Corazon Mining Ltd (ASX:CZN) currently has the drill spinning at the Cobalt Ridge prospect within the Mt Gilmore Project in New South Wales, which is one of Australia’s highest-grade sulphide cobalt deposits.
First assays are expected in late September to early October.
Mt Gilmore is a large hydrothermal alteration system with extensive occurrences of mineralisation, and very little modern exploration.
The main cobalt lodes best high grade zone is: 6 metres at 1.48% cobalt (+14% CuEq), with the best individual 1 metre assay: 2.79% cobalt.
Corazon believes the Cobalt Ridge deposit has the potential to provide a quality cobalt product for the emerging rechargeable Lithium Ion Battery sector.
A subsidiary of China Hanking Holding (HKG:3788) agrees, and has invested in Corazon.
READ NOW: Corazon attracts premium investment from China Hanking
Corazon currently has a 51% stake in Mt Gilmore, and is earning up to 80% through a $2 million earn-in over three years.
Drilling program details
The program at Cobalt Ridge will include step-out and infill at the Main Cobalt Lode for resource definition, while testing new trends including Flintoff’s, Glamorgan West and others.
Additional metallurgical samples will be taken, which will add to promising testwork from reverse circulation drill chips where recoveries from simple flotation included: cobalt 92.2%, copper 89.0% and gold 75.5%.
This means that the processing route is likely to use simple, inexpensive, and tried and tested methods.
Next steps
- Detailed metallurgical testwork to commence in September 2017;
- Process engineering design work in December 2017; and
- Scoping Study proposed for Q1 2018 (dependent on results).