Corazon Mining Ltd (ASX:CZN) is continuing to progress its drilling activities at the Cobalt Ridge Deposit within the Mt Gilmore Project in New South Wales.
The Cobalt Ridge Prospect is considered one of the highest grade cobalt deposits in Australia.
Corazon’s initial drilling of the previously untested “Flintoff’s Lode”, 200 metres north of the Cobalt Ridge Main Lode, has intersected sulphide mineralisation with follow-up drilling currently underway.
A core hole has intersected circa 30 metres (down-hole width) of the main cobalt-copper rich lode. This has been sent for metallurgical testwork
The drilling at Cobalt Ridge commenced on 22 August 2017 and is planned to include 21 holes for circa 3,300 metres. To date, six holes have been completed.
The company’s drilling program is expected to continue for several weeks, with the first assay results expected within the next two weeks.
Corazon currently has a 51% stake in Mt Gilmore, and is earning up to 80% through a $2 million earn-in over three years.
The Cobalt Ridge deposit has the potential to provide a quality cobalt product for the emerging rechargeable lithium ion battery sector.
Importantly, the prospective 18 kilometre Mt Gilmore trend contains over 25 historic copper, gold, cobalt and iron workings.
The project includes significant shafts, adits and drives with high-grade copper and gold mineralisation (rock chips up to 26.8% copper and 9.2 g/t gold).