Corazon Mining Ltd’s (ASX:CZN) final assay results from its 18-hole 3.2 kilometre drilling program at Cobalt Ridge include an intersection of 5 metres at 0.53% cobalt, 0.16% copper and 0.08 g/t gold.
This was identified at a depth of 224 metres within a broader zone of 42 metres at 0.11% cobalt.
These results follow on from high-grade assays received in December
READ: Corazon Mining identifies promising cobalt mineralisation at Mt Gilmore project
The Cobalt Ridge prospect is located within the Mt Gilmore cobalt-copper-gold project located in New South Wales, and Corazon’s primary target is the main cobalt lode which is up to 25 metres in true width.
Main cobalt lode mineralisation provides potential exploration opportunities
Drilling indicates that the main cobalt load mineralisation is open in all directions, providing scope to define extensions as well as additional parallel lodes.
The next phase of work will include geophysical and geochemical surveys to test for potential extensions to the project area.
Exploration results are another catalyst for Corazon to increase its stake to 80%
Corazon owns a 51% interest in the Mt Gilmore project with an exclusive right to earn up to an 80% interest, and with its prospectivity improving the company may well exercise this option.
Over 25 historical copper, gold, cobalt and iron workings have been in progress over many years with copper and gold mineralisation rock chip samples featuring grades of up to 26.8% copper and 9.2 g/t gold.
Consequently, Cobalt Ridge may have untapped potential, and further exploration in 2018 should see the company gain a better understanding of this area.