Corazon Mining Ltd (ASX:CZN) is commencing the next phase of drilling at its Fraser Lake Complex in Canada this month.
The Fraser Lake Complex is located just five kilometres south of Corazon’s 100% owned Lynn Lake Nickel-Copper-Cobalt Mining Centre.
The company’s preparation for drilling is nearing completion and is expected to begin the week commencing Monday, 12 February.
Access tracks and drill pads have been completed in preparation for drilling, and the drill rig is on site with personnel currently being mobilised.
Potential to host significant nickel-copper-cobalt sulphide deposits
Corazon has systematically explored the Fraser Lake Complex since December 2016 with activities including drilling, ground geophysics, downhole geophysics and geochemistry.
The data from these programs support the company’s view that the area has the potential to host significant nickel-copper-cobalt sulphide deposits.
New priority drill targets have been confirmed from Corazon’s 2017 fieldwork programs and will be drilled in this phase of drilling.
READ: Corazon Mining secures $3.4 million for cobalt and nickel assets
The company has also successfully completed a $3.4 million share placement, with settlement having occurred and placement shares allocated.
The funds will be used for Corazon’s next phase of exploration at its two flagship projects, the Mt Gilmore Cobalt-Copper-Gold Project in New South Wales and the Fraser Lake Complex within the Lynn Lake Nickel-Copper-Cobalt Project in Canada.
Exploration at Mt Gilmore will target sulphide mineralisation at the Cobalt Ridge prospect.
The objective is to plan a drill program that leads to a maiden JORC resource estimate.