected varied from weakly disseminated to strongly disseminated, matrix to semi-massive and massive styles.
Nickel and copper-bearing sulphides were observed throughout the drill core.
Analysis
Preliminary results from the Phase 3 drilling are positive with all holes being mineralised, which bodes well for pending assay results.
Corazon’s discovery of nickel-copper sulphides at the FLC through earlier drilling validates its potential to host significant nickel-copper sulphide deposits.
There are a number of factors that make this drilling program a significant potential catalyst for Corazon’s market value.
Drilling of the Matrix Trend is thought to be closer to the source of the mineralised feeder zone and testing IP anomalies significantly higher than previously drilled anomalies.
Furthermore, the anomalies drilled were interpreted to be closer to the surface than those previously drilled.
Corazon believes the previous drilling has been misdirected and hasn’t focused on the main targets, which this drill program targeted.